Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GLOBAL BIOENERGIES SA. We currently have 9 research reports from 1 professional analysts.
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GLOBAL BIOENERGIES SA
GLOBAL BIOENERGIES SA
Synergistic acquisition for new markets
08 Mar 17
Global Bioenergies’ (GBE) acquisition of Syngip in an all-share deal further strengthens the company’s third-generation processes and as such is very synergistic. Our valuation range is now €34-51 per share (from €37-56) due to the higher share count.
String of successes and new financing
18 Nov 16
Global Bioenergies (GBE) has delivered a string of industrial and commercial successes, with completion of construction at the Leuna plant, more progress on second-generation feedstock development and new potential clients. It has secured significant new financing and delivered reasonable H1 results. Our valuation remains unchanged at €37-56/share.
Opening the next chapter
29 Jun 16
GBE has delivered impressive progress on its alternative olefins production technology. It is now entering the final phase of industrialisation and on the verge of commercialisation. Low oil prices make for a difficult business environment, but efforts by management to diversify away from the oil-related market could help to reduce the oil price dependence. Nevertheless, there is immediate commercial market potential for GBE. Our core valuation range is €37-56 per share.
Spend to deliver
08 Apr 16
Global Bioenergies (GBE) is scaling up its operations as planned ahead of its next important steps to commercialisation. 2015 results are evidence of managed expenses, while capex spend is peaking as the company builds its second demo plant. GBE has also achieved further improvement in isobutene purity, which opens new, higher value-added end markets. We believe the company is on track with its operations and funded through to 2017. Our valuation range remains unchanged at €32-59 per share.
29 Jan 16
Global Bioenergies (GBE) has raised €6.5m in a private placement, lifting its gross cash to €16m to fund its isobutene process development and commercial roll-out. This should fund the company well into 2017 and even cover some increased outlay for more aggressive commercial development. Our updated model results in a fair value range of €32-59 per share (from €35-63).
Step forward ahead of schedule
18 Dec 15
Global Bioenergies (GBE) has delivered another step on its road towards bringing its isobutene process to industrial scale with the installation of the central fermenter at its Leuna plant. This is important preparation for commercial scale. We anticipate the company will aim to develop end-markets that are uncorrelated to oil while a weak oil price prevails. Our fair value remains unchanged at €35-63 per share.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.