For Carbios, the most recent achievement of successful depolymerisation of PET material into original monomers is an important step towards scaling up its plastic recycling and sustainable plastics production technology. PET is the most advanced of the company's processes and a very important future end-market. This business represents 53% of our €23-37 per share valuation range. Our forecast and valuation remain unchanged, as it is in line with our expectations on stepwise progress.