Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CARBIOS. We currently have 8 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
Commercial progress and financial discipline
24 Oct 16
Carbios has reported H116 results showing solid progress on scaling up and industrialisation, with good cash management. As expected, losses continue to increase during this process. Although we expect this pattern to continue to the end of the Thanaplast project in mid-2017, we believe that, with €7m net cash at 30 June, Carbios is sufficiently funded until the project’s completion. We have updated our forecasts and our valuation range is unchanged at €23-37 per share.
Disciplined scale up
28 Sep 16
Carbios is demonstrating a disciplined scale up as it moves from research to industrialisation and commercialisation. Its depolymerisation technology could provide an answer to the key challenges of the plastics economy. Carbios has achieved key technology milestones and set up its first JV earlier than expected. We estimate the company is funded through 2017. Our base case fair value estimate is €26 per share.
Closer to industrialisation with first JV - Carbiolice
10 Jun 16
Carbios has announced its first joint venture, Carbiolice, in partnership with Limagrain and SPI. This is a key step and will combine Carbios technology with Limagrain’s industrial and commercial expertise in a €29.5m project to be developed over four years. Demand is supported by French legislation, which will enforce the use of bio-sourced and biodegradable plastics for certain bags from 2017. Our valuation range is unchanged, €23-37/share.
Acceleration of development visible in results
11 Apr 16
Carbios is accelerating development to reach the industrialisation stage of its biodegradation and bioproduction processes for plastics. 2015 results were characterised by the impact of expansion on operating expenses. The company has reported an acceleration of net losses to €3.1m. Nevertheless, cash outflow remained under control at €2.2m. Net cash of €8.8m leaves the company well-funded to conclude the Thanaplast project and move to a stage where it generates commercial revenues. Our valuation range remains unchanged at €23-37 per share.
Technology milestone achieved
09 Dec 15
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.
09 Oct 15
Carbios (ALCRB) has reported H1 results that support our full-year forecast and delivered key milestones towards scaling up for industrialisation with the launch of its pre-pilot production facility for biodegradable plastics. Our valuation range remains unchanged, at €23-37 per share.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Small Cap Breakfast
03 Mar 17
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They’re forever blowing bubbles
08 Apr 16
Zotefoams utilizes a unique (patented) production process to manufacture a portfolio of block foams that deliver superior performance characteristics (e.g. UV and temperature resistance). Clients across numerous industries are increasingly using these specialist materials, driving double digit sales growth (10.9% FY15). We believe this part of the growth story is well understood. However, the market is not fully appreciating the transition in margins taking place (12.0% in FY15 vs 9.4% in FY06). Further operational gearing and a significant uplift from (newer) higher contribution products means this expansion has scope to continue (forecasted EBIT margin 14.3% FY18E).
19 Dec 16
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