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.
What a Treatt
18 Jan 17
Treatt is steadily transforming itself from a seller of flavour and fragrance-based commodities to a value-added ingredients supplier. The strategy of deep customer knowledge is paying off, leading to stronger relationships, a real competitive advantage and greater profitability, with EBIT margins increasing from 9.6% in 2014 to 10.8% in 2016. Management has delivered four consecutive years of earnings above expectations and the momentum remains strong. Our DCF analysis calculates a fair value of 293p, supported by benchmark analysis that places the stock at a c 30% discount to its peer group.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
Suffering CropScience, operating CF’s tide is high
22 Feb 17
Bayer reported +2% (organic: +4%) higher sales at €46,769m and the gross profit margin improved from 54.4% to 56.6% in 2016. EBITDA rose +13% to €10,785m and net profit attributable to shareholders came in at €4,531m, up by +10%. Operating CF (+32% to €9,089m) benefited from the good operating basis and higher D/A (+12%), but the significantly lower NWC outflow (€-149m after €-817m) and the contribution from discontinued operations (Diabetes Care and CS Consumer) were the afterburner. Investing CF reflects the company’s willingness to hoard cash for the Monsanto takeover as it moved from €-2,762m to €-8,729m, primarily due to the outflows for current financial assets (€-5,645m after €-344m). Financing CF (€-350m after €-3,974m) saw a strong inflow from capital contributions and lower net gross debt repayments (€-730m after €-2,929m). Management will propose a +8% higher dividend of €2.70 (€2.50) per share at the AGM on 28 April 2017. Management gave a detailed 2017 guidance and expects sales to increase to over €49bn. EBITDA before one-offs is seen to increase by a mid single-digit percentage and core earnings per share from continuing operations by a mid single-digit percentage as well.
Continued progress since interims
01 Feb 17
Carclo has announced that H217 trading remains strong and the outlook for the full year is in line with its expectations. Growth is being driven by the two larger divisions, Technical Plastics (TP) and LED Technologies, while the Aerospace division is experiencing stable trading conditions. We leave our estimates unchanged, but note potential currency upside should foreign exchange rates remain at current levels for the remainder of FY17.
29 Nov 16
The prospect of Hilary Clinton creating an oversight panel with the power to impose a set of harsh enforcement rules to control aggressive pricing of pharmaceuticals in the US fell away with the election of Trump, leading to a 16% bounce in the NASDAQ Biotech index and an 8% increase in the US Pharma & Biotech index, some of which has already been given back.
Still solid, but not perfect in an unadjusted, real world
23 Feb 17
Henkel increased sales by +4% (organic: +3%) to €18,714m, the gross profit margin weakened 30bp to 47.9% in 2016. EBITDA moved up +8% to €3,345m and net profit attributable to shareholders came in at €2,053m, +7% higher. Operating CF strongly increased +20% to €2,850m seeing a higher operating basis and a stronger NWC inflow (€281m after €20) due to higher payables as well as other liabilities and provisions. Investing CF (€-4,250m after €-893m) was clearly impacted by acquisition-related costs (€-3,727m after €-322m) for e.g. Sun Products. Financing CF swung from €-1,555m to €1,678m primarily due to the financing measures in the context of the large acquisition, which had been fully debt and cash financed as net gross debt repayment of €-1,025m swung to net gross debt issuance of €2,740m. Management proposes a +10% higher dividend of €1.60 (€1.45) per share at the AGM on 6 April 2017. For 2017, management expects organic sales growth of 2-4% with all divisions in this range, an adjusted EBIT of >17.0% and an adjusted EPS growth of 7-9%.