INVEST SECURITIES - CARBIOS (ACHAT, OC 14,4€) : (Dans) la cour des grands !

Carbios - A productive and active H119

Carbios’s H119 results confirmed that the business is on a sound financial footing and continues to make progress towards the commercialisation of its technology. Commercial revenues from Carbiolice are scheduled to commence in 2020 and licences for its PET recycling technology are expected to be granted by 2023. Our current DCF-based valuation is €13/share.

Carbios - Commercial revenues in 2020

Carbios's FY18 results were slightly in advance of our estimates and the company remains on track to generate commercial revenues in 2020. We have adjusted our forecasts following the results and our DCF valuation remains at €15/share. However, a key factor in determining Carbios’s short-term valuation will be the nature of the financing for the PET bio recycling demonstration plant, which has yet to be disclosed.

Carbios - Advancing towards commercialisation

H118 results were broadly in line with our expectations and Carbios retains sufficient cash to finance its business until H219. The company continues to make progress with its transformation from a research body to a commercial enterprise. We expect the first commercial revenues from Carbiolice in 2020. Our DCF indicates a valuation for Carbios of €15/share.

Carbios - Transition year and strengthened balance sheet

Carbios’s 2017 results were an important staging post on the journey from a pure research operation towards a market-ready business. The balance sheet has been strengthened and operations are fully funded into 2019. Announcements of partnership deals with other consumer brand owners, similar to that announced with L’Oréal, could act as a further share price catalyst. Our remodelled DCF provides an indicative valuation for Carbios of €15/share.

A director sold 3,724 shares at 6.772EUR and

A director at Carbios sold 3,724 shares at 6.772EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Carbios, 19 juin 2019

Le 1er janvier 2019, Ian Hudson a remplacé Jean Falgoux à la présidence du Conseil d'administration. Le mandat d'administrateur de ce dernier est proposé au renouvellement cette année. Nous ne soutiendrons pas ce renouvellement en raison de l'insuffisant taux d'indépendance du Conseil (44%) (résolution 5). En revanche, nous soutenons la ratification de la cooptation de deux administrateurs (résolutions 6 et 7). Les autorisations d'augmentation du capital portent sur des montants trop élevés et peuvent être utilisées en période d'offre publique. Nous recommandons donc l'opposition aux résoluti...

Proxy Report - 14/06/2018

Carbios est une société présentant un conseil d'administration où les fonctions sont séparées et où la majorité des administrateurs sont libres de conflits d'intérêt, ce qui est positif. Nous regrettons cependant que le conseil comporte si peu de femmes et de membres étrangers, et la diversification des profils sera donc un enjeu à venir pour la société. Nous recommandons l'opposition pour l'ensemble des autorisations financières (résolutions 10 à 18 et 21 et 22) : les délégation de compétences pour augmenter le capital portent sur des montants trop importants et sont utilisables en période d...