Global Bioenergies S.A.

Global Bioenergies SA is a France-based company that specializes in the development of a process to produce isobutene biologically from renewable resources. Isobutene, a hydrocarbon, can be converted into fuels such as isooctane, as well as into various materials (synthetic rubber, organic glass, plastics). The process developed by Global Bioenergies SA is based on the design of an artificial metabolic pathway comprising several enzymes catalyzing reactions not observed in nature. Six patent applications have been filed by the Company. The first two applications covering the key steps of the bio-production of isobutene and other olefins have already been published. It distributes butane and propane containing bio-isobutene, in a e partnership with Global Bioenergies. It operates through Syngip.
  • TickerALGBE
  • ISINFR0011052257
  • ExchangeEuronext Paris
  • SectorAlternative Energy
  • CountryFrance

Analysts

Charles Pinel

Etude de l'AG du 28/10/2016

La principale résolution de cette assemblée générale extraordinaire a pour objet de mettre en place un contrat d'émission avec le fonds Bracknor Investment consistant en une ligne de financement obligataire flexible par l'émission de 300 obligations convertibles en actions (OCA) se décomposant en 15 tranches de 20 OCA chacune qui seront assorties de bons de souscription d'actions. Ce financement se substituerait au contrat Paceo conclu avec la Société Générale qui a été suspendu. Le montant de l'opération représenterait plus de 10 fois le capital mais, au cours actuel de l'action, la dilution ...

Catharina Hillenbrand-Saponar

String of successes and new financing

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.

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...

Catharina Hillenbrand-Saponar

Synergistic acquisition for new markets

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.

Catharina Hillenbrand-Saponar

Towards scale and revenues

Global Bioenergies has completed a stage of significant expansion with the completion of its Leuna demo plant and a raft of industrial agreements in 2016. 2016 results reflected this expansion in line with our expectations and the company closed the year having comfortably funded its cash spend for 2017. It now needs to deliver commercial revenues to reach profitability. We have updated our forecasts to reflect a more conservative revenue expectation and the Syngip acquisition. Our valuation range remains €34-51 per share. We highlight funding risk from 2018.

Catharina Hillenbrand-Saponar

String of successes and new financing

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.

Catharina Hillenbrand-Saponar

Synergistic acquisition for new markets

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.

Catharina Hillenbrand-Saponar

Towards scale and revenues

Global Bioenergies has completed a stage of significant expansion with the completion of its Leuna demo plant and a raft of industrial agreements in 2016. 2016 results reflected this expansion in line with our expectations and the company closed the year having comfortably funded its cash spend for 2017. It now needs to deliver commercial revenues to reach profitability. We have updated our forecasts to reflect a more conservative revenue expectation and the Syngip acquisition. Our valuation range remains €34-51 per share. We highlight funding risk from 2018.

Catharina Hillenbrand-Saponar

Reaching scale

The inauguration of the Leuna demo plant marks another step forward for Global Bioenergies’ execution strategy. The fab is delivering good yields and the quality of the isobutene is better than expected. The company has also announced that it has received new EU grant funding for adaptation of its second-generation process. The next steps are execution on IBN-ONE, GBE’s first commercial joint venture at an industrial scale, securing financing from 2018 and further commercial licensing agreements. Our fair value remains unchanged at €35-63 per share.

Charles Louis Planade

Global Bioenergies. Initiation de couverture

Global Bioenergies développe un procédé biotechnologique permettant de produire à partir de ressources renouvelables (sucres, céréales, déchets) une molécule issue traditionnellement de la chimie du pétrole. La société a franchi une à une toutes les étapes scientifiques et préindustrielles : preuve de concept et prototype (2009-2012), pilote de laboratoire (2012-2014), pilote industriel (2014-2016).

1 director sold

A director at Global Bioenergies sold 260,249 shares at 6.888EUR and the significance rating of the trade was 81/100. 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 b...

Emmanuel Matot ...
  • Jean-François Granjon
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 27/06/2018

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Emmanuel Matot ...
  • Jean-François Granjon
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 06/27/2018

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Aurelien Sivignon ...
  • Emmanuel Matot
  • Eric Beaudet
  • Harold De Decker
  • Jean-François Granjon
  • Jerôme Bodin
  • Oussema Denguir
  • Pierre Corby
  • Vincent Maulay

ODDO BHF Small & MIDCAP MORNING NEWS - 02/08/2018

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Aurelien Sivignon ...
  • Emmanuel Matot
  • Eric Beaudet
  • Harold De Decker
  • Jean-François Granjon
  • Jerôme Bodin
  • Oussema Denguir
  • Pierre Corby
  • Vincent Maulay

ODDO BHF Small & MIDCAP MORNING NEWS - 08/02/2018

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Jeremy Garnier ...
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 09/10/2018

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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...

Charles Pinel

Etude de l'AG du 28/10/2016

La principale résolution de cette assemblée générale extraordinaire a pour objet de mettre en place un contrat d'émission avec le fonds Bracknor Investment consistant en une ligne de financement obligataire flexible par l'émission de 300 obligations convertibles en actions (OCA) se décomposant en 15 tranches de 20 OCA chacune qui seront assorties de bons de souscription d'actions. Ce financement se substituerait au contrat Paceo conclu avec la Société Générale qui a été suspendu. Le montant de l'opération représenterait plus de 10 fois le capital mais, au cours actuel de l'action, la dilution ...

Etude de l'AG du 26/06/2017

La résolution 19 met en place les augmentations de capital nécessaires pour honorer le contrat voté lors de l'assemblée générale extraordinaire du 28 octobre 2016 avec le fonds Bracknor Investment consistant en une ligne de financement obligataire flexible par l'émission de 300 obligations convertibles en actions (OCA) se décomposant en 15 tranches de 20 OCA chacune qui seront assorties de bons de souscription d'actions. Ce financement se substituerait au contrat Paceo conclu avec la Société Générale qui a été suspendu. Le montant de l'opération représenterait plus de 10 fois le capital. Bien...

Proxy Report - 05/06/2018

Cette année encore subsiste des problèmes s’agissant de la gouvernance de la société : son Conseil d'administration ne comporte aucun membre libre de conflits d'intérêts selon la définition de Proxinvest ainsi qu’une seule et unique femme. Comme indiqué l’an dernier, la société, qui n'est pas contrôlée, devrait présenter une meilleure diversité au sein de son Conseil pour correspondre aux standards de bonne gouvernance et aux pratiques de la Place financière. De plus, la société ne soumet pas au vote des actionnaires la politique de rémunération de ses dirigeants, ni pour l'exercice passé, ni...

Charles Pinel

Global Bioenergies - Assemblée Générale des actionnaires du 5 Septembre 2019

Il est proposé de modifier les statuts afin de créer la fonction de censeur et de nommer à ce poste le groupe L’Oréal, via son fonds d’investissement BOLD Business Opportunities for L’Oréal Development, qui a participé à une augmentation de capital en juin 2019 lui permettant de devenir le premier actionnaire de la société avec 17,3% du capital et des droits de vote. Bien qu'il soit légitime que le principal actionnaire de la société siège au conseil, le choix d'y figurer en tant que censeur ne sera pas soutenu. En effet, Proxinvest n'est pas favorable à la présence d'un censeur au sein du co...

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