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 SA, formerly Carbios SASU, is a France-based company engaged in green chemistry that focuses on discovering and developing enzymatic bioprocesses applied to plastic and textile polymers. The Company creates a new generation of fully biodegradable plastics with a controlled lifespan, a process enabling infinite biorecycling of plastic waste (PET) and a new biological pathway for the production of competitive biosourced polymers.
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