Itaconix Plc – Capital Network: Breakthrough opportunity
PROGRESS YTD
Itaconix PLC (LON:ITX) reported H1 results (18/09/2017) which showed good progress, with revenues of £0.3m (H1 2016 ongoing: nil) and new collaborative partnerships in key product segments.
In this report we examine some of the drivers which are supporting this rapid commercial adoption of Itaconix PLC (LON:ITX) technologies, including productspecific performance attributes and the long-term mega-trend towards environmental sustainability in specialty chemicals.
INVESTMENT THESIS
Itaconix PLC (LON:ITX) has transformed (and renamed) itself in recent years towards a tight focus on specialty polymers for home care, personal and consumer health care, and industrial products. The H1 results demonstrate that the strategy is now delivering real commercial progress. Some of the drivers include:
• A patented production process that combines the versatile chemistry of Itaconic acid with breakthrough economics.
• A range of bio-based products which can replace petrochemical ingredients. Industry-wide changes are being driven by consumer preferences, regulatory changes and the “Together for Sustainability initiative within the specialty chemicals sector.
• Virtually limitless headroom for growth, with addressable end markets of $30bn.
• Existing commercial revenues growing strongly.
• Strategic partners including Akzo Nobel, Croda, and Solvay broaden the available channel to market.
In this report we examine some of the drivers in detail, with an overview of product categories and key differentiators
Itaconix is engaged in the development and supply of specialty products. Co.'s Specialty Chemicals segment, designs and manufactures proprietary specialty polymers for home care and industrial markets and in personal care. Co.'s product include: Personal Care, which comprised of RevCare NE 100S, a bio-based polymer for hair styling ingredient; and Specialty Polymers. The Specialty Polymers product include: Itaconix® DSP™, a product used in a number of powder laundry products; Itaconix® CHT™, a product used in automatic dish wash formulations; and Itaconix® ZINADOR™ 22L, a polymer-based odor removal additive, used in household, municipal, animal and industrial applications.
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