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1. Company Snapshot

1.a. Company Description

Carbios SAS, a green chemistry company, develops industrial bioprocesses for the biodegradation and bio recycling of polymers in France.The company engages in the production of EVANESTO, an enzymatic biodegradation solution for polylactic acid (PLA) based single-use plastics; and enzymatic recycling of polyethylene terephthalate (PET).It also offers PLA, a biosourced and biodegradable plastic polymer used in food packaging, disposable tableware, and electronics and medical applications; and recycles plastic waste into plastic materials.


The company also exports its products.Carbios SAS has a development agreement with Novozymes to produce enzyme for recycling of PET-plastics and fibers.The company was founded in 2011 and is headquartered in Saint-Beauzire, France.

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1.b. Last Insights on ALCRB

The recent negative drivers behind Carbios SAS' performance include the postponement of its Longlaville PET biorecycling plant construction, initially scheduled for 2024, to 6-9 months due to delayed non-dilutive financing. This decision aims to slow down cash burn on the project. Additionally, the company is reorganizing and reducing its workforce by around 40% to optimize operating costs. These developments may impact Carbios' short-term growth and profitability.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Carbios Confirms China PET Plant With Wankai

Dec -04

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CARBIOS and Wankai New Materials sign the definitive agreement establishing a strategic partnership to the large-scale deployment of CARBIOS’s PET biorecycling technology in Asia

Dec -02

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CARBIOS signs two new multi-year commercial agreements for recycled PET with major players in the beverage industry

Nov -24

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Carbios Eyes China, Gets Closer to PET Plant Plans

Nov -15

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CARBIOS and Wankai New Materials, a subsidiary of Zhink Group, are committed to the large-scale deployment of CARBIOS’ PET biorecycling technology in Asia, with the first step being the construction of a PET biorecycling plant in China.

Nov -06

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CARBIOS announces the publication of its Interim report for the first half of 2025

Oct -24

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CARBIOS presents its 2025 half-year results and confirms its objective to build a PET biorecycling plant, with a revised timeline.

Sep -24

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CARBIOS enters the r-PET market for tire textile filaments

Jul -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.00%)

6. Segments

Plastic Waste Recovery and Biopolymer Production

Expected Growth: 10.5%

Growing concerns over plastic pollution, increasing adoption of circular economy practices, and government regulations supporting sustainable waste management drive the growth of Carbios SAS's innovative technology, converting plastic waste into biodegradable biopolymers.

7. Detailed Products

PET-degrading enzyme

A proprietary enzyme capable of breaking down Polyethylene Terephthalate (PET) into its building blocks, allowing for the recycling of PET-based plastics.

PLA-degrading enzyme

A proprietary enzyme capable of breaking down Polylactic Acid (PLA) into its building blocks, allowing for the recycling of PLA-based bioplastics.

Biodegradation technology

A proprietary technology that utilizes microorganisms to break down plastic waste, allowing for the biodegradation of plastics in a controlled environment.

Enzyme engineering services

A service offering that utilizes Carbios' expertise in enzyme engineering to develop customized enzymes for various industries, including plastics, textiles, and more.

Biorecycling technology

A proprietary technology that utilizes enzymes to break down plastic waste and convert it into high-quality raw materials, allowing for the creation of new products.

8. Carbios SAS's Porter Forces

Forces Ranking

Threat Of Substitutes

Carbios SAS operates in the biotechnology industry, which is characterized by a moderate threat of substitutes. While there are alternative technologies available, Carbios' proprietary enzyme-based plastic degradation technology provides a unique value proposition that differentiates it from competitors.

Bargaining Power Of Customers

Carbios SAS has a diverse customer base, including major companies in the packaging and textile industries. However, the company's proprietary technology and strong partnerships reduce the bargaining power of customers.

Bargaining Power Of Suppliers

Carbios SAS relies on a limited number of suppliers for raw materials and equipment. While the company has established strong relationships with its suppliers, it is still vulnerable to supply chain disruptions and price fluctuations.

Threat Of New Entrants

The biotechnology industry is characterized by high barriers to entry, including significant R&D investments and regulatory hurdles. However, Carbios SAS operates in a niche market with a unique value proposition, which makes it vulnerable to new entrants with similar technologies.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with several companies operating in the plastic degradation space. However, Carbios SAS has established a strong market position through its proprietary technology and partnerships, which reduces the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.80%
Debt Cost 4.87%
Equity Weight 84.20%
Equity Cost 13.27%
WACC 11.94%
Leverage 18.77%

11. Quality Control: Carbios SAS passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SP Group

A-Score: 4.4/10

Value: 6.3

Growth: 6.9

Quality: 6.2

Yield: 1.9

Momentum: 2.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Treatt

A-Score: 3.9/10

Value: 6.7

Growth: 6.0

Quality: 6.2

Yield: 3.8

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Carbios

A-Score: 2.5/10

Value: 7.8

Growth: 0.3

Quality: 4.5

Yield: 0.0

Momentum: 2.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Avantium

A-Score: 2.3/10

Value: 8.2

Growth: 3.1

Quality: 2.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Synthomer

A-Score: 2.3/10

Value: 8.9

Growth: 0.4

Quality: 1.0

Yield: 2.5

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
VERBIO

A-Score: 2.2/10

Value: 7.0

Growth: 2.0

Quality: 1.1

Yield: 1.2

Momentum: 1.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.14$

Current Price

15.14$

Potential

-0.00%

Expected Cash-Flows