Carbios: Disciplined Scale Up

 | Sep 28, 2016 08:27AM ET

Carbios (PA:ALCRB) is demonstrating a disciplined scale up as it moves from research to industrialisation and commercialisation. Its depolymerisation technology could provide an answer to the key challenges of the plastics economy. Carbios has achieved key technology milestones and set up its first JV earlier than expected. We estimate the company is funded through 2017. Our base case fair value estimate is €26 per share.