Carbios: Turned Profitable For The First Time
Edison | Apr 12, 2017 02:23AM ET
Carbios (PA:ALCRB) reported a profit, for the first time in its history, in 2016. First commercial revenues from the Carbiolice JV were the key driver behind the strong results. We have upgraded our forecasts and estimate that the company is funded through 2017 but may require additional financing in 2018. Our valuation range remains unchanged at €23-37 per share.
Profits for the first time
Carbios has turned profitable for the first time in its history. It reported 2016 revenues of €8.9m, operating income of €3.5m and net income of €5.0m, all of which are above our expectations. First commercial revenues from the new joint venture, Carbiolice, were the most important element for the positive earnings. Cash management was also strong, with lower than expected cash outflows of €5.0m, and gross cash at the year-end stood at €3.98m. With this and additional grant income of €1m yet to be received in 2017, the company can fully cover cash outflows of c €3m (pre-grant inflows) for the year.
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