Carbios: Advancing Towards Commercialisation
Edison | Oct 15, 2018 05:17AM ET
H118 results were broadly in line with our expectations and Carbios (PA:ALCRB) retains sufficient cash to finance its business until H219. The company continues to make progress with its transformation from a research body to a commercial enterprise. We expect the first commercial revenues from Carbiolice in 2020. Our DCF indicates a valuation for Carbios of €15/share.
H118 results on track for full year
H118 revenue declined by 33% but remains broadly in line with our FY18 projection of €1.1m. Operating expenses rose by 15% versus H117, but operating losses of €2.3m were in line with our expectations for an FY18 operating loss of €4.6m. Net income was helped by a tax credit of €0.635m and at the net income level the loss of €1.7m shows that Carbios is well on track to meet our FY18 expectation of a loss of €3.9m. Cash of €6.7m was c €2m higher than H117, thanks to the equity issue in H217 (€4.2m), but €0.9m (due to cash burn) lower than FY17. Carbios believes its cash position is sufficient to cover its financing needs until H219.
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