(Boursier.com) — AFYREN is camped at 5.70 euros on Thursday, while the greentech company which offers manufacturers bio-sourced and low-carbon products thanks to its fermentation technology based on a completely circular model presented in early June significant progress in the production operations of the AFYREN NEOXY plant and announced the delivery of the first batches of bio-based organic acids.
In the second half of 2020, AFYREN launched the construction of its first factory, AFYREN NEOXY, located in Carling-Saint Avold in the Grand Est region. It is the first plant in the world to produce biobased carboxylic acids on an industrial scale from sugar beet co-products.
In the first quarter of 2022, the construction site for this plant was completed on schedule, despite the context of the health crisis, paving the way for the industrial start-up phase. This preparatory phase for the launch of production includes numerous technical tests and the gradual commissioning of the various equipment.
Several tons delivered
The operations carried out for several weeks have already made it possible to produce several tons of products and to deliver the first batches… As a reminder, AFYREN has commercial commitments up to 75% of the annual production of AFYREN NEOXY in acids and 100% of fertilizers, representing a total cumulative turnover of more than 165 million euros, to be recognized over the coming years.
Today, the teams are continuing work to make operations more reliable in order to start continuous production in the fall of 2023. AFYREN then plans a gradual ramp-up of volumes in order to produce 16,000 tonnes of carboxylic acids per year at full capacity. , for an overall annual turnover (including the sale of fertilizers) of approximately 35 ME. The target current EBITDA production margin for this plant at full capacity is 25%, it being specified that reaching breakeven for AFYREN NEOXY (positive production current EBITDA margin) is still envisaged by the end of 2023, based on current production start and ramp-up estimates…
For Portzamparc, the tone of the management remains confident concerning NEOXY and a positive Ebit in 2025. The analyst is targeting a price of 9.40 euros by remaining on the buy side of the file…
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