Stock Analysis & Valuation Amoéba S.A. (ALMIB.PA)

• Previous Close: €0.93
• Sector Valuation Confidence Level: Moderate

Valuation method	Value, €	Upside, %
Artificial intelligence (AI)	29.24	3044
Intrinsic value (DCF)	0.32	-66
Graham-Dodd Method		n/a
Graham Formula	0.11	-88

Strategic Investment Analysis

Company Overview

Amoéba S.A. (ALMIB.PA) is a French biotechnology company specializing in the development of biocidal and fungicide products using the naturally occurring amoeba Willaertia magna C2c Maky. Founded in 2010 and headquartered in Chassieu, France, the company focuses on innovative solutions for microbiological risk prevention in water treatment, human wound care, and plant protection. Operating in the Agricultural Inputs sector under Basic Materials, Amoéba leverages its proprietary biological technology to offer sustainable alternatives to traditional chemical treatments. Despite its early-stage revenue profile, the company is positioned at the forefront of biocontrol innovation, targeting global markets with increasing regulatory pressure on synthetic pesticides. With a market capitalization of approximately €57.3 million, Amoéba represents a high-growth, high-risk opportunity in the emerging bio-agriculture and water treatment sectors.

Investment Summary

Amoéba S.A. presents a speculative investment opportunity with significant upside potential but substantial risks. The company operates in the nascent biocontrol sector, which is gaining traction due to regulatory shifts favoring eco-friendly alternatives. However, with no current revenue and consistent net losses (€-6.6 million in the latest period), the investment case hinges on successful commercialization of its technology. The company’s €12.1 million debt and limited cash reserves (€0.46 million) raise liquidity concerns, though its low beta (0.616) suggests lower volatility relative to the market. Investors should monitor progress in product approvals and partnerships, particularly in water treatment and agriculture, where demand for sustainable solutions is growing. The stock may appeal to venture-style investors comfortable with pre-revenue biotech plays.

Competitive Analysis

Amoéba’s competitive advantage lies in its proprietary Willaertia magna C2c Maky technology, which offers a biological alternative to chemical biocides—a unique selling point in markets increasingly constrained by environmental regulations. Unlike traditional agrochemical firms, Amoéba’s solution targets niche applications like biofilm prevention in water systems and non-pharmaceutical wound care, areas with limited direct competition. However, the company faces challenges scaling its innovation against established players with deeper R&D budgets and distribution networks. Its lack of revenue underscores dependency on grant funding and strategic alliances to advance commercialization. In agriculture, competitors like Bayer and BASF dominate with integrated pest management systems, though Amoéba’s biofungicide could differentiate in organic farming segments. For water treatment, it competes with industrial biocide providers like Lonza, but its biological approach may appeal to sustainability-focused clients. Long-term success depends on securing regulatory approvals and proving cost-effectiveness versus conventional methods.

Major Competitors

• Bayer AG (BAYN.DE): Bayer dominates the agricultural inputs market with its Crop Science division, offering synthetic pesticides and seeds. Its scale and R&D resources dwarf Amoéba’s, but Bayer faces reputational and regulatory risks linked to chemical products. Amoéba’s biological approach could appeal to markets Bayer struggles to address sustainably.
• BASF SE (BAS.DE): BASF is a leader in agricultural solutions, including fungicides. Its broad portfolio and global reach pose a challenge to Amoéba’s niche focus. However, BASF has been investing in biologicals, potentially validating Amoéba’s market while also competing directly.
• Lonza Group AG (LONN.SW): Lonza supplies industrial biocides for water treatment, competing with Amoéba’s biofilm prevention technology. Lonza’s established customer base and chemical expertise are strengths, but Amoéba’s biological solution may gain traction where regulatory or environmental concerns favor alternatives.
• Syngenta AG (SYT): Syngenta, now under ChemChina, is a agrochemical giant with significant fungicide sales. Its focus on integrated solutions and emerging markets pressures smaller players like Amoéba, though Syngenta’s reliance on synthetics could create openings for bio-based innovations.