Added to YB: 2026-05-06
Pitch date: 2026-05-04
IBAB.BR [bullish]
Ion Beam Applications SA
Author Info
No bio for this author
Company Info
Ion Beam Applications SA designs, produces, and markets solutions for cancer diagnosis and treatments in Belgium, the United States, and internationally.
Market Cap
EUR 392.0M
Pitch Price
N/A
Price Target
33.00
Dividend
1.86%
EV/EBITDA
N/A
P/E
31.26
EV/Sales
N/A
Sector
Health Care Equipment and Supplies
Category
turnaround
Ion Beam Applications: A Belgian Cancer-Fighter Sitting on the World's Rarest Drug?
IBAB.BR: Proton therapy leader (41% global share) hits profitability inflection—FY25 rev €620M (+24%), PT segment +€10M EBIT after years of losses, €1.6bn backlog (2.5yr coverage). Siemens shut Varian (22% competitor) Oct'22, pricing power rising. Fair PE 22x on 2028 EPS €1.50 = €33 PT (+148%, ~36% IRR). Plus 31% PanTera stake (Ac-225 isotope JV w/ Bayer/EQT backing)—worth €90M today, €600M-€1.5bn if 100+ Curies hit by 2029. Risks: legacy low-margin backlog pressuring margins near-term, PanTera execution/competition, lumpy orders. Catalyst: H1'26 margin expansion as backlog rolls off.
Read full article (9 min)