IBA 1Q23 trending below last year, but 2026 targets give us confidence
As usual, IBA's trading update did not include any sales or EBIT figures. In the update, the IBA did mention that the backlog decreased from € 1.4 to € 1.3bn, hereby implying a solid backlog conversion. However, we believe the lower backlog is also driven by the slower order intake in 1Q23, with no PT systems sold in 2023 so far, while the 5 OA systems sold are also trending below last year (YTD FY22: 12). IBA nevertheless mentioned that the PT pipeline remains strong across all geographies. Net cash also slightly decreased to € 103m (FY22: € 117m). Although 1Q23 activity somewhat disappointed, we remain positive about IBA after the group surprised positively in March with strong targets for 2026. After incorporating the LT outlook into our estimates, we make use of today's 1Q23 results to increase our TP from € 20.5 to € 21.5 ps and reiterate our Buy rating.IBA- Ion Beam Applications develops and markets technologies and pharmaceutical products for the healthcare sector, with a focus on cancer diagnosis and therapy. Co. is also engaged in the sterilization and ionization market. Co. operates in two primary business segments: Equipment and Pharmaceuticals. Co.'s Equipment segment encompasses development, fabrication, and services associated with medical and industrial particle accelerators, proton therapy systems, and a range of dosimetry products, while Co.'s Pharmaceuticals segment encompasses the production and distribution of radiopharmaceutical agents as well as its bioassay operations.
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