IBA Ambitious plans, but short-term profitability in focus
Following the CMD on April 4th and new reporting structure from 2025 onwards, we have revisited our estimates accordingly. Overall, we believe IBA left a good impression during the CMD. While the numerous new initiatives and growth areas might look overwhelming, we believe they reconfirm the potential of IBA's technology. More importantly, the PanTera deal already showcased that new opportunities can create significant value with limited upfront investments. While the impact from tariffs on short-term demand remains uncertain, we believe 2025 could become a turnaround year as profitability is expected to pick up from now onwards. We therefore reiterate our Buy rating and € 18.0 TP.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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