IBA Model update & 1H24 preview: 2024 likely to be another transition year
Ahead of the 1H24 results on 29 August, we have revised our estimates to the downside. Similar to last year, we expect 2024 to be a transition year for PT margins, driven by ongoing investments in IT and R&D, and the conversion of older, lower margin contracts (including Spain). In addition, the conversion of the Spanish contract could weigh on FCF in 2024 and 2025, with a reversal from 2026 onwards. Nevertheless, we keep our long-term estimates broadly unchanged, driven by the continued momentum in OA & DOS, and acceleration of the PT backlog conversion. After incorporating our new estimates, we reiterate our Buy but lower our TP to € 17.0 ps. (prev. € 18.0)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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