IBA: Moving away from PT volatility
Despite the significant downtick in global PT sales in 2020 and sluggish recovery in 1H21, 2020 turned out to be a reasonable year for IBA on the back of a strategic licencing deal in China and growing recurring service revenues. The deal should further bolster IBA’s already dominant position in the region, while the recurring services make it a more stable and attractive investment opportunity over time. Meanwhile, the record orderbook should result in a significant uptick in PT equipment revenue from 2022 onwards. After revising our model, we reiterate our Hold rating but raise our TP from € 12.0 to € 17.5 ps.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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