IBA Not only cars have long delivery times
Last week, IBA reported an unexpected net loss of € 27.3m in 1H23 (kbcse: € +5.5m). The miss was driven by delays as well as increased costs in preparation of upcoming projects and future sales. However, after revisiting our estimates, we expect a significant ramp up in the backlog conversion for the remainder of the year, with our new estimates implying a 30% growth in 2H23. This should result in a strong operating leverage effect and absorption of overhead costs. Although we don't expect IBA to fully recoup the net loss of 1H23, we think IBA will be close to EBIT break even by year end. We reiterate our Buy rating but lower our TP from € 21.5 to € 18.0 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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.