IBA Ready to thrive in a post-Varian world
2022 was a pivotal year for IBA with the signing of the largest PT contract in the company's history, an expected record number of OA orders and the withdrawal of its key competitor Varian from the PT market. We have therefore updated or short-and-long term forecasts to the upside as they now include the financial impact of the Spanish PT contract. Although FY22 will likely not be a blockbuster year, we expect margins to improve in 2023 and most of the revenue recognition and operating leverage effect to kick in by 2024 & 2025. Now that Varian decided to withdraw from the PT market, we have also performed a bull/bear/base case scenario as we believe this could result in significant share gains and increased pricing power for IBA over time. After updating our estimates, we reiterate our Buy rating and increase our TP from € 19.0 to € 20.5ps.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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