Added to YB: 2026-08-26
Pitch date: 2026-08-24
IBAB.BR [bullish]
Ion Beam Applications SA
+0.63%
current return
Author Info
No bio for this author
Company Info
Ion Beam Applications SA designs, produces, and markets solutions for cancer diagnosis and treatments, serious illnesses, and industrial applications in Belgium, the United States, China, Germany, and India.
Market Cap
EUR 446.8M
Pitch Price
EUR 15.84
Price Target
N/A
Dividend
1.63%
EV/EBITDA
10.83
P/E
36.55
EV/Sales
0.80
Sector
Health Care Equipment and Supplies
Category
value
The Razor-and-Blade Business Renting Out the World’s Scarcest Cancer Machines - Ion Beam Applications SA
IBAB.BR: Belgian proton-therapy leader at ~€500M mcap—<1x its record €620M FY25 revenue—with 42% installed-base share (63% of rooms sold in 2025), a €1.6B backlog, and 43 committed sites nearly doubling the 45-active base. Razor-and-blade services now recurring/growing; PT turned profitable for first time (€10.2M adj EBIT, 3.0% margin) with mgmt targeting 10% op margin by 2028. Free option on Actinium-225 via PanTera JV. Risks: structurally low equipment margins, niche market, Technologies segment backlog -12% with book-to-bill below 1x, and a well-resourced Varian/Siemens competitor.
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