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1. Company Snapshot

1.a. Company Description

Ion Beam Applications SA develops, manufactures, and supports medical devices and software solutions for cancer treatments in Belgium, the United States, and internationally.The company operates through Proton Therapy and Other Accelerators, and Dosimetry segments.The Proton Therapy and Other Accelerators segment develops, fabricates, and services medical and industrial particle accelerators, and proton therapy systems.


This segment also offers turnkey solutions for the treatment of cancer through the use of proton beams; and a line of cyclotrons used for the production of positron emission tomography or SPECT radioisotopes, as well as a line of industrial accelerators for sterilization and ionization.The Dosimetry segment provides solutions and services that enhances efficiency and minimizes errors in radiation therapy and medical imaging quality assurance and calibration procedures.The company has strategic research and development partnership with SCK CEN (Belgian nuclear research center) to enable the production of Actinimum-225 (225Ac), a novel radioisotope for the treatment of cancer; and an agreement with University of Pennsylvania for advance research in ConformalFLASH.


Ion Beam Applications SA was incorporated in 1986 and is headquartered in Louvain-la-Neuve, Belgium.

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1.b. Last Insights on IBAB

The recent 3-month performance of Ion Beam Applications SA was negatively impacted by a lack of significant news or developments that could have driven growth. The company's share buyback program, announced in March 2025, aimed to repurchase up to 650,000 shares, but this initiative may not have been enough to offset the absence of major announcements. The absence of a recent earnings release makes it difficult to assess the company's financial performance.

1.c. Company Highlights

2. IBA's Q3 2025 Earnings: A Strong Performance

IBA reported a robust financial performance in Q3 2025, with actual EPS coming in at 0.647, beating estimates of 0.58. The company's revenue growth is expected to be around 2.0% next year, according to analyst estimates. Equipment order intake reached EUR 195 million, an increase of EUR 11 million from Q3 2024, driven primarily by IBA Technologies, particularly RadioPharma solutions. The company's backlog of equipment and services remained stable at EUR 1.3 billion, despite a slight decrease.

Publication Date: Nov -30

📋 Highlights
  • 2025 EBIT Guidance Confirmed:: IBA maintains confidence in achieving EBIT of at least EUR 25 million, supported by controlled OpEx below 30% of sales and positive Proton Therapy contributions.
  • Equipment Order Intake Growth:: Q3 2025 order intake reached EUR 195 million, up EUR 11 million from Q3 2024, driven by IBA Technologies and RadioPharma solutions.
  • Refinancing Secured:: EUR 135 million refinancing package (EUR 125M bank deal + EUR 10M subordinated loan) strengthens balance sheet, with EUR 60M drawn and EUR 74M remaining available.
  • Ortega Contract Progress:: 3 of 10 ordered machines manufactured, with 1 shipped and 2 more to be delivered in 2026, and the remaining 7 machines to be produced post-2026.

Financial Position and Refinancing

The net financial position stood at EUR 60 million, impacted by customer delays in large Proton Therapy projects. However, this is expected to improve from December 2025, following a secured refinancing package of EUR 135 million, comprising a EUR 125 million bank club deal and a EUR 10 million subordinated loan. As Catherine Vandenborre stated, "the company is confident in its financing structure, which is optimized, flexible, and robust, with a 5-year commitment from financing partners."

Operational Highlights

IBA sold 4 Proteus ONE units in Q3 2025, including 2 to existing customer Apollo in India. The company is managing its credit risk by monitoring customers' ability to pay for equipment and services and finding solutions that benefit all parties in case of financial difficulties. The dosimetry division faced headwinds due to competition, but this is not expected to impact the company's guidance.

Valuation and Outlook

With a P/E Ratio of 19.4 and an EV/EBITDA of 9.63, the market seems to be pricing in a certain level of growth and profitability for IBA. The company's ROE stands at 14.79%, indicating a relatively strong return on equity. As the company is on track to meet its targets, with a strong backlog conversion in H1 and an increasing pace in H2, investors will be watching closely to see if IBA can deliver on its guidance and continue to grow its business.

3. NewsRoom

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Exploring Three Undiscovered Gems In The European Market

Nov -24

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Third quarter 2025 update: IBA is highly confident to meet FY2025 guidance, and strengthens financing structure

Nov -20

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IBA – TRANSPARENCY NOTIFICATION

Nov -12

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IBA – Regulated information

Nov -07

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IBA integrates Artificial Intelligence Quality Assurance into dosimetry solutions through the acquisition of PhantomX GmbH

Nov -03

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IBA opens the world of science and technology to secondary school girls

Oct -17

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Ion Beam Applications And 2 Other Undiscovered European Gems With Promising Potential

Oct -08

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IBA – Transparency Notification

Sep -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.29%)

6. Segments

Therapy and Accelerators

Expected Growth: 12%

Ion Beam Applications SA's Therapy and Accelerators segment growth is driven by increasing adoption of proton therapy for cancer treatment, rising demand for non-invasive cancer treatments, and growing investments in healthcare infrastructure. Additionally, advancements in accelerator technology and expanding applications in fields like material modification and sterilization also contribute to the 12% growth.

Dosimetry

Expected Growth: 14%

Dosimetry from Ion Beam Applications SA driven by increasing adoption of proton therapy, growing cancer incidence, and rising demand for precise radiation treatment. Additionally, advancements in radiation oncology, expanding healthcare infrastructure, and strategic partnerships contribute to the 14% growth.

7. Detailed Products

ProteusONE

A compact, single-room proton therapy system designed for cancer treatment

ProteusPLUS

A multi-room proton therapy system for high-volume cancer treatment centers

IBA Dosimetry

A range of dosimetry solutions for radiation therapy, including detectors, software, and services

Sterilization Solutions

A range of sterilization solutions using electron beams, gamma rays, and X-rays for medical device sterilization

Industrial Solutions

A range of industrial applications using electron beams, gamma rays, and X-rays for material modification and sterilization

8. Ion Beam Applications SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Ion Beam Applications SA operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the development of new technologies.

Bargaining Power Of Customers

Ion Beam Applications SA has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are highly specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Ion Beam Applications SA relies on a few key suppliers for critical components, which gives these suppliers some bargaining power. However, the company's strong relationships with its suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The barriers to entry in the radiation therapy and radiopharmaceuticals markets are high, making it difficult for new entrants to compete with Ion Beam Applications SA. The company's strong intellectual property portfolio and regulatory approvals also create a significant barrier to entry.

Intensity Of Rivalry

The radiation therapy and radiopharmaceuticals markets are highly competitive, with several established players competing for market share. Ion Beam Applications SA must continually innovate and invest in research and development to maintain its competitive position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.64%
Debt Cost 3.95%
Equity Weight 84.36%
Equity Cost 8.46%
WACC 7.76%
Leverage 18.54%

11. Quality Control: Ion Beam Applications SA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Medistim

A-Score: 5.0/10

Value: 0.7

Growth: 6.2

Quality: 9.2

Yield: 3.8

Momentum: 8.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Revenio

A-Score: 4.1/10

Value: 1.1

Growth: 7.3

Quality: 8.4

Yield: 1.9

Momentum: 1.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Ion Beam Applications

A-Score: 3.7/10

Value: 6.3

Growth: 4.1

Quality: 4.1

Yield: 2.5

Momentum: 1.0

Volatility: 4.3

1-Year Total Return ->

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Xvivo Perfusion

A-Score: 3.3/10

Value: 0.8

Growth: 9.8

Quality: 7.5

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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ReWalk Robotics

A-Score: 3.0/10

Value: 9.8

Growth: 4.0

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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InspireMD

A-Score: 2.9/10

Value: 6.2

Growth: 4.2

Quality: 3.9

Yield: 0.0

Momentum: 2.5

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.44$

Current Price

11.44$

Potential

-0.00%

Expected Cash-Flows