olivLaw · European equity research
Ion Beam Applications IBAB.BR
Belgium · Euronext Brussels · ISIN BE0003766806 · Vertical: Listed companies from Belgium
At the close of 05 Nov 2026, Ion Beam Applications (IBAB.BR) stock was 16.62 EUR (+0.48% on the day), with market capitalisation 487.2 m EUR, P/E 39.5 on diluted EPS of 0.42 EUR over the last 12 months, dividend yield 1.44%, beta 0.62, 52-week range 9.94–17.72 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.4
- strong (55–70)
- Bollinger (20, 2)
- 15.68 – 16.68
- in the upper half of the band · %B 0.94 · band width 6.2%
- SMA 50 / 200
- 15.81 / 15.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.18 / 0.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.6% | +0.4% | +5.2 pp | — |
| 3 months | +3.9% | −3.3% | +7.1 pp | — |
| 6 months | +11.5% | +4.0% | +7.6 pp | — |
| Year to date | +28.6% | +8.1% | +20.5 pp | — |
| 1 year | +52.8% | +10.7% | +42.1 pp | +6.3% |
| 3 years | +65.5% | +50.1% | +15.4 pp | −6.5% |
| 5 years | −1.8% | +43.6% | −45.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 30.7, median 36.8, max 42.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 466.7 m | 498.2 m | 620.2 m |
| Revenue YoY | unavailable | +6.7% | +24.5% |
| Net income | -9.1 m | 9.3 m | 12.7 m |
| Net income YoY | unavailable | unavailable | +37.6% |
| Diluted EPS | -3,128.00 | 0.31 | 0.42 |
| Diluted EPS YoY | unavailable | unavailable | +33.9% |
| net % | -2.0% | 1.9% | 2.1% |
| Free cash flow | -25.0 m | -14.9 m | -35.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 64.7 m EUR
- Financial debt
- 55.3 m EUR
- Net debt
- -9.4 m EUR
- Equity
- 127.2 m EUR
- Total assets
- 690.6 m EUR
- Debt / equity
- 0.44x
- Current ratio
- 0.99x
- ROE
- 10.7%
- ROA
- 1.9%
- FCF margin
- -5.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 466.7 m | 498.2 m | 620.2 m | esef· 12 May 2026verified |
| Cost of revenue | 332.2 m | 330.1 m | 420.6 m | esef· 12 May 2026verified |
| Gross profit | 134.4 m | 168.1 m | 199.6 m | esef· 12 May 2026verified |
| Research & development | 47.9 m | 59.2 m | 62.2 m | esef· 12 May 2026verified |
| Operating income | 5.1 m | 19.6 m | 28.1 m | esef· 12 May 2026verified |
| Interest expense | 11.2 m | 10.0 m | 14.0 m | esef· 12 May 2026verified |
| Pre-tax income | -315.0 k | 14.9 m | 18.8 m | esef· 12 May 2026verified |
| Income tax | 8.8 m | 5.6 m | 6.0 m | esef· 12 May 2026verified |
| Net income | -9.1 m | 9.3 m | 12.7 m | esef· 12 May 2026verified |
| Diluted EPS | -3,128.00 | 0.31 | 0.42 | esef· 12 May 2026verified |
| Dividend per share | 2,101.99 | 0.17 | 0.24 | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 109.3 m | 72.2 m | 64.7 m | esef· 12 May 2026verified |
| Inventories | 130.5 m | 152.8 m | 135.4 m | esef· 12 May 2026verified |
| Current assets | 452.0 m | 447.7 m | 469.6 m | esef· 12 May 2026verified |
| Total assets | 597.5 m | 616.1 m | 690.6 m | esef· 12 May 2026verified |
| Short-term debt | 0 | 5.0 m | 0 | esef· 12 May 2026verified |
| Long-term debt | 7.1 m | 3.5 m | 55.3 m | esef· 12 May 2026verified |
| Current liabilities | 452.6 m | 469.0 m | 472.7 m | esef· 12 May 2026verified |
| Total liabilities | 491.3 m | 505.2 m | 563.4 m | esef· 12 May 2026verified |
| Equity | 106.2 m | 110.9 m | 127.2 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 2.9 k | 29.3 m | 29.3 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -19.8 m | -10.6 m | -25.7 m | esef· 12 May 2026verified |
| Capex | 5.3 m | 4.3 m | 9.3 m | esef· 12 May 2026verified |
| Free cash flow | -25.0 m ≈ | -14.9 m ≈ | -35.0 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -13.3 m | -13.8 m | -35.3 m | esef· 12 May 2026verified |
| Financing cash flow | -14.4 m | -12.2 m | 56.8 m | esef· 12 May 2026verified |
| Dividends paid | 6.1 m | 4.9 m | 7.1 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 487.2 m EUR
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.26 – 9.53 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E4.16 – 9.53 (Mid 6.02)23 companies used · median multiple 14.3x · quartiles 9.9x – 22.7xACKB.BR, AGS.BR, AZE.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)3.26 – 4.45 (Mid 3.77)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 23.1% | 89 (vs peers) | 18% |
| Net margin · Quality | 2.1% | 38 (vs peers) | 11% |
| FCF conversion · Quality | -274.8% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.0x | 8 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.0x | 16 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 39.5x | 19 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -7.2% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 1.4% | 21 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet11/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality51/100 · 3/3 factors with a value
- Returns· partial21/100 · 1/2 factors with a value
- Valuation10/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ion Beam Applications (IBAB.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 620.2 m EUR in 2025; YoY growth 24.5%; net margin 2.1%; ROE 10.7%.
The estimated value range is 3.71–6.99 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 4.89 EUR, the price of 16.62 EUR leaves a potential of -70.6% (value / price − 1) and a margin of safety of -239.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 23.1%
What contradicts it
- FCF conversion: -274.8%
- Interest coverage: 2.0x
- Current ratio: 1.0x
- P/E (TTM): 39.5x
- FCF yield: -7.2%
- Shareholder yield (distributions): 1.4%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for IBAB.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11.22 Total return -31% · Per year -31% | 19.75 Total return 21% · Per year 21% | 29.62 Total return 80% · Per year 80% |
| 3 years | 13.31 Total return -16% · Per year -6% | 26.12 Total return 63% · Per year 18% | 42.66 Total return 164% · Per year 38% |
| 5 years | 15.79 Total return 3% · Per year 1% | 34.54 Total return 119% · Per year 17% | 61.43 Total return 285% · Per year 31% |
- Exit P/E± 6.53
- Net margin± 4.57
- Annual revenue growth± 3.41
- Annual dilution± 0.38
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202429 Apr 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.