Ion Beam Applications S.A. (IBAB.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-84.9%

€2.42

vs €16.10 price

Levered DCF

€6.20

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.51

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	30.05×	43.29×	-37.23×	74.1×	117.23×	11.3×	50.15×	-85.6×
P/B	3×	3.66×	3.16×	3.91×	3.56×	2.55×	3.45×	3.65×
P/S	0.62×	0.82×	0.78×	1.26×	1.43×	1.16×	1.36×	1.46×
EV / EBITDA	10.58×	14.39×	14.03×	24.87×	13.7×	5.66×	14.42×	51.91×
Gross margin	32.2%	33.3%	31.4%	35.1%	34.4%	43.6%	33.0%	36.6%
Operating margin	4.4%	3.5%	1.2%	1.4%	4.3%	13.0%	0.8%	1.9%
Net margin	2.0%	1.9%	-2.1%	1.7%	1.2%	10.2%	2.7%	-1.7%
Current ratio	0.99×	0.95×	1×	1.09×	1.23×	1.5×	1.31×	1.35×
Debt / equity	0.92×	0.45×	0.39×	0.35×	0.55×	0.61×	0.61×	0.83×
Interest coverage	7.06×	6.41×	2.48×	1.74×	3.62×	11.95×	0.62×	1.3×
Dividend yield	1.9%	1.2%	1.8%	1.2%	1.3%	0.6%	0.0%	0.0%
Payout ratio	55.9%	52.7%	-67.2%	92.1%	149.1%	7.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.0%	8.4%	-8.6%	5.2%	3.1%	22.5%	6.8%	-4.3%
Return on invested capital	7.2%	6.3%	3.2%	-40.6%	2.9%	15.1%	0.9%	2.5%
Return on assets	1.8%	1.5%	-1.5%	1.0%	0.7%	6.2%	1.8%	-1.1%
Free cash flow yield	-9.2%	-3.5%	-9.5%	3.0%	17.8%	26.1%	10.6%	-9.7%
Earnings yield	3.3%	2.3%	-2.7%	1.3%	0.9%	8.8%	2.0%	-1.2%
Enterprise value	€433.7M	€384.3M	€268.4M	€326.5M	€316.8M	€292.4M	€405.3M	€425.9M
Net debt / EBITDA	1.27×	-0.83×	-3.54×	-9.67×	-5.69×	-1.34×	0.76×	6.02×
Cash conversion cycle (days)	171	240	209	202	167	236	345	365