IBA Shares Bounce Midday After Quarterly Report
IBA shares saw a significant rise this Thursday, November 20, at mid-session, driven by the publication of its third-quarter results and the announcement of a bank refinancing. The Belgian particle acceleration technology specialist climbed 6.44% to 10.58 euros, marking its best daily performance in several weeks.
Quarterly Performance and Financial Refinancing
IBA released its interim third-quarter 2025 statement this morning, showing equipment order intakes of 195 million euros for the quarter, up 6% from last year, and confirming its 2025 guidance with an operating result (REBIT) target of at least 25 million euros. The group also announced the closure of a 125 million euro refinancing on November 19 with Belgian and international banks, including a term loan of 50 million euros and revolving credit facilities of 60 million euros over five years, complemented by a 10 million euro subordinated loan granted by Wallonie Entreprendre. At midday, the share price stood at 10.58 euros compared to 9.94 euros at Wednesday's close, with a traded capital share of 0.21%, indicating moderate investor interest. Over a longer period, the stock remains under pressure with a decrease of 2.04% over a week, 13.98% over three months, and 15.09% over a year, while the CAC 40 has gained 10.98% annually. The stock is currently trading below its 50-day (10.89 euros) and 200-day (11.56 euros) moving averages, illustrating a persistent downward trend for several months. The stock is positioned between a support at 9.94 euros, tested the previous day, and a resistance at 11.62 euros, a level it must surpass to confirm a trend reversal.
Product Sales and Financial Outlook
The group recorded four Proteus®ONE solutions sold for IBA Clinical in the third quarter, with a strong contribution from the IBA Technologies division, which grew by 22% thanks to RadioPharma Solutions. Management anticipates a gradual improvement in the net financial situation starting from December 2025, supported by this refinancing which provides better visibility on the group's capital structure. The order book for equipment and services remains stable at 1.3 billion euros, with sustained conversion expected to fuel revenue growth in the coming quarters. Technically, this Thursday's rebound comes after several weeks of continuous decline, with the stock having lost nearly 14% over the last three months. The Relative Strength Index (RSI) at 22 signals a marked oversold condition, generally interpreted as a short-term buying opportunity when it falls below the 30 threshold. This technical setup suggests that the stock might have reached a temporary low, especially as trading volume remains limited.
Market Indicators and Investor Sentiment
The MACD (Moving Average Convergence Divergence) shows a line at -0.20 below its signal line at -0.11, with a negative histogram of -0.09, confirming a fundamental bearish momentum that has not yet reversed despite the day's rebound. This negative divergence indicates that the medium-term trend remains fragile, and a sustained crossing of the 50-day moving average will be necessary to validate a bullish reversal. The beta of 0.12 highlights the stock's low correlation with market indices, explaining its autonomous trajectory compared to the CAC 40, which gained 0.88% this Thursday. The CMF (Chaikin Money Flow) at -0.38 reveals persistent selling pressure over the past weeks, with outgoing monetary flows reflecting investor mistrust. The one-month volatility stands at 5.34%, a moderate level that could increase if the stock manages to break through its resistance at 11.62 euros. In the short term, investors will monitor IBA's ability to meet its annual guidance and improve its financial structure, two key elements for restoring confidence and initiating a sustainable recovery in the share price.
