Reviewed listing: XETR:IBU · Analysis dated Oct 30, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
IBU-tec develops and processes industrial materials for customers in the chemical, automotive, and other industries, partly as a service and partly as proprietary products. These include specialty chemicals and battery materials for electric vehicles and energy storage.
What supports the business?
PowerCo has secured planned LFP production for ten years at fixed prices. This makes future demand more tangible, but does not guarantee a profit.
What could improve?
If the new facility starts as planned in 2028 and PowerCo takes the agreed capacity, the battery business could grow substantially. Recent discussions with potential customers are not yet orders.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 13.75 euros per share, the price cannot reliably be classified as cheap or expensive: IBU-tec is loss-making, and future profits from the major plant expansion are still uncertain.
What is the main risk?
The half-year loss grew to 1.111 million euros, while earnings before interest, taxes, depreciation, and amortization remained almost unchanged. In addition, a new method for valuing plant construction increased first-half pretax income by 1.707 million euros, without bringing in cash.
What is the overall assessment?
IBU-tec has a concrete growth driver in the PowerCo contract and the approved facility. But the half-year loss increased, EBITDA was almost unchanged, and part of the result came from an accounting change without a cash inflow. At 13.75 euros, the price cannot be reliably assessed; the overall picture is therefore not yet convincing.
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