EQS-News: Montega starts coverage with target price of EUR 21.00 and a “Buy” recommendation 

Montega starts coverage with target price of EUR 21.00 and a “Buy” recommendation 

• Research report highlights IBU-tec's outstanding position as the only European LFP manufacturer
• “Sales revenues and earnings are expected to reach new dimensions within just a few years”
• Montega forecasts sales revenues of EUR 84 million and EBITDA of EUR 12.5 million for 2028

Weimar, 4 November 2025 – Montega AG has started its coverage of the shares of IBU-tec advanced materials AG (“IBU-tec”, ISIN: DE000A0XYHT5). In its initial coverage report titled “The heat is on”, Montega rates the share as a “Buy” with a target price of EUR 21.00. The closing price (XETRA) on 31 October 2025 was EUR 18.65.

The report places particular emphasis on IBU-tec’s strong positioning as the only European manufacturer of LFP cathode materials on an industrial scale. According to Montega, the recently intensified cooperation with PowerCo (see ad-hoc disclosure of 6 October 2025) is expected to lead to a significant increase in revenues and EBITDA over the coming years. Montega estimates that by 2028, the Battery Materials business unit will account for around 59% of IBU-tec Group’s total sales revenues (2024: 19%). Consequently, Montega forecasts Group revenues of around EUR 84 million for 2028 (2024: EUR 50.6 million). EBITDA is expected to rise disproportionately to around EUR 12.5 million (2024: EUR 1.0 million), corresponding to an EBITDA margin of 15.0% (2024: 2.0%). For 2026, the research report anticipates EBITDA of EUR 5.0 million for sales revenues of EUR 43 million.

With the commissioning of the new large-scale LFP production plant in Bitterfeld in 2028, the research house also expects highly profitable growth in the following years. Analyst Patrick Speck writes: “We are confident that the second phase of the transformation into a “Battery Company” will likewise be successful, enabling the Group’s revenue and profitability to reach new dimensions within just a few years.”

The Montega report is available in the “Investor Relations” section of the IBU-tec corporate website www.ibu-tec.de

About IBU-tec

The IBU-tec Group develops and produces innovative materials of the highest quality for industry. It combines unique, partly patent-protected thermal process technology with the process and material know-how of around 230 highly qualified employees. 

The company's own products include LFP battery material, which is an important component of batteries for electromobility and stationary energy storage, as well as solutions for air purification, resource conservation or the reduction of plastic packaging. IBU-tec is thus positioned for the long term in global megatrends - especially climate and environmental protection - and has an international customer base ranging from innovative medium-sized companies to global corporations. 

Contact

edicto GmbH
Axel Mühlhaus
Eschersheimer Landstraße 42-44
60322 Frankfurt
t +49 69 905505-52
IBU-tec@edicto.de