Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.19, read 2026-11-03
Ethical passes the values gate
Price44.41 USD
Fair value44.00
Ethical score70.0/100
Value readFairas of 3 Nov 2026
Our investment reviews on this name
2026-10-02Read Accumulation40.55+9.5% to today ✓Markdown gives way to Accumulation
2026-09-10Read Markdown38.94+14.0% to today Accumulation gives way to Markdown after a 9% rise in 9 days
2026-09-01Read Accumulation35.83+23.9% to today ✓Markup gives way to Accumulation after a 16% rise in 9 weeks
2026-07-02Read Markup30.92+43.6% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
IBEX Ltd holds its Accumulation at $44.41. Consolidating, no directional conviction, held for 51 days.
As held on the ledger · 2026-11-03
Phase
Accumulation
Quantitative state
Consolidating, no directional conviction, held for 51 days
Price at the screen
$44.41
Valuation
15.09 trailing · 11.56 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.69
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
25.53%
Below 33%
Interest-bearing debt is just 25.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
48.49%
Below 49%
Money owed to the company is 48.5% of assets, under the 49% limit.
Pass
Revenue purity
0.17%
Below 5%
Only 0.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
IBEX clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 26%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when IBEX's ethical verdict changes
Today IBEX passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 3 Nov 2026: it trades above our $44.00 fair value estimate, none competitive moat, 11.60% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. The price runs 0.9% above the base estimate.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
IBEX trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Accumulation$44.41-0.7%Entry 21
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Accumulation$44.720.0%Entry 20
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Accumulation$44.73+0.0%Entry 19
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Accumulation$44.73+0.0%Entry 18
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Accumulation$44.73-1.4%Entry 17
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Accumulation$45.35-0.7%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Accumulation$45.65-3.3%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 3.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$47.23+2.9%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter.
2026-10-21Accumulation$45.91+3.1%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter.
2026-10-14Accumulation$44.52+9.8%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 9.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (2 analysts) rates it none, with a mean price target of $38. Insiders have been net sellers over the past quarter.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.