IAR Systems: Impairment marked the trough - DNB

Ahead of IAR Systems’ Q4 report, we have cut our 2021–2023e adj. EBIT by ~11% to reflect the updated focus following the new management’s strategic review and a SEK116m impairment as well as a faster pace of amortisation of intangible assets. We believe IAR Systems is in a trough in financial and commercial momentum and, although we expect a lacklustre Q4 report, we note that the shares are trading at an EV/EBIT of 17–13x on our 2022–2023 forecasts. We reiterate our SEK130–220 fair value.

Länk till analysen i sin helhet: https://www.dnb.no/seg-fundamental/fundamentalweb/GetReportSpon.aspx?file=CMPSP_187424.pdf