IAR Systems: Potential for share buybacks - DNB

The modernisation of IAR Systems continues in full force. Having laid off 11% of its employees, launched its new integrated safety, security, and compliance solution in Q2, and planned broader SaaS transformation. With a leaner cost structure into 2024e, we believe operating leverage could surprise on the upside. Given its net cash position (8% of its market cap) and decade-low valuation multiples, we see potential for it to utilise its share buyback mandate. We have raised our 2023–2024e adj. EBIT by 10–7%, and in turn our fair value to SEK130–200 (120–200).

Länk till analysen i sin helhet: https://www.dnb.no/seg-fundamental/fundamentalweb/GetReportSpon.aspx?file=CMPSP_220022.pdf