IAR Systems: Soft start to 2023 - DNB

IAR Systems’ Q1 results were soft and missed our adj. EBIT forecast by 38% as it ramped up its sales organisation. We reiterate our SEK140–250 fair value as we appreciate the combination of being net cash positive, defensive elements from ~40% recurring revenues, and optionality from its embedded security offering. We note that insiders have accumulated shares at the current share-price levels in 2022–2023.

Länk till analysen i sin helhet: https://www.dnb.no/seg-fundamental/fundamentalweb/GetReportSpon.aspx?file=CMPSP_213132.pdf