IAR Systems: The worst appears over - DNB
IAR Systems is gradually taking the necessary steps to turn around the soft operating momentum, which is likely to continue over the coming quarters. Having re-built our model to capture its revenue streams better, we have lowered our 2022–2023e net sales and EPS by ~3–8%, given the high drop-through from its 96%+ gross margins. We expect no overnight success but highlight that IAR Systems has invested 5+ years of profits in new products over the past five years that have yet to translate into tangible net sales growth. We reiterate our SEK130–220 fair value.
Länk till analysen i sin helhet: https://www.dnb.no/seg-fundamental/fundamentalweb/GetReportSpon.aspx?file=CMPSP_191509.pdf