IAR Systems Closer to end of investment phase
We remain confident IAR’s substantial investments in IoT security and RISC-V should accelerate sales growth, as these markets are seemingly ramping up worldwide (albeit from a low base). We expect proof of this in 2020e to contribute to a share price re-rating but we have lowered our fair value to SEK230–275 (250–300), after cutting our 2020–2021e EBIT by 5%.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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