IAR Systems Minor model adjustments
As we approach the inflection point for new product launches (H2 2019e), we believe that the building blocks are in place to take the IAR case to the next level. Ahead of the Q2 results (due at 13:00 CET on 21 August), we have lowered our 2019−2021e EPS by 2%. We do not consider these changes to be material. We have lowered our fair value to SEK270–370/share (300–375), owing to peer multiples.
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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