IAR Systems Starting the year with tailwinds
We have made minor model adjustments ahead of the Q1 results (due on 24 April at 15:00 CET). Our Q1e sales of SEK102m implies growth of 15% YOY (6% organic and 9% including FX effects). We expect adjusted EBIT of SEK31m, giving an EBIT margin of 30.4% (-2.7%-points YOY) as we expect rising opex to hamper short-term margins. With Embedded Trust and C-Trust launched in late February, we forecast only SEK1m of Secure Thingz sales for Q1. Following positive customer feedback, we see upside potential to our 2019–2021 forecasts but have not changed them at this stage. We reiterate our SEK280–350 fair value.
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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