Solid market fundamentals and a market-leading position have created solid foundations for sales growth in IAR Systems’ legacy business, in our view, while the scalability of its business model should allow for further margin gains. Having entered key strategic partnerships in the past year, we believe the company is entering its next phase, setting the scene to reignite the growth story. We initiate coverage with a fair value of SEK240–300.
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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