IAR SystemsInvesting to secure growth
We believe demand has remained strong, and forecast sales growth of 18% YOY in Q3 (9% organic). For H2e we see rising opex depressing short-term profitability, and a lower incremental margin in 2018e, the first squeeze in nine years. With positive newsflow for its security offering (Embedded Trust (ET) and C-Trust (CT)), the stage looks set for growth in 2019–2020, with the true potential beyond our forecast period. Ahead of the Q3 results (due at 15:00 CET on 9 November), we keep our fair value of SEK270–330.
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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