IAR SystemsSecure Thingz tightens the bow
IAR Systems’ Q1 offered its highest earnings historically, and in-line with our forecasts on most parameters. With a strengthened confidence in its new growth initiatives’ prospects, primarily market share gains in automotive and its Secure Thingz acquisition, we have raised our 2018–2020e by 2–4%, but believe a successful launch of Embedded Thrust (launch in Q2) could offer further potential upside. Thus, we have raised our fair value range to SEK250–310 (240–300).
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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