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IAR Systems: A stable ship - DNB

While there are cyclical components to IAR Systems’ perpetual licence model, design activity and secular drivers have remained resilient through the pandemic. We see two dimensions to the story. The stock is trading 30% below its historical 29x P/E, and we forecast a 2020–2022e EPS CAGR of 30%+ with IAR Systems ready to reap the fruit of its rapid investment pace. We reiterate our SEK180–250 fair value.

Link to PDF:
https://www.dnb.no/seg-fundamental/fundamentalweb/GetReportSpon.aspx?file=CMPSP_165769.pdf
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