IAR Systems’ ability to sign one of its largest-ever deal during a global pandemic demonstrates: 1) solid execution; 2) the relative resilience of its business model; and 3) that its offerings are mission-critical for clients, with large OEMs increasingly standardising using its development tools. Underlying, we have raised our 2021–2022e EPS by 12%, although this is more than offset by a 16% FX headwind. We have also raised our fair value to SEK180–250 (SEK150–230).
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