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SENASTE
A quality Q2 beat reinforces our view that IAR Systems is gradually coming back to an accelerated profitable growth trajectory after a long negative EPS revisions trend. We do not believe IAR Systems is immune to weakening IT spending but highlight that its 2023 earnings should grow from base that is already ~30% below 2018 levels with positive commercial momentum from its new products exposed to high-growth megatrends, such as IoT, RISC-V and cybersecurity. We have raised our 2022–2023e EPS by 13% and our fair value to SEK140–250 (130–220).
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