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IAR Systems: Winds of change - DNB

IAR Systems is trading at a 2022e EV/EBIT of 12x. Although the recent CEO dismissal could cloud short-term operational momentum, we believe it could signal a turning point in IAR Systems’ two-year uphill climb. Having reset our forecasts for Secure Thingz, we have cut our fair value to SEK130–220 (150–220) and expect IAR to report 19% organic sales growth YOY in 2022e.

IAR Systems is trading at a 2022e EV/EBIT of 12x. Although the recent CEO dismissal could cloud short-term operational momentum, we believe it could signal a turning point in IAR Systems’ two-year uphill climb. Having reset our forecasts for Secure Thingz, we have cut our fair value to SEK130–220 (150–220) and expect IAR to report 19% organic sales growth YOY in 2022e.
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