DNB Markets - IAR Systems: Ripping off the sticking plaster
Although we do not expect results overnight, we believe IAR Systems is taking the steps needed to get moving in the right direction commercially and financially. We believe this will put it in a solid position to accelerate growth by ensuring high code quality in embedded software and to program secure devices for the internet of tomorrow. We reiterate our SEK130–220 fair value.Back on organic growth path adjusting for multi-year agreements. IAR Systems reported Q4 sales of SEK92m (in line with our estimate), corresponding to 2% organic growth YOY including tough comparables from multi-year