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  • IAR Systems Group AB
    Kungsgatan 33, 111 56 Stockholm
    http://www.iar.com
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    DNB Markets - IAR Systems: Potential for share buy backs

    The modernisation of IAR Systems continues in full force. Having laid off 11% of its employees, launched its new integrated safety, security, and compliance solution in Q2, and planned broader SaaS transformation. With a leaner cost structure into 2024e, we believe operating leverage could surprise on the upside. Given its net cash position (8% of its market cap) and decade-low valuation multiples, we see potential for it to utilise its share buyback mandate. We have raised our 2023–2024e adj. EBIT by 10–7%, and in turn our fair value to SEK130–200 (120–200).Solid Q2 against low

    DNB Markets - IAR Systems: fair value cut to SEK120-200

    Amid 1) a hiccup in its turnaround; 2) a shift in the investor base; and 3) low liquidity in the shares, IAR Systems’ share price is back at 2015 levels. We have educed our 2023–2024e EPS by 33–20% to factor in slower organic growth (with high drop-through). Although 2023 seems to be a difficult year, we appreciate the combination of profitable growth, being net cash positive, defensive elements from c40% recurring revenues, and optionality from its embedded security offering. We note insiders have accumulated shares above current share-price levels recently. We have lowered our fair value to

    Communique from the Annual General Meeting of I.A.R. Systems Group (publ) on 26 April 2023

    Uppsala, Sweden—26 April 2023 — The Annual General Meeting (“AGM”) of I.A.R. Systems Group AB (the “Company”) on 26 April 2023, passed the following key resolutions:Dividend In accordance with the Board’s proposal, the AGM resolved that SEK 1.50 per share shall be paid as ordinary dividend for the financial year 2022. The record date shall be Friday 28 April 2023. The dividend is expected to be paid through Euroclear Sweden AB on Thursday 4 May 2023. Election of Board members and Board Chairman and determination of Board fees The AGM re-elected sitting Board members Nicolas

    I.A.R. Systems Group AB (publ) Interim Report Jan-March 2023

    First quarter 2023 • Net sales SEK 107.7m (97.4) • Net sales growth of 10.6% and 4.6% adjusted for foreign exchange effects. • EBITDA of SEK 25.3m (30.3), corresponding to an EBITDA margin of 23.5% (31.1). • Adjusted EBITDA of SEK 27.0m (30.3), corresponding to an EBITDA margin of 25.1% (31.1). • Operating profit of SEK 11.4m (17.3), corresponding to an operating margin of 10.6% (17.8). • Capitalized work on own account amounted to SEK 9.4m (12.2). • In a year-on-year comparison, currency translation had a positive impact of SEK 5.9m on net sales and a positive impact

    IAR Systems Group AB (publ) Annual Report 2022 is published

    IAR Systems Group AB (publ) is announcing today that the annual report for 2022 has been made public, and is available on the company website.    The Swedish annual report is also available on IAR's website  in European Single Electronic Format (ESEF). The fiscal year refers to the period January 1 – December 31, 2022. Contacts Hanna Laurentz, Head of Corporate Communications, IARTel: +46 18 16 78 00               E-mail: hanna.laurentz@iar.

    Notice to attend the Annual General Meeting of shareholders of I.A.R. Systems Group AB (publ)

    The shareholders of I.A.R Systems Group AB (publ) (the “Company” or “IAR Systems”) are hereby invited to attend the Annual General Meeting to be held on Wednesday 26 April 2023 at 15:00 at the Company's premises at Strandbodgatan 1A, 753 23 Uppsala.Registration and notification Shareholders who wish to participate in the Annual General Meeting must: · be registered as a shareholder in the share register prepared by Euroclear Sweden AB as of Tuesday 18 April 2023, and · notify the Company of their intention to participate in the Meeting in such a manner that the Company has

    Chief Strategy Officer Haydn Povey leaves IAR

    Uppsala, Sweden—February 24, 2023 – IAR, the world leader in software and services for embedded development, today announces that the company’s Chief Strategy Officer, Haydn Povey, has decided to leave IAR at his own request. Haydn Povey was the Founder and CTO of SecureThingz from 2016 until the acquisition by IAR in 2018 when he became Chief Strategy Officer at IAR. Haydn is a well-known security expert and has held senior positions at global technology companies for over 20 years, including Arm, and is a Board member of the IoT Security Foundation. “I’m sorry that Haydn has decided

    IAR Unveils an Updated Brand and Name Change to Support Strategic Mission

    Today, IAR launches an updated brand with a new visual identity reflecting the company’s transformational journey and focus on empowering embedded engineering. At the same time, the name changes to IAR.Uppsala, Sweden; February 13, 2023 — IAR, the world leader in software and services for embedded development, is announcing today the launch of the updated brand, with a new logo and visual identity reflecting the company’s mission. Additionally, the brand name changes to IAR. The bold refresh of the brand means dropping the “Systems” naming element in favor of a rejuvenated form synonymous

    DNB Markets - IAR Systems: Dent in turnaround trajectory

    IAR Systems’ Q4 report was a slight hiccup in its accelerated profitable growth turnaround, but we still expect it to see 45%+ EBIT growth YOY in 2023e with relative insulation from support and updates at ~40% of net sales, and durable design activity as developers choose IAR’s tools to boost productivity and the cost of ownership. We reiterate our SEK140–250 fair value.Q4 sales in line with our forecast but operating leverage declined to 7%. IAR reported Q4 organic sales growth of 7% YOY (from 11% YOY in Q3 and 14% in Q2), which led to net sales 1% above our forecasts. We expected SEK2.1m

    I.A.R. Systems Group AB (publ) Interim Year-End Report 2022

    OCTOBER - DECEMBER 2022 · Net sales SEK 108.8m (91.6) · Net sales growth of 18.7%, and 6.8% adjusted for foreign exchange effects. · EBITDA of SEK 32.4m (29.2), corresponding to an EBITDA margin of 29.8% (31.9). · Operating profit of SEK 16.5m (15.2), corresponding to an operating margin of 15.2% (16.6). · Capitalized work on own account amounted to SEK 16.2m (14.1). · In a year-on-year comparison, currency translation had a positive impact of SEK 10.9m on net sales and a positive impact of SEK 4.4m on operating profit for the quarter. · Cash flow from operating

    DNB Markets - IAR Systems: First glimpse of security traction

    Delving into the Q3 results, we note adj. EBIT grew 41% YOY (in line with our forecast), lending credence to our case that IAR is three quarters into a profitable growth turnaround. Although perpetual licence sales are not immune to weakening IT spend, we are encouraged that its long-awaited security offering is starting to ramp up, suggesting leverage to 10–15% organic sales growth ambitions. We reiterate our fair value of SEK140–250 on broadly unchanged 2023–2024 forecasts, on which IAR is trading at an EV/EBIT of 13–10x.A look beyond the headline results revealed: 1) organic sales growth

    I.A.R. Systems Group AB (publ) Interim Report July-Sept 2022

    Q3 2022Net sales SEK 106.1m (87.9), EBITDA SEK 34.2m (35.0)JULY–SEPTEMBER 2022 › Net sales growth of 20.6%, and 10.8% adjusted for foreignexchange effects.› EBITDA of SEK 34,2m (35.0), corresponding to anEBITDA margin of 32,2% (39.8).› Operating profit of SEK 22,1m (20.9), corresponding toan operating margin of 20,8% (23.8).› Capitalized work on own account was SEK 11.3 m(13.7).› In a year-on-year comparison, currency translationhad a positive impact of SEK 8.6m on net sales and apositive impact of SEK 5.1m on operating profit for thequarter.› Cash flow from

    DNB Markets - IAR Systems: Trending in the right direction

    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).Strong Q2 report any way we look at it. Organic

    IAR Systems enable Visual Studio Code extensions to meet developer demands

    Supported by Microsoft, IAR Systems is now providing its embedded expertise and software solutions to the millions of developers using Visual Studio Code worldwide. The launch is in response to market demands and will help professionals accelerate development workflows.Uppsala, Sweden—June 20, 2022— IAR Systems®, the world leader in software and services for embedded development, today proudly presented Visual Studio Code extensions for IAR Systems embedded software development solutions. Now available at Visual Studio Code Marketplace, these extensions enable developers to work in Visual

    Communique from the Extraordinary General Meeting of I.A.R. Systems Group (publ) on 13 June 2022

    At the Extraordinary General Meeting of I.A.R. Systems Group AB (the “Company”) on 13 June 2022, the following key resolutions were made:Resolution to adopt the long-term incentive program 2022 The Extraordinary General Meeting resolved, in accordance with the Board’s proposal, to adopt a performance-based incentive program for certain employees in IAR (”LTI 2022”). The purpose of the proposal is to create conditions to retain and increase motivation among senior executives, employees and other key individuals in the Company. The LTI 2022 have a three-year program term and implies

    Notice to attend the Extraordinary General Meeting I.A.R. Systems Group AB (publ)

    The shareholders of I.A.R Systems Group AB (publ) (the “Company” or “IAR Systems”) are hereby invited to attend the Extraordinary General Meeting of shareholders to be held on Monday 13 June 2022.The Board of Directors has decided that the Extraordinary General Meeting will be held without the physical presence of shareholders, proxies or outside parties, and that shareholders will only be able to exercise their voting rights through postal voting in accordance with the instruc-tions specified below. Information regarding the resolutions passed by the Extraordinary Gen-eral Meeting will be

    DNB Markets - IAR Systems: Sensing improvements

    Despite its exposure to high-growth megatrends, such as IoT and cybersecurity, overall revenue growth for IAR Systems’ programming tools has been low. We believe the Q1 report signalled that the worst is in the past and that the measures taken by its new leadership are leading to a gradual turnaround in its growth trajectory. We have raised our 2023e adj. EBIT by 2%, and reiterate our fair value of SEK130–220/share which corresponds to a 2023e EV/EBIT of 13-25x.Key points of Q1 report. Net sales of SEK97m (2% above our estimate) set up organic growth of 3% YOY (our estimate: 2%), although

    Communique from the Annual General Meeting of I.A.R. Systems Group (publ) on 26 April, 2022

    Stockholm, Sweden—April 26, 2022— Due to Covid-19 and in an effort to reduce the spread of infection, the Board of Directors decided that the Annual General Meeting (AGM) was to be held without the physical presence of shareholders, proxies or outside parties. Shareholders were able to exercise their voting rights through advance voting (postal voting). A speech by CEO Richard Lind, during which he comments on the company’s operations in the 2021 financial year, has been published (in Swedish) on the company’s website, www.iar.com/investerare.The AGM of I.A.R. Systems Group AB on 26 April

    I.A.R. Systems Group AB (publ) Interim Report Jan-March 2022

    Q1 2022Net sales SEK 97.4m (88.9), EBITDA SEK 30.3m (29.8) JANUARY-MARCH 2021› EBITDA of SEK 30.3m (29.8), corresponding to anEBITDA margin of 31.1% (33.5)› Operating profit of SEK 17.3m (17.0), corresponding toan operating margin of 17.8% (19.1)› Profit before tax of SEK 16.4m (16.4)› Basic earnings per share of SEK 0.88 (0.94) and dilutedearnings per share of SEK 0.88 (0.94)› Cash flow from operating activities ofSEK 28.8m (22.0)› Net cash of SEK 72.0m (3.0) at the end of the quarter KEY EVENTSThe nominating committee announced a proposal that theAnnual

    Invitation to the Annual General Meeting of shareholders of I.A.R. Systems Group AB (publ)

    The shareholders of I.A.R Systems Group AB (publ) (the “Company” or “IAR Systems”)are hereby invited to attend the Annual General Meeting of shareholders to be held onTuesday 26 April 2022.Due to Covid-19 and in an effort to reduce the spread of infection, the Board of Directors hasdecided that the Annual General Meeting will be held without the physical presence of shareholders,proxies or outside parties, and that shareholders will only be able to exercise their votingrights through postal voting in accordance with the instructions specified below. Informationregarding the

    Secure Thingz delivers Security Made Simple For All with latest end-to-end security solutions

    Stockholm, Sweden—March 16 2022— Secure Thingz, an IAR Systems® Group company delivering advanced development and provisioning platforms to secure the IoT, today announced a major new version of its industry-leading security solution, Embedded Trust®, extending device support and enabling all embedded applications to be integrated into the secure supply chain. This supports zero-trust production control, preventing cloning through copying between devices, and protection against malware by ensuring all code and data is robustly encrypted, signed and structured.Embedded Trust is an

    IAR Systems extends powerful RISC-V solutions with 64-bit support

    Stockholm, Sweden—March 14, 2022 —IAR Systems, the world leader of software and services for embedded development, today proudly presented support for 64-bit RISC-V cores in the professional development toolchain IAR Embedded Workbench® for RISC-V. With this extended core support, IAR Systems continues to be in the forefront of providing professional development solutions for RISC-V.IAR Embedded Workbench for RISC-V is a complete C/C++ compiler and debugger toolchain with everything embedded developers need integrated in one single IDE, including integrated code analysis tools ensuring

    Secure Thingz and IAR Systems endorse global joint statement for consumer IoT security

    Through the World Economic Forum’s Council on the Connected World, the companies are joining forces with industry, hackers, and consumer groups for building consensus on security for consumer IoT devicesStockholm, Sweden—February 16, 2021— Secure Thingz, an IAR Systems® Group company delivering advanced platforms to secure the IoT, and IAR Systems, the world leader of software tools and services for embedded development, today announced their active support for the Consumer IoT Security Statement of Support. Through the World Economic Forum's Council on the Connected World, Consumers

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