DNB Markets: Establishing ‘RO40’ credentials
In its fourth consecutive 30%+ EBIT beat quarter, IAR took yet another step to establish ‘deep tech’ leadership ‘rule of 40’ credentials. We believe IAR is in its best operating shape in the six years we have covered it. We have raised our fair value to SEK170–240 (150–220).Fourth consecutive double-digit (34%) adj. EBIT beat to our forecast. Q1 organic sales growth was 14% YOY (we expected 12% YOY), where the main source of strength was EMEA (+29% organic YOY as IAR is showing success on new large multi-year enterprise deals with its repackaged offering), with 11% YOY growth in deferred