DNB Markets: Hat-trick in 50%+ EBIT beats
The Q4 results marked the third consecutive ‘beat and raise quarter’ and in our view the SEK290m impairment marks the end of ‘old IAR’, after which we believe investors can look forward to a streamlined ‘new IAR’ where we forecast 31% adj. EBIT growth YOY for 2024e at a 25% ROCE (from the low teens in recent years) at 13x EV/EBIT. We further believe IAR is in its best shape operationally in the six years we have covered it, and have raised our fair value to SEK150–220 (140–210).Third consecutive double-digit (53%) adj. EBIT beat to our forecast. Q4 organic sales growth was 15% YOY on broad-