DNB Markets: Solid quarter with few surprises
Rejuvenated IAR continues to show that it can execute at a higher level with ‘rule of 40’ credentials in H2e, accelerating organic growth, and rolling 12-month adj. EBIT margins back at five-year highs. We are positive on its SaaS offering launch in H2e, but believe there may be some short-term bumps, with a new CEO and a slowdown in earnings momentum as YOY comparables get tougher, which raises the bar to exceed expectations. We have lowered fair value to SEK160–240 (170–240).Q2 organic growth of 16% YOY was the highest in 12 years (we expected 12%), with 16–11% growth YOY in perpetual and
