contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


iar-systems-group-ab-dnb-markets-iar-systems-closing-in-on-new-inflection-points

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

I.A.R. Systems Group

Q4 preview (due at 13:00 CET on 11 February). We forecast sales growth of 5% in Q4 - 0% organic growth supported by FX adding 5%. We forecast SEK29m in Q4 EBIT (-7% growth YOY), corresponding...

Q4 preview (due at 13:00 CET on 11 February). We forecast sales growth of 5% in Q4 - 0% organic growth supported by FX adding 5%. We forecast SEK29m in Q4 EBIT (-7% growth YOY), corresponding to a 26.8% adj. EBIT margin. Our expectations of flat organic growth reflect a tougher comparison base for its legacy programming tools given softer end-markets and consolidation of chip vendors (affecting the number of licenses sold). We see an inflection point for new products (security and more notably short-term for RISC-V) driving growth in Q2 2020e, with an acceleration into H2, and believe IAR Systems will keep its 2019e SEK5.00 dividend flat.FX lowering 2020-2021e EBIT by 4% as IAR is very sensitive to SEK strengthening, while we believe the ramp-up of security products could be delayed into H2 2020e as they were launched commercially in Q4 2019 for mainstream chips. We see security sales reaching SEK41m in 2020e (comprising ~9% of group sales), driven by IAR Systems' extended security offering for mainstream device support, which should provide a faster ramp-up for OEMs to meet IoT security legislation requirements; however, quarterly visibility remains low. For instance, the California Consumer Privacy Act (CCPA) and Oregon's House Bill 2395 went into effect on 1 January 2020, meaning that it is time to add security into the design phase for IoT devices.Fair value of SEK250-300 maintained and 2020e P/E of 25x seems undemanding in our view, corresponding to a 15% discount to its historical average, while we estimate that IAR's legacy business should be valued at a minimum of SEK170/share, providing some sort of indicative floor for the share price, in our view. While we are in the early stages of IoT security and RISC-V, we continue to believe that IAR Systems is well positioned to benefit from its product launches in two of the hottest themes in the embedded industry and expect the growth rates to accelerate to double-digits from 2020e onwards, providing building blocks to take its case to the next level. Best regards __________________________________________________Joachim Gunell | DNB Markets | Equity Research DNB Bank ASA, Filial Sverige Visiting address: Regeringsgatan 59, Stockholm Postal address: 105 88 Stockholm E-mail: <virtloc>joachim.gunell@dnb.se</virtloc>| www.dnb.no

IAR Systems Group AB: DNB Markets - IAR Systems: Closing in on new inflection points