IAR Systems is not yet out of the woods as we expect pandemic-related uncertainty to continue to dampen new business wins in Q4. We forecast a 2020–2022e EPS CAGR of 30%+ with IAR Systems ready to reap the fruit of its rapid investment pace. We reiterate our SEK180–250 fair value. The stock is trading 20% below its historical valuation on 2021e.

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