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1 IAR Systems Group AB Q2 Upside earnings surprise Analyst: Johan Broström Date: 22 August 2014 Margins for IAR Systems were an upside surprise in Q2, pushing operating profit to SEK 12.7 million, or 65% higher than in Q2 2013, and above our forecast of SEK 9.6 million. Sales of SEK 62.7 million were in line with our forecast The better numbers can be attributed to a higher gross margin due to the continued phase-out of thirdparty products and lower overheads than expected Demand is described as strong in all markets, and organic growth is good in all markets including Americas, where growth in Q1 was hampered by lower sales of third-party products and organisational changes Currency effects, which have negatively affected growth and margins in the past last year, gave a weakly positive contribution, but given the current exchange rates the effect in the second half should be significant Expected positive currency impact in the second half and into 2015, plus lower overheads than previously forecast, mean that we are raising our outlook for operating profit for 2014 and 2015 by 11% and 3%, respectively Price for IAR Systems Group AB Class B (SE) in SEK as of 08/20/ jul 13 aug 13 sep 13 okt 13 nov 13 dec 13 jan 14 feb 14 mar 14 apr 14 maj 14 jun 14 jul 14 aug 14 IAR Systems Group AB Class B OMX Stockholm Small Cap (Rebased) Source: FactSet Sales and Margin 3 25% % 2 15% % 100 5% 0 0% E 2015E Sales (MSEK) EBIT margin Adjusted EBIT-margin (excl. capitalised development exp.) Source: Remium Nordic (SEK million) E 2015E Share price (SEK) Sales month high/low 35.3/75.0 EBIT No. of shares outstanding (m) 12.6 Pre-tax profit No. of shares diluted (m) 12.6 EPS, diluted (SEK) Market Cap. (MSEK) DPS (SEK) Net debt(+)/asset(-) (MSEK) Enterprise value (MSEK) Sales growth 12.6% 14.8% 2.7% 10.4% 14.4% EPS growth 126.4% -54.3% 115.1% 33.4% 19.1% Chairman: Markus Gerdien EBIT-margin 12.0% 15.3% 17.5% 20.6% 21.3% CEO: Stefan Skarin RoE -4.5% 5.3% 10.9% 14.3% 17.5% CFO: Stefan Ström Reuters: IARb.ST EV/Sales Bloomberg: IARB:SS EV/EBIT Listing: Nasdaq OMX Stockholm Small Cap P/E Company web: Dividend yield 3.4% 5.2% 11.6% 4.4% 5.1% Source: Remium Nordic This document was prepared on behalf of the company analysed. Important information and disclaimer can be found on the last page of this document.

2 Strong margins Q2 sales for IAR Systems were in line with our forecast, while earnings were significantly better: Table: Q IAR Systems: Q (SEK million) Actual Remium Diff Sales % Gross profit % EBITDA % EBIT % Cap. Dev. Expenses* % Source: Company report, Remium Nordic * Excluding acquired IP-rights amounting to SEK 6.6 million Strong demand in all markets leading to good organic growth IAR Systems notes that demand is strong in all markets. Development in the Americas region is now positive after the organisational changes implemented in Q1, which negatively affected sales. Furthermore, the trend towards a larger proportion of the company's own products smaller share of third-party sales has had a positive impact on the gross margin. We were surprised that overheads were lower than expected. Employee numbers decreased slightly in the second quarter as a result of efficiency measures, including in the sales organisation, and organisational changes in Americas. We do not anticipate further staff reductions, but expect employee numbers to rise slightly in the second half. However, this means that personnel costs for the second half will be slightly lower than in our previous forecast, which leads us to higher margin expectations. and positive currency effects should boost growth and margins in the second half and 2015 It was already apparent in the Q1 report that the negative currency effects, primarily depreciation of the JPY, which had a sharply negative impact on the company in 2013, had started to fade away. For Q2, the overall effect was slightly positive currency effects contributed 1% to sales growth. For the remainder of the year, however, the impact should be greater, with both the USD and EUR making a positive contribution and the negative impact of the JPY fading away. At current exchange rates, the contribution to growth for the full year is likely to be about 2%, with the same positive contribution in As most of the company's costs are made up of personnel expenses in Sweden, this will also have a positive impact on the margin. Even though we are factoring in expansion investments, we believe that IAR Systems will exceed its target of a 20% operating margin in both 2014 and IAR Systems

3 IAR Systems an entirely new company In recent years, IAR Systems has gone from faltering growth and earnings of around zero to a pure software company with stable growth and an operating margin of around 20%. Chart: Sales and operating margin (comparable units) 70 Sales and Margin 25% 60 20% % 10% 5% 0% -5% 10-10% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Sales, SEK million (LHS) Operating margin (RHS) Source: IAR Systems, Remium Nordic -15% Our assessment is that the focus going forward will be on growth rather than on further expansion of margins. The still ongoing digitisation of industries and, not least, the Internet of Things offer IAR Systems a good opportunity to exploit a growing market, so growth is now the company's key value driver. Despite the redemption programme last spring, the company has a net cash position of nearly SEK 40 million and its cash flow remains strong, giving the company the financial flexibility to take advantage of the opportunities offered. Sales growth organic and through acquisitionsshould be the focus going forward Strong performance on the stock market With the exception of Readsoft, which is currently under offer, IAR Systems is the strongest-performing listed software company over the past year, which means the valuation discount at the start of 2013 has now turned into a small premium. Its peer group is fairly diverse, partly because of widely differing growth and profitability numbers, and partly due to capitalisation of development costs that have different impacts, making sweeping comparisons precarious. In our view, however, IAR Systems is unique in its combination of rapid organic growth and top-class margins. IAR Systems

4 Chart: Share price performance, Swedish software companies 230 Share price (indexed) IAR Enea Formpipe IFS MSAB Readsoft Seamless Vitec Source: FactSet, Remium Nordic Table: Swedish software companies key figures and valuations Swedish Software - Valutation 2015E Price MCAP Sales EBIT EBIT EV/ Sales Growth (SEK) (SEK m) (SEK m) (SEK m) margin EPS EV/S EBIT P/E E Enea % % FormPipe % % IFS , , % % Micro Systemation % % Readsoft , % % Seamless , % % Vitec Software % % Total 10, , % % Median 13.5% % IAR (Est. Remium) % % Source: FactSet, Remium Nordic Aggregated P/E ratios exclude negative numbers 4 IAR Systems

5 Financial performance INCOME STATEMENT, SEK million E E 2015E Sales EBIT DA Depreciation & amortisation EBIT Net financials Pre-tax profit Extraordinary items T axes Net profit (continuing operations) BALANCE SHEET, SEK million Other fixed assets Net property plant and equipment Receivables Cash & cash equivalents = T otal assets Equity Interest bearing debt Non-interest bearing liabilities = T otal liabilities CASH FLOW, SEK million + Pre-tax profit Depreciation T axes Other items Cash Earnings Increase in Net Working Capital = Cash flow from operations Investments Other items = Free Cash Flow /- Change in debt and other items /- New issues/buybacks Paid dividend Change in cash IAR Systems

6 Key figures and valuation INCOME STATEMENT, SEK million E E 2015E Sales EBIT DA Depreciation & amortisation EBIT Net financials Pre-tax profit Extraordinary items T axes Net profit (continuing operations) BALANCE SHEET, SEK million Other fixed assets Net property plant and equipment Receivables Cash & cash equivalents = T otal assets Equity Interest bearing debt Non-interest bearing liabilities = T otal liabilities CASH FLOW, SEK million + Pre-tax profit Depreciation T axes Other items Cash Earnings Increase in Net Working Capital = Cash flow from operations Investments Other items = Free Cash Flow /- Change in debt and other items /- New issues/buybacks Paid dividend Change in cash IAR Systems

7 Quarterly performance IAR - Quarterly Profit and Loss E (SEK million) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2A Q3E Q4E Net sales Goods for resale Gross profit Other external expenses Personnel costs EBITDA Depreciation of tangible assets Amortization of intangible assets EBIT Financial income Financial expenses Pre-tax profit Taxes Net profit Discontinued operations, net Profit for the period EPS (continuing operations) EPS (continuing operations, diluted) EPS, basic EPS, diluted Number of shares at end of period, million Diluted number of shares, million Average number of shares, million Diluted average number of shares, million Source: Company data, Remium Nordic Owners IAR Systems - Ownership (June 31, 2013) A-shares B-shares Capital, % Votes, % Stefan Skarin company 100, , Catella funds 0 1,014, Second Swedish National Pension Fund 0 922, SHB funds 0 864, Ribbskottet AB 0 7, Martin Bjäringer 0 600, Carl Rosvall company 0 486, Fidelity funds 0 484, Lannebo funds 0 445, Avanza Pension Försäkring AB 0 384, Other 0 6,201, Total 100,000 12,476, Source: SIS Ägarservice The biggest change in the second quarter was that Fidelity Funds joined the ten largest shareholders. IAR Systems

8 Disclaimer Disclaimer- Important Information This document is compiled by Remium Nordic AB ( Remium ) for general distribution and is not intended to constitute advice. This type of review is normally updated every quarter. The content is based on information from publicly available sources which are deemed reliable. However, Remium cannot guarantee the accuracy and completeness of the content or the forecasts provided. This document may not be distributed to physical or legal persons who are citizens of or domiciled in a country where such distribution is prohibited by applicable law or regulation. The information contained herein should not be construed as a solicitation or recommendation to enter into any transaction. The information is not geared to individual recipients knowledge and experience of investments, financial situation or investment objectives. The information is therefore not a personal recommendation or investment advice. Investors are urged to read additional relevant material and consult a financial advisor before making investment decisions. Remium disclaims all liability for direct or indirect damage which may be based on this review. Investments in financial instruments are associated with financial risk. Investments may increase or decrease in value or become entirely worthless. That an investment has historically had a good performance is no guarantee of future performance. Remium has established internal rules (policies and procedures) for ethical guidelines and to identify, monitor and manage conflicts of interest. These aim to prevent and preclude conflicts of interest between the research department and other departments within the company and are based on restrictions (Chinese walls) in communications between different departments. Remium has also established internal rules for when trading may take place in a financial instrument that is the subject of investment research. The views, recommendations and target prices in this analysis are based on one or more valuation methods. One common valuation method is cash flow analysis, in which future cash flows are discounted to their present value. Remium s analysts may also make use of different types of valuation multiples such as P/E and/or EV/EBIT, often related to comparable stocks. In some cases, a comparison may even be made between the asset value and the company's market value. Remium indicates a target price for most of the analysed companies. This is based on the analyst s perception of how the share should be valued today. Remium is a market leader in several business services relating to the stock exchange s small and medium sized companies, within Introduce, liquidity guarantees and certified advisor, and may perform analysis on behalf of and against payment from the companies that are tracked with, inter alia, the review research product. Remium has received or will receive remuneration for the performance of financial business services from the company in the analysis. The remuneration is agreed in advance and is not dependent on the content of the analysis. The principal analyst currently owns no shares in the company or related instruments. Remium is authorised to conduct securities operations and is regulated by the Swedish Financial Supervisory Authority (Finansinspektionen). 8 Remium Nordic AB Kungsgatan STOCKHOLM, Sweden Tel Fax: info@remium.com

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