Carnegie Investment Bank
Irisity
Date Title Alternative
2024-03-01 Coverage paused Download | Show Close
2024-01-31 Volume update on UK project Download | Show Close
2023-11-15 Guidance reiterated, but with reduced visibility Show Close
2023-10-04 A new deal Show Close
Research | 4 Oct 2023 | Irisity

A new deal

 

Share issue provides further room to grow

During Q3, Irisity has received two capital injections – SEK 17.5m from the company’s new CEO and a directed share issue of SEK 39m. This makes it possible for Irisity to accelerate its growth and reduce the company’s financial risk, as it has previously taken on loans to finance its working capital. We believe the company can now focus on expanding its OEM partnerships internationally, which we consider an important source of future growth.

Strong belief in the technology

We have confidence in Irisity’s technology, thanks to the technical validation it has received from several large players in the field. In Q4’22, the company signed two framework agreements with key players in the ecosystem. Moreover, interest in the industry for software investments that facilitate surveillance work is substantial. During 2022, Irisity had repeated problems with project delivery. We believe this was partly the result of winning larger and more complex projects for which it lacked the full delivery capacity and also the lack of strategy from the previous management. We consider the robust growth q/q proof that Irisity can deliver.

 

Faith in the new management

We believe the new management’s security industry experience implies high credibility in executing the newly presented market strategy. This gives us confidence in guidance for the current year, partly driven by our belief that reported MRR has now the trough of the cycle. We expect the company will start seeing synergies from the Agent Vi acquisition in the coming year. Despite the substantial reduction in financial risk, we need to see the company reach guidance for the current year before we adjust the required rate of return further.

 

Download (EN)
2023-08-15 Full-year guidance suggests growth has returned Show Close
2023-05-15 Working through 2022 order book Show Close
2023-02-28 Order book shows growth returning Show Close
2022-11-15 Most challenges lie ahead Show Close
2022-08-17 Organic growth accelerates Show Close
2022-05-25 Capital Market Day sets the pace going forward Show Close
2022-02-21 MRR growth and gross margin reach record highs Show Close
2021-08-09 Accelerating growth Show Close
2021-05-10 In line with our expectations and confirms commercialization plan Show Close
Net Sales & Net Result EBIT & EBIT Margin Net Debt & Net Debt/Equity EV/Sales & EV/EBIT & P/E Adjusted Dividend Yield Return on Equity Sales by Market Sales by Product

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