Analyst Group

Equity Research Report on Irisity - Operating Leverage Emerges

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Positiv

Sammanfattning

Analytiker lyfter fram Irisitys potential för operativ hävstång och förbättrad lönsamhet. Bolaget förväntas nå break-even under 2027, med en prognostiserad justerad EBITDA om 13,5 MSEK år 2028. Ett basfallscenario indikerar ett potentiellt nuvärde om 0,38 SEK per aktie.

Analys

Efter en omstrukturering fokuserar Irisity på kostnadskontroll och tillväxt. Med en bruttomarginal över 80% och en stabiliserad OPEX-bas förväntas bolaget nå lönsamhet under 2027. Analytikernas värdering baseras på en EV/S-multipel på framtida försäljning, vilket ger ett potentiellt nuvärde per aktie. Denna analys är en extern bedömning och inte en uppdatering från bolaget självt.

VD-ord

Något tydligt VD-ord kunde inte identifieras i rapportunderlaget.

Nyckeltal

Potentiellt nuvärde per aktie (Basfall)
0,38 (0,31) SEK
Prognostiserad justerad EBITDA 2028
13,5 MSEK
Förväntad break-even
FY2027
Bruttomarginal
>80%

Insikter

  • • Analysen belyser en potentiell vändpunkt för Irisity efter en omstruktureringsperiod.
  • • Fokus på ARR-baserad intjäning och kostnadskontroll är centralt för framtida lönsamhet.
  • • Den prognostiserade värderingen per aktie är ett viktigt riktmärke för investerare.
Påverkan · Positiv · 6/10
Materiell påverkan
NegativNeutralPositiv
−100+10

Irisity AB ("Irisity" or "the Company") is a leading provider of AI-driven video analytics solutions, transforming traditional security cameras into intelligent detection systems. Operating in over 90 countries, the Company pursues a partner-driven go-to-market strategy underpinned by an ARR base equivalent to 60% of LTM sales. Following a two-year transformation into a leaner business with a sharper focus on cash conversion, Irisity has reset the cost base while returning to growth, bringing adj. EBITDA within reach of break-even in Q2-26. With a gross margin above 80%, a largely fixed OPEX-base and solid growth momentum ahead, we expect Irisity to reach break-even in FY2027, followed by a gradual improvement in profitability to an adj. EBITDA of SEK 13.5m in 2028. Applying an EV/S-multiple of 1.8x on our estimated net sales of SEK 100m for FY2026, we derive a potential present value of SEK 0.38 (0.31) per share in a Base scenario.

Irisity AB ("Irisity" or "the Company") is a leading provider of AI-driven video analytics solutions, transforming traditional security cameras into intelligent detection systems. Operating in over 90 countries, the Company pursues a partner-driven go-to-market strategy underpinned by an ARR base equivalent to 60% of LTM sales. Following a two-year transformation into a leaner business with a sharper focus on cash conversion, Irisity has reset the cost base while returning to growth, bringing adj. EBITDA within reach of break-even in Q2-26. With a gross margin above 80%, a largely fixed OPEX-base and solid growth momentum ahead, we expect Irisity to reach break-even in FY2027, followed by a gradual improvement in profitability to an adj. EBITDA of SEK 13.5m in 2028. Applying an EV/S-multiple of 1.8x on our estimated net sales of SEK 100m for FY2026, we derive a potential present value of SEK 0.38 (0.31) per share in a Base scenario.

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This is a press release from Analyst Group regarding the publication of an analysis on Irisity. Readers may assume that Analyst Group has received compensation for making the commentary. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.