Scanfil: Full-year guidance could be challenging to reach - Nordea

Scanfil's Q3 net sales and clean EBIT were 8-9% below LSEG Data & Analytics consensus. Net sales in Energy & Cleantec declined by 29% in Q3 y/y. Full-year guidance was repeated, despite the weak EMS market and demand volatility. Our new net sales forecast of EUR 782m is on the lower end of the EUR 780-840m guidance range. We expect profitability to remain at a healthy level but our EBIT forecast of EUR 54m is also at the bottom of the guidance range. We believe that the risks related to the guidance in the short term are tilted more towards the downside. Our fair value range remains at EUR 7.7-9.5, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E) but the company's valuation will likely to remain below peers until growth recovers. Marketing material commissioned by Scanfil Oyj.

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