Scanfil: Organic revenue growth should return in 2025 - Nordea

Q4 net sales and clean EBIT were broadly in line with consensus. Scanfil also reported signed orders worth EUR 61m during the quarter, which covers 7% of forecasted net sales in 2025. New projects are still in ramp-up phase, however, hence Q1 could be a weak quarter, and we believe organic growth could still be negative y/y in Q1. We keep our net sales forecast of EUR 853m unchanged, but we accept higher valuation multiples for Scanfil than last year because the revenue growth story is coming back. Our new fair value range is EUR 8.6-10.4 (8.2-10.0), based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). The company's P/E and EV/EBITDA multiples for 2025E are now on par with their 12-year averages, but still below peers. The dividend proposal was EUR 0.24 (consensus expected EUR 0.25). Marketing material commissioned by Scanfil Oyj.

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