Scanfil: Revenue growth could be -14% in 2024 y/y - Nordea

We lower our net sales and EBIT forecast by 1% for 2024. The company downgraded its full-year guidance on 11 December, but this did not come as a great surprise. The company's Q3 was not strong, and EMS market softness has continued in Q4. Visibility into end demand and new orders has remained in the doldrums. Owing to relatively modest estimate revisions, our fair value range remains at EUR 7.7-9.5, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). High inventories, lower energy prices, higher interest rates and weak consumer confidence could also drive EMS market sentiment in Q1 2025. The company's revenue growth could still be near 10% in 2025 y/y, due to its most recent acquisition (SRXGlobal) and a gradual recovery in H2 2025.

Länk till analysen i sin helhet: https://research.nordea.com/api/reportfileapi?id=982223