Scanfil: Sales growth guidance midpoint could be 8% - Nordea

The company downgraded its 2024 guidance in December, dampening expectations for the Q4 numbers. Reported revenue growth should remain good in 2025, with the help of the SRX acquisition. Organic growth, however, could remain modest in the near term. We forecast revenue guidance of EUR 790-870m for 2025, and we believe tight cost discipline should keep the EBIT margin close to 7%. Our trimmed fair value range is EUR 8.2-10 (7.7-9.5), based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Revenue growth was -14% y/y in 2024 (sector average: -2%), which we think is one reason Scanfil is trading at a discount to its peer group's median valuation on 2025E-26E EV/EBIT. Marketing material commissioned by Scanfil Oyj.

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