Scanfil: The newest victim of inventory destocking - Nordea
Scanfil downgraded its 2023 revenue guidance midpoint by 3% on 10 October. Volatility in product inventories and end demand this year has so far forced Scanfil to raise its full-year guidance twice and downgrade it once. This year should still be relatively strong for Scanfil but we face increasing uncertainty regarding 2024. We now forecast a lower EBIT and EBIT margin for 2024 than for this year. Due to changes in our medium-term estimates, the fair value range for Scanfil decreases to EUR 8.0-9.8 (9.2-11.2), based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Based on our new estimates, the company's 2024E EV/EBITDA multiple is now 8% below the peer group average. Marketing material commissioned by Scanfil Oyj.
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