Scanfil: Visibility has not improved - Nordea

For Scanfil, we forecast 10% y/y lower revenue for Q3. End demand has not improved, underpinning our view that Q3 could be weaker than Q2. Many of the company's competitors have already downgraded their full-year guidance. However, Scanfil may maintain its current full-year revenue guidance of EUR 780-840m, because acquisitions could add EUR 9m to net sales in Q4 2024. Yet, we believe that the risks in the short term are tilted more downwards than upwards for underlying growth. Our fair value range remains at EUR 7.7-9.5, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Revenue growth was -16% y/y in H1 2024, which we think is one reason why Scanfil is trading at a 25% discount to its peer group's median EV/EBIT 2025E valuation. Marketing material commissioned by Scanfil Oyj.

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