Scanfil: We forecast flat revenue growth for Q4 y/y - Nordea
This year did not start off as well as last year, which could make it hard for Scanfil to improve its 2024 EBIT margin y/y. Due to the slight weakness in order intake, we forecast only modest revenue growth for 2024, with lower EBIT y/y. If the 2024 EBIT guidance midpoint is well above the 2023 level, this would be a positive surprise. Despite the more recent inventory destocking effect, the company's long-term EBIT margin target could be upgraded to 8% in its strategy update at the next CMD, i.e. as early as 5 March. Our fair value range for Scanfil remains EUR 8.0-9.8, based on three equally-weighted valuation approaches (DCF, EV/EBITDA and P/E).
Marketing material commissioned by Scanfil Oyj.
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