Scanfil: Weak profitability in Q2, full-year guidance intact - Nordea

Revenue growth was in line with expectations but operating profit was 10% lower than Refinitiv consensus for Q2. We lower our 2022 EBIT estimate by 4% due to weak profitability. End demand appears healthy in the short term. Our forecast of a 5% decline in 2023 net sales relates more to the increased availability of electronic components rather than declining sales volumes. A potential economic downturn in 2023, however, could lead to a y/y decline in net sales of more than 10%. Our fair value range for Scanfil remains at EUR 6.8-8.2, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.

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