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Third party research

Scanfil: Forging progress - Nordea

Scanfil

This is a third party research report and does not necessarily reflect our views or values

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Organic growth could return in Q3 y/y after being negative for the past seven quarters. We move the consolidation of ADCO and MB Elettronica slightly forward in the group figures, which is also the main reason for our estimate changes for 2025. We believe there is more downside than upside risk to the full-year 2025 revenue guidance, but we expect relative profitability (EBIT margin) to remain close to 7%. Reported revenue growth could even be 19% y/y for 2026E. Our fair value range remains at EUR 8.8-10.8, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). With our estimates, Scanfil's EV/EBIT multiple for 2025E is now 6% below the average for the peer group.
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