The company was not able to offer a clear beat to Refinitiv consensus on EBIT, which is why the share price dropped by 5% upon the release of the Q2 report on 6 August. However, the EBIT margin should reach 7% when pass-through billing and the Hamburg restructuring are over. We upgrade our 2021 revenue forecast by 1% but downgrade our EBIT estimate by 3%. Our fair value range for Scanfil remains at EUR 6.5-8.0, based on three equally weighted valuation approaches – DCF, EV/EBITDA and P/E. The next positive trigger could be the CMD in September when the company could upgrade its long-term revenue guidance. Marketing material commissioned by Scanfil Oyj.
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