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Scanfil hosted its first-ever CMD yesterday, during which the company elaborated on customer service and internal processes. Long-term financial targets were left unchanged.Rating; Hold, target price 9,0 EUR.
Scanfil reiterated its long-term financial targets and 2021 guidance at its CMD event on 14 September.
This morning Scanfill announced that it is planning to double production capacity in its factory in Suzhou, China.
Scanfil’s Q2 top line was close to estimates while EBIT didn’t quite reach expected levels. We make only minor estimate revisions. Our rating is now HOLD (BUY).
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.
Scanfil’s Q2 didn’t offer many surprises. Top line was close to expectations while there was a small shortfall in operating margin relative to estimates.
Organic growth has likely been healthy and we forecast 8.1% y/y revenue growth for Scanfil for Q2. The company's Q2 EBIT margin will most likely be close to its long-term target of 7%, according to our estimates.
Scanfil upped guidance as demand remains strong and component supply risks haven’t materialized. The upgrade isn’t a big surprise, but in our view supports the long-term story. Our new TP is EUR 9.0 (8.5), rating now BUY (HOLD).
The positive overall sentiment in the economy combined with good end demand for EMS manufacturing services led Scanfil to upgrade its revenue guidance by 6% on Friday, 11 June.
Scanfil’s Q1 featured very few surprises. The company remains well-positioned and many customer megatrends continue to drive demand in the short as well as long term perspective. Our TP is now EUR 8.5 (8), rating HOLD (BUY)