We upgrade our fair value range for Scanfil to EUR 11.2-13.7 (10.4-12.7). Its hard work during 2024-25 created a good platform for organic growth with solid profitability. We also accept higher valuation multiples for Scanfil than before, due to its increased exposure to the defence sector. Acquisitions have been value-accretive. Our new fair value range is based on an equal weighting of three valuation methods: DCF, EV/EBITDA and P/E. With our estimates, Scanfil's valuation is 10% below the peer group median 2026E-27E, but the company's net sales and earnings growth momentum is also better than for peers on average, making risk/reward attractive, in our view. Scanfil will hold a CMD event on 29-30 September 2026, at which it could highlight its enhanced customer portfolio.