Net sales and adjusted EBITA were slightly above LSEG Data & Analytics consensus for Q3 and the company confirmed its full-year 2026 guidance. Overall, Scanfil’s operational performance has remained strong, combining solid organic growth and successful acquisitions with resilient profitability at around a 7% EBITA margin despite continued investments in future growth. The long-term revenue growth target was also upgraded to 15% in September. Our new fair value range is at EUR 11.9-14.5 (11.2-13.7) based on an equal weighting of three valuation methods: DCF, EV/EBITDA and P/E. On our estimates, Scanfil's valuation is 5% below the peer group median for 2026E.