Scanfil

Scanfil's Q1 figures, published Thursday, were slightly weaker than we expected, but we did not change our forecasts significantly for the coming years. The company's outlook is positive in both the short and longer term, but in our opinion, the stock has adequately priced in the expected earnings growth (2026e: adj. EV/EBITA 13x). Thus, the expected return for the year will not quite rise to a level that is attractive enough from the current valuation level. We therefore reiterate our Reduce recommendation and EUR 11.50 target price for Scanfil.

Although figures for the first part of the year rose significantly, driven by acquisitions, they still fell short of our forecasts for every line of the income statement. Scanfil reiterated its guidance as expected. Our preliminary assessment is that the report will not lead to significant revisions to our near-term forecasts for Scanfil. However, Scanfil's share price has risen strongly recently.

Scanfil's revenue and operational earnings have clearly surged in our estimates, driven by recent acquisitions.