Scanfil

We revise the target price of Scanfil to EUR 11.00 (was EUR 10.50) but lower our recommendation to Reduce (was Accumulate).

The seemingly necessary investment supports Scanfil's long-term organic growth, but does not cause immediate revisions to our estimates.

The midpoints of the wide guidance ranges were well in line with our current estimates.

Scanfil announced an acquisition of MB Elettronica, an Italian electronics contract manufacturer. Welcome to listen to Scanfil's press conference regarding the acquisition!

Scanfil announced on Thursday evening that it had completed the acquisition of MB Elettronica, an Italian electronics contract manufacturer.

However, with the valuation decrease due to the recent around 10% price drop (2026e: P/E 12x), we feel the expected return has improved and risen slightly above the required return. In our view, Scanfil also offers an attractive investment story of profitable growth in the longer term.

Scanfil announced on Tuesday evening that it had completed the acquisition of US electronics contract manufacturer ADCO Circuits. We believe ADCO is a good strategic fit for Scanfil, and the valuation of the arrangement is also moderate, so the value creation potential of the rather small transaction seems promising.