contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Research

Antti Viljakainen

Scanfil is an international electronics contract manufacturer, specializing in industrial and B2B customers. Services include manufacturing of end products and components such as PCBs. Manufacturing services are the core of the company, supported by design, supply chain and modernization services. The company operates globally in Europe, America and Asia. Customers are primarily found in the process automation, energy efficiency, green efficiency and medical segments.

The contract manufacturing market is permanently complex. It is difficult to stand out and achieve excess returns. Scanfil is an exceptionally profitable contract manufacturer. A few of my own points regarding the industry’s challenges as an investment target below:  Chronic overcapacity in the sector. Low barriers to entry. Difficult to differentiate from competitors. Basic EMS (Electronic Manufacturing Services) offers so-called commodity products, which are bulk goods. Electronics assembly, sheet metal parts, cable assemblies, system integration, lifecycle services. Sometimes other things as well, such as machined mechanical parts, plastic injection molding, etc. There are dozens, if not hundreds, of these even in Europe. Often, the choice of a contract manufacturer is decided by something as mundane as a flight connection. When there is no specific technical reason to choose an EMS, the choice falls on the one that is easiest to reach (e.g., by air), making the support for the production there the cheapest. Price competition in the industry is so intense that such a secondary factor can be decisive.

@Pia_Maljanen and @Antti_Viljakainen discussed Scanfil in English   Scanfil’s revenue decreased by 1% in Q4. Head of Research Antti Viljakainen summarizes Q4, recent acquisitions, investments in China, and the new Aerospace and Defense center in Italy.                Topics: 00:00 Intro 00:16 Q4 in a nutshell 01:32 Geographical areas 03:34Market conditions 05:45 Shape of the company after acquisitions 07:25 Aerospace & Defense customer segment 09:25 Investment in China 11:55 Valuation & recommendation It’s worth subscribing to the Inderes Nordic channel:  https://www.youtube.com/@inderesnordic

Global investments and strong earnings growth, and the dividend growth streak continues. Additionally, new investments in the defense and drone sectors are appealing. Happy to hold this in a long-term portfolio with the current positive growth outlook   Scanfil’s net profit after taxes rose 40.2% to 12.9 million euros, and earnings per share rose to 0.20 euros, which is a 42.9% increase from the previous year.

Scanfil: Visibility for 2026 is looking good - Nordea Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja The midpoint of the full-year guidance indicates revenue growth of 25% and an EBITA margin of 7.1% for 2026. Visibility for orders looks good and the near-term outlook seems promising. Organic sales efforts have been successful, while acquisitions have broadened the customer portfolio. Due to the good operational performance, the share price has already come up by 17% year-to-date. Our fair value range remains at EUR 10.4-12.7, based on an equal weighting of three valuation methods: DCF, EV/EBITDA and P/E. On our estimates, Scanfil’s EV/EBIT multiple for 2026E is now 4% below the peer group average. The dividend proposal was EUR 0.25 (LSEG Data & Analytics consensus: EUR 0.24).                  Inderes              Scanfil: Visibility for 2026 is looking good - Nordea - Inderes    The midpoint of the full-year guidance indicates revenue growth of 25% and an EBITA margin of 7.1% for 2026. Visibility for orders looks good and the near-term outlook seems promising. Organic...

Chief Analyst Antti has published a new company report on Scanfil regarding Q4  In our view, the overall picture of Scanfil’s Q4 report published on Friday was neutral, and we did not make material changes to our forecasts following the report. We are therefore reiterating our Reduce recommendation for Scanfil and, due to a still slightly decreased risk level, we are adjusting our target price to EUR 11.50 (prev. EUR 11.00). The company’s outlook is positive in both the short and long term, but in our opinion, the expected earnings growth is appropriately priced into the stock (2026e: adj. EV/EBITA 12x). Thus, the expected annual return from the current valuation level does not become quite attractive enough. Quoted from the report: We forecast Scanfil’s adjusted EPS to grow at a rate of approximately 15% by 2028, driven by acquisitions and organic growth enabled by a gradually recovering economic situation and project wins. The main risks to our forecasts relate to external demand factors such as the global economy. Internally, we believe the company is in fairly good shape (incl. customer satisfaction rising to record-high levels in the survey published in connection with the Q3 report), although in our view, the integration of acquisitions increases the risk level related to the company’s own operations a touch further during H1, even though in a geographically decentralized organizational model, the integration work fundamentally only concerns two out of four regions. Furthermore, the positive business development reported for 2025, especially by MB and also ADCO, has in our view lowered the risk levels related to the deals and their integrations to some extent during the winter.                   Inderes              Scanfil Q4'25: Potentiaali ja riskit ovat tasapainoisesti hinnassa - Inderes    Scanfilin julkistaman Q4-raportin kokonaiskuva oli mielestämme neutraali emmekä tehneet ennusteisiimme oleellisia muutoksia raportin jälkeen.

Here are Antti’s quick comments on Scanfil’s Q4  Scanfil published its Q4 report this morning. The end-of-year figures remained at the level of the comparison period and did not quite reach our forecasts. On the other hand, growth in new projects sold continued to be good. Scanfil is set to continue its streak of dividend increases with another slight hike, roughly in line with expectations. Scanfil, of course, reiterated the guidance it provided in advance at the beginning of January. Based on our preliminary assessment, the report does not create significant pressure for changes to our near-term forecasts for Scanfil.                   Inderes              Scanfil Q4'25 -pikakommentti: Raportti tuskin aiheuttaa suurempaa...    Scanfilin loppuvuoden numerot jäivät vertailulukujen tasolle eivätkä aivan yltäneet ennusteisiimme.

Scanfil’s future looks good. Organic and inorganic growth ahead with strong profitability  “Our strength was evident in the EBITA, which we have been able to keep in the 7-8% range. In Q4, we achieved a strong comparable EBITA of 7.3%, which is in line with our targets and at last year’s level. Comparable EBITA for the full year was EUR 56.4 million and the margin was stable at 7.1%. It was a strong result, especially considering the high number of new projects and their impact on our efficiency.” October–December 2025 Net debt/EBITDA was 0.12 (0.29)  → The net debt to EBITDA ratio was 0.12 and the equity ratio was 53.9%. This gives us headroom to support organic and inorganic growth. Earnings per share was EUR 0.20 (0.14) Steady revenue growth continued during the quarter, and organic growth was 7.6%.   → Things are going strong in the USA: Among market segments, revenue in the Americas for Q4 2025 grew organically by 19.6% compared to Q4 2024. “In January, we announced a significant investment in the factory in China, where we have seen growing demand and a positive outlook. At the same time, we are ramping up the investments made in 2025 in Malaysia and the United States, which gives us confidence for 2026.” Future outlook for 2026 Scanfil estimates that revenue for 2026 will be EUR 940–1,060 million and comparable EBITA will be EUR 64–78 million (Revenue in 2025 was EUR 797.1 million.) Customer orders: In the final quarter, we recorded EUR 59.2 million worth of new customer projects. For the full year, we recorded a substantial EUR 219.7 million, representing a growth of 17.4% from last year.

Scanfil

In our view, the overall picture of Scanfil's Q4 report published on Friday was very neutral and we did not make any material changes to our forecasts for the coming years following the report.

<p>In our view, the overall picture of Scanfil's Q4 report published on Friday was very neutral and we did not make any material changes to our forecasts for the coming years following the report.</p> 

	2023	24e	25e
Revenue	901.6	852.0	892.0
growth-%	6.9 %	-5.5 %	4.7 %
EBIT (adj.)	61.3	59.0	62.0
EBIT-% (adj.)	6.8 %	6.9 %	7.0 %
EPS (adj.)	0.74	0.66	0.73
Dividend	0.23	0.25	0.27
Dividend %	2.9 %	2.1 %	2.3 %
P/E (adj.)	10.6	17.9	16.1
EV/EBITDA	7.0	9.6	8.9

Scanfil: Light sigh of relief with guidance

Key Estimate Figures26.02.2024

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