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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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 comment is here. The finalization of the MB deal is slightly delayed, for which resolving the complication caused by the fire is probably partly the reason. From the perspective of the share’s fair value, this naturally has no significance. The same naturally applies to the ADCO deal, where the finalization phase has also been delayed from Q3 to Q4, as I understand it, due to reasons related to regulatory approvals. Among Scanfil’s peers, Kitron made an acquisition yesterday evening and also published guidance for next year. Kitron is acquiring DeltaNordics for EUR 114 million, which corresponds to an EV/EBITDA multiple of 9.7x calculated from next year’s earnings forecast. Behind the somewhat high-looking price is likely DeltaNordics’ focus on the defense sector (approximately half of its revenue). Kitron guided for clear growth and margin improvement for next year without DeltaNordics, but Bloomberg consensus estimates are around the upper end of Kitron’s guidance ranges. Although Kitron’s valuation is among the highest in the peer group (2025e: P/E 30x), the stock has not moved anywhere this morning. Thus, at least at first glance, the content of the release seems to have been sufficient for investors (or alternatively, I have interpreted something incorrectly). For Kitron, the defense sector is genuinely a

Let’s put this fresh Scanfil release here.  19.11.2025 12:15:11 EET | Scanfil Oyj | Inside Information Scanfil Oyj     Stock Exchange Release     19.11.2025 at 12:15 p.m. Inside Information: Scanfil’s acquisition of MB Elettronica expected to be completed in January The completion of the acquisition of MB Elettronica (“MB”) has been postponed and the transaction is expected to be completed during January 2026. The acquisition has received regulatory approvals and the remaining closing conditions are believed to be met before the closing of the transaction. Scanfil announced in a stock exchange release on October 18 that a fire occurred at MB’s factory building in Cortona on October 17. MB’s management has informed Scanfil that operations continue without significant disruptions. The acquisition was announced in a stock exchange release on July 13, 2025.                   Inderes              Sisäpiiritieto: Scanfilin MB Elettronican yrityskaupan odotetaan toteutuvan...    19.11.2025 12:15:11 EET | Scanfil Oyj | SisäpiiritietoScanfil Oyj Pörssitiedote 19.11.2025 klo 12.15Sisäpiiritieto: Scanfilin MB Elettronican yrityskaupan odotetaan toteutuvan tammikuussaMB ...

Isa and Antti discussed Scanfil.  The overall picture of Scanfil’s Q3 report was fairly neutral. The outlook is positive in both the short and longer term, but the stock has adequately priced in the expected earnings growth. Head of Research Antti Viljakainen summarizes.               Topics: 00:00 Intro 00:12 Q3 revenue growth 01:15 Weaker cash flow 2:00 Balance sheet position 03:19 Project sales 04:50 Future growth drivers 06:00 Valuation & recommendation This video can also be found on the Inderes Nordic channel:  https://www.youtube.com/@inderesnordic

Inderes              Scanfil: Revenue growth could be close to 20% y/y in 2026 - Nordea - Inderes    Organic growth returned in Q3 y/y after some challenging years, but net sales and EBIT were slightly below LSEG Data & Analytics consensus in Q3. The near-term outlook seems promising, because...

Antti has prepared a new company report following Q3.  The overall picture of Scanfil’s Q3 report, published on Friday, was in our opinion quite neutral, and we did not make significant changes to our forecasts after the report. We thus reiterate our Reduce recommendation for Scanfil and our target price of 10.50 euros. The company’s outlook is positive in both the short and longer term, but in our opinion, the stock has already priced in a suitable amount of expected earnings growth (2026e: adj. EV/EBITA 11x. Thus, the 12-month return expectation does not rise to a sufficiently attractive level from the current valuation with a one-year horizon. Quoted from the report: We expect Scanfil’s revenue to grow by just over 6% to EUR 830 million this year and adjusted EBITA by 8% to EUR 59.4 million. Our forecasts are thus slightly below the mid-points of the guidance ranges. We forecast Scanfil’s adjusted EPS to grow at a pace of approximately 15% by 2028, driven by acquisitions, a gradually recovering economic situation, and organic growth enabled by project wins. The main risks for our forecasts relate to external demand factors such as the global economy. Internally, we believe the company is in quite good shape (including customer satisfaction rising to a record high level in a survey published in connection with the Q3 report), although the integration of two almost simultaneous acquisitions, in our opinion, slightly increases the risk level related to the company’s own operations in the coming quarters.                   Inderes              Scanfil Q3'25: Hyvää on vuoden sihdillä sopivasti hinnassa - Inderes    Scanfilin perjantaina julkistaman Q3-raportin kokonaiskuva oli mielestämme melko neutraali emmekä tehneet ennusteisiimme oleellisia muutoksia raportin jälkeen. Toistamme siten Scanfilin vähennä-suosituksemme ja 10,50 euron tavoitehintamme. Yhtiön...

Growth in America Revenue grew especially in America despite exchange rate effects. “Adjusted for the impact of exchange rate changes, revenue grew by 40.2 percent in America and 33.0 percent in APAC. Growth of 11.7 percent in Northern Europe was due to an Energy & Cleantech customer,” commented CEO Christophe Sut. According to Sut, Ebita growth was supported by increased volumes and the company’s efficiency measures. Scanfil divides its customers into three groups: Industrial, Energy & Cleantech (energy, circular economy, and electrification), and Medtech & Life Science (medical technology). Of these, Energy & Cleantech and Medtech & Life Science grew. In Energy & Cleantech, revenue grew by 26.1 percent, which, according to Sut, was due to strongly progressing customer project wins. “We remain very confident about the long-term development of this customer group. New customer projects were won during the quarter totaling 18.4 million euros.” Medtech’s growth was 16 percent. “We signed an agreement with a significant customer, which supports the long-term development of Medtech & Life Science,” Sut commented. “New customer projects were won during the quarter totaling 15.3 million euros.” The revenue of the Industrial customer group decreased by 2.3 percent compared to the previous year’s reference period. According to Sut, volumes are expected to stabilize in the future.                   Tärkeimmät talousuutiset | Kauppalehti – 24 Oct 25              Scanfililla kasvua    Scanfilin liikevaihto kasvoi etenkin Amerikassa, jossa valuuttakurssimuutosten vaikutuksella oikaistu liikevaihto kasvoi 40,2 prosenttia.

Scanfil Q3 2025: Return to organic growth!   Revenue grew by 10.4% to EUR 191.3 million and EBITA grew to EUR 14.1 million    Organic revenue growth was 7.8%   Strong growth in Americas (+30.6%) and APAC (+26.0%)   Strategic acquisitions accelerate growth and geographical diversification in the aerospace and defense industries: US-based ADCO Circuits in June and Italian MB Elettronica in July. Both transactions are expected to be completed in the last quarter of the year.   Medtech & Life Science grew by 16.1% and Energy & Cleantech by 26.1%   Sustainability milestone: EcoVadis Gold    Stable financial position : net debt / EBITDA was 0.14 and equity ratio 55%   New customer projects: worth EUR 72.3 million in Q3   Scanfil estimates 2025 revenue to be EUR 780–920 million and EBITA to be EUR 55–68 million. Full report and CEO Christophe Sut’s review: https://www.scanfil.com/fi/sijoittajat/raportointi-ja-esitykset

Scanfil

Scanfil’s share price has fallen by 20% since the earnings release at the beginning of August without any major company-specific news. However, industrial data from Europe and globally has been subdued. Thus, the downward risks have also increased slightly for Scanfil, but with the drop in valuation due to the clear share price decline, we feel the expected return has improved and risen above the required return. 

<p>Scanfil’s share price has fallen by 20% since the earnings release at the beginning of August without any major company-specific news. However, industrial data from Europe and globally has been subdued. Thus, the downward risks have also increased slightly for Scanfil (we have not made any forecast changes), but with the drop in valuation due to the clear share price decline (2023: P/E 12x), we feel the expected return has improved and risen above the required return. In our view, Scanfil also offers a strong investment story of profitable growth in the longer term. </p> 

	2022	23e	24e
Revenue	843.8	937.0	935.0
growth-%	21.3 %	11.0 %	-0.2 %
EBIT (adj.)	45.4	66.1	66.0
EBIT-% (adj.)	5.4 %	7.1 %	7.1 %
EPS (adj.)	0.54	0.78	0.77
Dividend	0.21	0.23	0.25
Dividend %	3.2 %	2.4 %	2.6 %
P/E (adj.)	12.1	12.5	12.8
EV/EBITDA	8.1	8.2	7.5

Scanfil: Price level is attractive again

Key Estimate Figures13.09.2023

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