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Scanfil: Good execution on many fronts - Nordea

SCANFLThird party research17.07.2026, 07.16
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This is a third party research report and does not necessarily reflect our views or values

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Net sales and adjusted EBITA were close to LSEG consensus in Q2. Scanfil kept its full-year outlook intact, but we trim our Q3 estimates and upgrade our forecasts for Q4. Net sales growth could exceed 25% this year. Overall, we consider the risks to be relatively modest, as execution is at a good level, visibility for orders is good, leverage is not a problem, and there are no signals of margin pressure. Our fair value range remains at EUR 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 ~6% below the peer group median for 2026E. The risk/reward looks attractive when combining earnings growth with the current valuation. The company's valuation multiples could also be supported by increased exposure to the defence sector.