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Third party research

Scanfil: We expect a good Q2 2021 result - Nordea

Scanfil

This is a third party research report and does not necessarily reflect our views or values

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Organic growth has likely been healthy and we forecast 8.1% y/y revenue growth for Scanfil for Q2. The company's Q2 EBIT margin will most likely be close to its long-term target of 7%, according to our estimates. For 2021, we forecast 11.6% y/y revenue growth and a 6.8% adjusted EBIT margin. The share price has been rewarded with a very good run, jumping 65% in one year. Our fair value range for Scanfil is EUR 6.5-8.0, based on three equally weighted valuation approaches – DCF, EV/EBITDA and P/E. The company's 2021E-22E P/E and EV/EBITDA multiples combined are now ~20% above those of the peer group. The valuation discount was about 20% in 2012-20, but we see no reasons for Scanfil to trade below the valuation of its peers. Marketing material commissioned by Scanfil Oyj.
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