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Third party research

Scanfil: Year of extraordinary performance - Nordea

Scanfil

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

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The most interesting aspect of the Q4 2025 earnings release came on 29 January, when Scanfil published its financial guidance for 2026. Overall, it is difficult to find any clear weak spots in Scanfil’s performance. Revenue growth is expected to exceed 20% in 2026, the customer base continues to expand, and exposure to structurally growing verticals is increasing. At the same time, profitability remains solid. In addition, the company’s healthy balance sheet provides ample flexibility for further acquisitions. Our estimate revisions are mainly driven by the timing of the two most recent acquisitions and the updated full‑year guidance. Our new fair value range is EUR 10.4–12.7 (9.8-12.0), based on an equal weighting of three valuation methods: DCF, EV/EBITDA and P/E. Based on our estimates, Scanfil’s EV/EBIT multiple for 2025E is now 10% below the peer group average, but the EMS sector as a whole has 15% higher valuation multiples than in 2010-24.
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