Scanfil: Price level is attractive again
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.
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Scanfil
Scanfil is an international electronics contract manufacturer specializing in industrial and B2B customers. Its service offering includes 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. It operates globally in Europe, the Americas, and Asia. Customers are mainly companies operating in process automation, energy efficiency, green transition, and medical segments.
Read more on company pageKey Estimate Figures13.09.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 843.8 | 937.0 | 935.0 |
| growth-% | 21.29 % | 11.05 % | -0.21 % |
| EBIT (adj.) | 45.4 | 66.1 | 66.0 |
| EBIT-% (adj.) | 5.38 % | 7.05 % | 7.06 % |
| EPS (adj.) | 0.54 | 0.78 | 0.77 |
| Dividend | 0.21 | 0.23 | 0.25 |
| Dividend % | 3.19 % | 3.07 % | 3.34 % |
| P/E (adj.) | 12.11 | 9.57 | 9.76 |
| EV/EBITDA | 8.10 | 6.43 | 5.78 |
