Scanfil: We forecast flat revenue growth for Q4 y/y - Nordea
This is a third party research report and does not necessarily reflect our views or values
This year did not start off as well as last year, which could make it hard for Scanfil to improve its 2024 EBIT margin y/y. Due to the slight weakness in order intake, we forecast only modest revenue growth for 2024, with lower EBIT y/y. If the 2024 EBIT guidance midpoint is well above the 2023 level, this would be a positive surprise. Despite the more recent inventory destocking effect, the company's long-term EBIT margin target could be upgraded to 8% in its strategy update at the next CMD, i.e. as early as 5 March. Our fair value range for Scanfil remains EUR 8.0-9.8, based on three equally-weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.