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4/10/2024 5:40:53 AM - Scanfil: H1 2024 revenue growth could be negative y/y - Nordea - Scanfil's valuation is 20% below the peer group median, but a small discount may be justified as long as earnings growth is absent. Relative profitability cannot improve much from current levels, making earnings growth more dependent on sales growth. Its long-term average annual revenue growth target is 10% (including acquisitions), although revenue growth could be close to zero for this year. For Q1, our revenue growth forecast is -3% y/y. Scanfil's long-term EBIT margin target is 7-8% and we expect the lower range of 7% to be achievable. 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). Sales growth might speed up again if the destocking effects seen in several sectors come to an end.
3/6/2024 7:32:36 AM - Scanfil: CMD notes - Evli - Scanfil’s organic growth has been impressive in the recent past, and although a breather is likely in the short-term its long-term potential remains solid due to the account base.
3/6/2024 6:27:05 AM - Scanfil: Acquisitions are back on the agenda - Nordea - Scanfil updated its strategy at the CMD event on March 5. Vision is to be the most preferred manufacturing partner for its customers. Moreover, the segment reporting structure was streamlined and acquisitions came back to the growth agenda. New long term average annual revenue growth target is set to 10% (old 5-7%). The company’s new EBIT margin target is 7-8% (old 7%). Net debt per EBITDA target is 1.5x and dividend payout ratio target 1/3 of the earnings per share. Scanfil’s M&A firepower is some EUR ~150m. Acquisition are needed to gain new customer accounts and more floor capacity. Regardless of long term ambitions, the FY 2024 guidance midpoint indicates 5% lower net sales y/y at the group level, but net sales could even grow y/y if the destocking effects seen in several sectors come to an end. Ongoing H1 2024 could still be weak for the company but H2 2024 clearly better. The ompany's current valuation is below the peer group median, but a small discount may be justified if Scanfil cannot improve 2024 net sales and EBIT y/y.
2/26/2024 7:31:41 AM - Scanfil: Growth to add earnings in H2 - Evli - Scanfil’s performance remained strong in Q4 and was largely as expected. H1’24 sees quite high comparison figures, but in our view H2 should again have scope for improvement as Scanfil’s key accounts remain well positioned for growth.
2/26/2024 6:28:22 AM - Scanfil: Net sales guided to decline y/y in 2024 - Nordea - Scanfil's Q4 net sales were in line with LSEG Data & Analytics consensus but the midpoint of the company's full-year revenue guidance was 4.4% below consensus' expectations. Some of its customers are still destocking their inventories and declining spot component purchases should also negatively affect reported net sales. The midpoint of 2024E EBIT guidance indicates a 7% EBIT margin, hence the company's long-term financial target could be upgraded from 7% to 8% at the CMD in March 2024. The dividend proposal was EUR 0.23, in line with consensus' expectations. The company's valuation is 26% below the peer group median, but a small discount may be justified if Scanfil cannot improve 2024 net sales and EBIT y/y. Our fair value range remains at EUR 8.0-9.8, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
2/23/2024 8:28:48 AM - Scanfil: EBIT slightly missed estimates - Evli - Scanfil’s Q4 top line developed flat as expected, while the EUR 13.4m EBIT missed estimates as there were more than EUR 1m in one-off costs. Scanfil’s FY ’24 guidance stands quite well in line with estimates, so estimate changes are likely to be small.
2/23/2024 8:03:36 AM - Scanfil: FY 2024 EBIT guidance is close to market consensus - Nordea - Net sales, EPS and dividend proposal were in line with consensus (LSEG) in Q4 but EBIT margin was below consensus expectation in Q4. Also full year 2024 revenue growth guidance midpoint of -5% looked a bit weak. However, full year EBIT guidance midpoint indicates a 7% EBIT margin for this year which is above consensus and Nordea’s forecasts. The strongest positive momentum in Q4 was in Energy & Cleantech segment where net sales was up by 22% y/y. Net cash flow from operations was even EUR 35m in Q4. Overall, the situation looks good and the company's long-term EBIT margin target could even be upgraded to 8% (7%) in its strategy update at the next CMD, i.e. as early as 5 March.
2/14/2024 6:26:05 AM - Scanfil: We forecast flat revenue growth for Q4 y/y - Nordea - 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.
1/18/2024 10:33:36 AM - Braincool kommenterar Scanfils produktion av Braincool System - Finska kontraktstillverkaren Scanfil har i dag kommunicerat sitt partnerskap med <br>medicinteknikbolaget Braincool, gällande produktion av Braincool System. Det framgår av ett pressmeddelande.
10/31/2023 6:37:51 AM - Scanfil: High margins to be maintained - Evli - Scanfil’s Q3 results landed quite near estimates. In our view growth is bound to moderate next year, but EBIT should stay high at around EUR 60m as current volumes hold up.
10/30/2023 6:05:27 AM - Scanfil: Strong improvement trend is slowing down - Nordea - Scanfil's Q3 net sales and EBIT were close to consensus expectations, while its operating profit margin came in well above its long-term financial target, making further improvements difficult. Customers are concentrating on cash flow and reducing inventories, which will also make it harder to generate strong revenue growth in the near future. The company's 2023 guidance from 10 October 2023 did not change. Due to the slowdown in orders, we forecast only 1% revenue growth for 2024 with lower EBIT y/y. Our fair value range for Scanfil remains at EUR 8.0-9.8, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
10/27/2023 11:42:52 AM - Scanfil: Q3 was largely as expected - Evli - Scanfil’s Q3 figures were mostly as estimated. The headline revenue figure remained flat, but growth excluding spot market purchases was 9%. The EUR 15.2m EBIT also landed near estimates, and guidance implies Q4 sees similar levels of profitability.
10/27/2023 7:13:09 AM - Scanfil: Q3 in-line with consensus, FY guidance unchanged - Nordea - Net sales and operating profit were 1% below consensus (Refinitiv) in Q3.
10/12/2023 6:43:54 AM - Scanfil: Margins set to stay high - Evli - Scanfil cut FY ‘23 guidance down a bit, but the news wasn’t big and EBIT should stay above EUR 60m also next year.
10/11/2023 5:32:36 AM - Scanfil: The newest victim of inventory destocking - Nordea - Scanfil downgraded its 2023 revenue guidance midpoint by 3% on 10 October. Volatility in product inventories and end demand this year has so far forced Scanfil to raise its full-year guidance twice and downgrade it once. This year should still be relatively strong for Scanfil but we face increasing uncertainty regarding 2024. We now forecast a lower EBIT and EBIT margin for 2024 than for this year. Due to changes in our medium-term estimates, the fair value range for Scanfil decreases to EUR 8.0-9.8 (9.2-11.2), based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Based on our new estimates, the company's 2024E EV/EBITDA multiple is now 8% below the peer group average. Marketing material commissioned by Scanfil Oyj.
10/11/2023 4:21:42 AM - Vinstvarning från Scanfil - Finska kontraktstillverkaren Scanfil sänker sina prognoser för helåret, enligt ett pressmeddelande.
8/7/2023 6:37:32 AM - Scanfil: To be continued on a strong note - Evli - Scanfil’s Q2 results were a bit better than we estimated. Favorable positioning has already produced strong results and thus demand outlook beyond this year drives valuation.
8/7/2023 6:11:29 AM - Scanfil: Energy and Cleantech segment driving growth - Nordea - Good demand and high utilisation ratios were behind the record-breaking operating profit in Q2. Full-year guidance was maintained, but we still upgrade our net sales and EBIT estimates by 2% for 2023.
8/4/2023 6:20:40 AM - Scanfil: Results stronger than estimated - Evli - Scanfil’s Q2 results came in somewhat higher than estimated. Top line was a bit higher than we expected, driven by Energy &amp; Cleantech, while EBIT topped our and consensus estimates by some EUR 1m.
8/4/2023 5:58:43 AM - Scanfil: Q2 above consensus, FY guidance unchanged - Nordea - Net sales was 3% above consensus (Refinitiv) meanwhile operating profit was 7% above consensus in Q2. Operating profit margin was even 7.2% in Q2. The biggest positive surprise came from Energy &amp; Cleantech segment. High utilisation rates stemming from improved component availability are also supporting profitability. Full year guidance was same as published on 10 July 2023. Overall, demand outlook for 2023 continues to be strong. The company will invest EUR 20m to a new factory building of 14,000 m² in Sieradz, Poland. Christophe Sut will start as the new CEO at the beginning of September.
7/12/2023 6:57:08 AM - Scanfil: Realizing earnings potential - Evli - Scanfil upped its guidance: the new revenue and EBIT midpoints are up by 1.6% and 7.5% respectively, and so the revision wasn’t that significant in magnitude but was the second upgrade this year. Well-known incremental drivers were behind the upgrade, namely strong demand, further improvement in electronics availability and increases in production capacity. Scanfil has therefore been able to match high demand with supply. We make only small estimate revisions as our previous estimates were still within the current range. Scanfil’s FY ‘23 EBIT margin is likely to land close to 7%; in our view there isn’t any clear reason why this wouldn’t be the case also going forward. We revise our EBIT estimates up by around EUR 2m for this and coming years.
7/11/2023 6:26:19 AM - Scanfil: Full-year sales and EBIT guidance upgraded - Nordea - Yesterday (10 July), Scanfil upgraded the midpoint of its full-year revenue guidance by 2%. Its new 2023 EBIT guidance is EUR 61-68m (Refinitiv consensus: EUR 61m). End demand has been good and new capacity has come online. Component availability has also improved, which will enhance efficiency and support relative profitability. According to our new estimates, our fair value range for Scanfil increases to EUR 8.9-10.8 (7.9-9.6), based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
4/27/2023 8:33:55 AM - Scanfil: Some more profitable growth ahead - Evli - Scanfil’s Q1 figures beat estimates even if expectations were already high. EBIT will remain high, but focus is already shifting to long-term development opportunities.
4/27/2023 5:20:33 AM - Scanfil: Customer demand has continued to strengthen - Nordea - Scanfil reported a very good Q1, and the outlook has improved for the remainder of this year. Positive developments look sustainable, which is why we upgrade our 2023 estimates by 1% for net sales and 6% for EBIT. Our raised fair value range for Scanfil is EUR 7.9-9.6 (7.4-9.0), based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Our valuation range indicates a P/E midpoint of 12.1x for 2023, which is nearly in line with the peer group average of 12.3x. Marketing material commissioned by Scanfil Oyj.
4/26/2023 8:08:37 AM - Scanfil: Outlook looks strong for 2023 - Nordea - Scanfil reported 1% above our net sales forecast in Q1. Operating profit was even 10% above our estimates in Q1. Capacity utilization ratios have been in a good level in Q1. Guidance was same as published on 12 April 2023. Full year 2023 revenue guidance midpoint indicates 8% y/y revenue growth in 2023. Operating profit guidance midpoint gives 6.6% EBIT margin for 2023 (consensus 6.4%). The main reason for a good development has been European energy efficiency and the green transition customer segments. The company will also get more capacity online in Atlanta and in Sieradz sites in Q3 2023. Overall, operating profit margin improvement seen in Q1 2023 looks sustainable.
4/26/2023 7:05:11 AM - Scanfil: Figures stand high - Evli - Scanfil’s Q1 was expected to be strong, however the results still clearly topped estimates by many percentage points. In our view it wouldn’t seem too difficult for the company to reach the higher end of its guidance range for the year.
4/26/2023 6:51:35 AM - Scanfil ökade rörelseresultatet mer än väntat i Q1 - Finska kontraktstillverkaren Scanfil redovisar en omsättning som var högre än väntat under första kvartalet. Rörelseresultatet var också bättre än väntat.
4/14/2023 6:44:54 AM - Scanfil: High growth and profitability - Evli - Scanfil’s guidance upgrade arrived early in the year and was of notable size. Multiples aren’t too high, in the light of robust EBIT, but may now be sensitive to growth outlook.
4/14/2023 5:09:56 AM - Scanfil: Sales volumes are improving - Nordea - On 12 April, Scanfil increased the midpoint of its 2023 revenue growth guidance range by 6%. The EUR 60m midpoint of its new operating profit guidance for this year is as much as 17% above Refinitiv consensus. The main reason for the good start to the year is improved component availability, which is speeding up delivery of the order backlog. Customer demand has also continued to strengthen. Visibility for firm orders, however, has not improved much. Following our new estimates, our fair value range for Scanfil increases to EUR 7.4-9.0 (6.8-8.2), based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
4/13/2023 12:09:26 PM - Affärsvärlden behåller köprådet för Scanfil efter prognoshöjning - Finska kontraktstillverkaren Scanfil höjde igår sina prognoser för helåret 2023. Aktien värderas fortsatt till rabatt mot sektorn, skriver Affärsvärlden i en kommentar på torsdagen.
4/12/2023 1:37:01 PM - Kontraktstillverkaren Scanfil höjer prognosen för 2023 - Finska kontraktstillverkaren Scanfil höjer prognosen för 2023.
2/22/2023 8:15:59 AM - Scanfil: Ready to meet high demand - Evli Research - Profitability advanced in Q4 as plant productivity improved
2/22/2023 8:14:12 AM - Scanfil: Ready to meet high demand - Evli - Scanfil’s year concluded on a strong note without any big surprises. Valuation has gained recently but in our view is still not too expensive thanks to growth and margin upside.
2/22/2023 6:16:47 AM - Scanfil: Profitability should improve y/y in 2023 - Nordea - Net sales and operating profit came in above consensus (Refinitiv) for Q4, although Scanfil's customer segments developed unevenly. Revenue and EBIT are unlikely to improve remarkably y/y in 2023, but guidance was still slightly better than expected. We upgrade our net sales forecast by 5% for 2023. The DPS proposal was for EUR 0.21 (consensus: EUR 0.20). Christophe Sut will start as the new CEO on 1 September 2023, at the latest. Our fair value range for Scanfil remains EUR 6.8-8.2, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
2/21/2023 1:23:33 PM - Affärsvärlden ger köpråd för finska Scanfil, störst i branschen - De nordiska kontraktstillverkarna har medvind och gynnas av att kunderna vill flytta tillbaka produktionen till närområdet. Finska Scanfil är Nordens största kontraktstillverkare och uppvisade fin tillväxt under 2022. Det skriver Affärsvärlden i en analys på tisdagen.
2/21/2023 7:29:46 AM - Scanfil: FY 2023 EBIT guidance midpoint was 4% over consensus - Nordea - Scanfil reported 1% above our net sales forecast in Q4. Operating profit was 3% above our estimates in Q4. Full year 2023 revenue guidance midpoint indicates 1.6% y/y revenue growth in 2023. Operating profit guidance midpoint gives 6.2% EBIT margin for 2023 (consensus 6.1%). Overall, we believe the market consensus for operating profit 2023 will be upgraded by 4-5% after the earnings announcement. Dividend proposal is EUR 0.21 compared to consensus of EUR 0.20. The company still sees the availability of semiconductors to be partly challenging. Scanfil also sees the North American and Asian markets as interesting expansion areas which could indicate that German EMS market is no more an acquisition target area. Central European offering is expanded by adding 8,000 m² new floor space (EUR 6m) to Scanfil’s Polish factory. Christophe Sut will start as the new CEO of at the latest on the 1st of September 2023.
2/21/2023 7:00:08 AM - Scanfil: No major surprises, strong report - Evli - Scanfil’s Q4 unfolded without any big surprises. The key figures developed well and were all somewhat better than estimated. Continued high demand and improved component availability supported profitability. Guidance suggests strong performance is set to continue this year as well.
2/15/2023 7:19:08 AM - Scanfil: We forecast volume growth for Q4 - Nordea - The availability of electronic components has improved and end demand has been relatively healthy, so our EBIT estimate is slightly above Refinitiv consensus for Q4. The Chinese construction market could be a weak spot in Scanfil's Q4 report, but we expect other customer segments to offset this. We believe the guidance midpoint for 2023 EBIT could be set to EUR 49m, but reported revenue growth may stay negative this year due to declining component prices. Our fair value range for Scanfil remains at EUR 6.8-8.2, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
2/13/2023 5:35:15 AM - Christophe Sut lämnar som chef Sandvik Manufacturing Solutions - blir vd för Scanfil - Verkstadsbolaget Sandvik blir av med Christophe Sut som chef för affärsområdet Sandvik Manufacturing Solutions. Han lämnar för att istället bli vd på finska Scanfil, enligt ett pressmeddelande.
10/27/2022 8:15:44 AM - Scanfil: Profitability continues to improve - Evli - Scanfil’s Q3 results were largely as expected. Demand remains strong and EBIT should continue to increase as the gradually easing component shortage situation further helps plant productivity.
10/27/2022 7:58:54 AM - Scanfil: Expecting a strong Q4 2022 - Nordea - Q3 net sales and operating profit from Scanfil were close to consensus (Refinitiv) and the company expects a solid Q4 as it has not yet seen demand weakness. We believe risks to 2023 performance persist, however. Changes in end demand could be on the cards, regardless of whether Scanfil or its customers can identify them yet in October. We lift our 2022 EBIT estimate by EUR 1m because end demand appears healthy in the short term. Our fair value range for Scanfil remains EUR 6.8-8.2, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
10/26/2022 7:56:47 AM - Scanfil: Q3 was in line with consensus expectations and FY guidance was repeated - Nordea - The end demand has remained good for Scanfil’s services. The company expected the operating profit to develop positively in H2 2022 and that was the case in Q3. Net sales as well as operating profit were in-line with consensus (Refinitiv) in Q3. The availability of components has improved. The company’s cash flow has also improved due to halting of inventory growth. Scanfil's end customers have committed to buying the components they ordered, so there is no apparent writedown risk for inventory when component prices decrease. Full year 2022 net sales and EBIT guidance were unchanged. A potential economic downturn in 2023 combined with lower component prices, however, could lead to a y/y decline in net sales of more than 10% we believe. But Scanfil do not yet see demand weakness and the company expects Q4 2022 to be a good one. There are no guidance given for 2023 yet.
10/26/2022 7:50:01 AM - Scanfil: Decent results, better to come in Q4 - Evli - Scanfil Q3 results landed largely in line with expectations as top line was up 26% y/y and EBIT margin amounted to a decent 5.4%. Scanfil expects further improvement for Q4.
8/8/2022 6:39:36 AM - Scanfil: High demand and better productivity - Evli - Scanfil’s Q2 report didn’t reveal big surprises, although there were a couple of profitability headwinds which should not limit performance that much going forward.
8/8/2022 5:54:23 AM - Scanfil: Weak profitability in Q2, full-year guidance intact - Nordea - Revenue growth was in line with expectations but operating profit was 10% lower than Refinitiv consensus for Q2. We lower our 2022 EBIT estimate by 4% due to weak profitability. End demand appears healthy in the short term. Our forecast of a 5% decline in 2023 net sales relates more to the increased availability of electronic components rather than declining sales volumes. A potential economic downturn in 2023, however, could lead to a y/y decline in net sales of more than 10%. Our fair value range for Scanfil remains at EUR 6.8-8.2, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
8/5/2022 6:31:30 AM - Scanfil: Q2 EBIT below consensus, guidance unchanged - Nordea - Net sales was in line with consensus (Refinitiv) in Q2. However, operating profit was 10% below consensus in Q2. EBIT margin was only 4.8% in Q2 compared to long term target of 7%. Reasons for a weak EBIT were related to China, FX and to poor availability of components but Scanfil expects the operating profit to develop positively in H2 2022. We see it realistic that EBIT in H2 2022 could be higher than year ago and also higher than in H1 2022. But we forecast lower net sales for next year y/y because improving component availability. Record-high component prices cannot last forever. Full year net sales and EBIT guidance were unchanged. We believe market consensus EBIT for 2022E could come down by 2-4%.
8/5/2022 6:26:19 AM - Scanfil: Strong H2 profitability in the cards - Evli - Scanfil’s Q2 report didn’t serve any major surprises. Top line was largely according to expectations, although Q2 profitability came in a little soft but only implies stronger EBIT in H2.
7/28/2022 6:55:08 AM - Scanfil: Weakness in China during Q2 - Nordea - We upgrade our 2022 revenue forecast by 5%. Net sales are supported by high component prices, but this extra through billing does not carry the value-added margin, hence our EBIT margin forecast is only 5.5% for 2022. The Finnish engineering company Kone reported a weak Q2 due to China, but we do not expect Scanfil's Q2 EBIT to be a clear disappointment. Scanfil reaffirmed its full-year EBIT guidance of EUR 43-48m on 13 July. Our fair value range for Scanfil remains at EUR 6.8-8.2 per share, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
6/27/2022 6:31:30 AM - Affärsvärlden ger ett neutralt råd för finska Scanfil - Finska Scanfil är en av Nordens största kontraktstillverkare. Bolaget har en solid historik och har de senaste åren breddat kundbasen alltmer. Det skriver Affärsvärlden i en analys på måndagen.
4/25/2022 7:44:24 AM - Scanfil: Earnings are to improve - Evli - Scanfil’s profitability is set to improve over the course of the year despite the still tight component market situation.
4/25/2022 7:36:23 AM - Scanfil: End demand has been good - Nordea - Revenue growth was strong but clean EBIT came in largely the same as one year ago, bringing the EBIT margin down to 5.3% in Q1. Higher component prices, which helped sales growth, do not carry the same relative margin. We expect the strong revenue growth trend to continue in Q2 and Q3. Scanfil has not seen demand weaken, despite consumer confidence indicators pointing downwards. Our fair value range for Scanfil remains at EUR 6.8-8.2, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
4/22/2022 7:06:53 AM - Scanfil: Q1 figures topped estimates - Evli - Scanfil’s Q1 top line continued to grow at a 20% annual rate while operating margin remained decent at 5.3%. Relative profitability was therefore close to estimates while the high revenue figure helped deliver a small earnings beat.
4/22/2022 7:00:52 AM - Scanfil: Relatively good Q1, guidance unchanged - Nordea - Scanfil reported better net sales and better EBIT than market consensus (Refinitiv) expected in Q1. End demand has been good in all customer segments. Scanfil has also been able to keep its factories running without breaks in China. High component prices have supported net sales but also creating a headwind for relative profitability. EBIT margin was 5.3% in Q1 compared to long term target of 7%. The company expects operating profit to develop positively towards the end of the year. We also believe clean EBIT could improve in all quarters (Q2-Q4) in q/q basis. Full year net sales and EBIT guidance were unchanged. We believe market consensus EBIT for 2022E could come up by 2-3% today.
4/19/2022 6:54:41 AM - Scanfil: Revenue growth set to stay strong this year - Nordea - Scanfil upgraded its 2022 revenue guidance midpoint by 7% on 14 April. High component prices should improve the company's net sales but weaken relative profitability. So far, end demand has been good but increasing prices could reduce consumer spending, affecting Scanfil's orders. We already forecast a decrease in net sales for next year because record-high component prices cannot stay forever, but we note that all estimates are riddled with uncertainty in the current market environment. Our new fair value range for Scanfil is EUR 6.8-8.2 (6.9-8.4), based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
2/23/2022 8:44:05 AM - Scanfil: Steeper earnings accretion ahead - Evli - Scanfil’s Q4 report didn’t provide any big surprises as figures were slightly above estimates, while the guidance and long-term targets were pretty much as expected.
2/23/2022 6:54:37 AM - Scanfil: Component problem could persist in H1 2022 - Nordea - Scanfil downgraded its 2021 guidance in December but net sales were 4% above consensus (Infront) and clean EBIT was 6% higher in Q4. We raise our 2022 net sales forecast on account of component prices but trim our EBIT estimate by 2% owing to efficiency problems and cost pressure stemming from component availability. We note that Scanfil has no direct operational contacts in Ukraine or Russia. Our fair value range is still EUR 6.9-8.4, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
2/22/2022 7:56:22 AM - Scanfil: 2022 EBIT guidance in line with consensus - Nordea - Scanfil reported better net sales and better clean EBIT than market consensus (Infront) expected in Q4, regardless the availability of components has remained a problem in Q4 taking down utilisation ratios. The availability of semiconductors will continue to be challenging at least in the first half of the year. High component prices have been passed on to end-product prices, but Scanfil has not received an ordinary margin for this excess revenue why EBIT margin was 5.3% in Q4 compared to long term target of 7%. The company’s new long-term annual sales growth target is 5-7%. Long-term operating profit margin target remained unchanged at 7%. Dividend proposal EUR 0.19 (cons EUR 0.19).
2/22/2022 6:50:11 AM - Scanfil: A bit above the estimates - Evli - Scanfil’s Q4 top line grew by 24.5% y/y and was well above the estimates. We find the beat stemmed from many customer segments. The EUR 10.2m adjusted EBIT also topped estimates, while the guidance for this year should not prompt any major estimate changes. In our view the 5-7% organic CAGR target is also in line with expectations.
12/13/2021 8:14:25 AM - Scanfil: Q4 EBIT will remain a bit modest - Evli - Scanfil’s earlier guidance suggested Q4 to be highly profitable, and we had estimated 6.9% EBIT margin, but well-known challenges have proved persistent for now.
12/13/2021 7:17:39 AM - Scanfil: Component shortage impacting efficiency - Nordea - High component prices support net sales but the lack of component availability is impacting sales volumes and utilisation ratios. Consequently, Scanfil kept its 2021 sales guidance midpoint intact but lowered its EBIT guidance midpoint by 7% on 10 December. We therefore lower our EBIT forecast for this year by 6% and lower 2022E EBIT by 2% as the component shortage is likely to remain in H1 2022. We do not expect changes to the company's long-term growth or operating margin potential. Our fair value range for Scanfil is still EUR 6.9-8.4, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
12/10/2021 2:16:31 PM - Scanfil downgraded FY 2021 EBIT guidance by 7% - Nordea - The availability of components has remained a problem in Q4 2021 taking down Scanfil’s utilisation ratios. Weakening COVID-19 situation and negative currency effect on top of component related issues lead Scanfil to downgrade its full year EBIT guidance from EUR 41-44m to EUR 38-41m. Market consensus for 2021 EBIT has been EUR 42m. New full year revenue guidance is now EUR 680-700m compared to consensus of EUR 686m. The extraordinary situation in the component market could remain in Q1 2022 but visibility is weak. Market consensus for 2022 EBIT has been EUR 47m.
10/27/2021 7:13:53 AM - Scanfil: Performance is unlikely to falter - Evli - Scanfil’s Q3 EBIT faced some headwinds, but Q4 EBIT is set to improve and outlook for FY ‘22 doesn’t seem bad either.
10/27/2021 7:07:02 AM - Scanfil: Component availability will remain a problem - Nordea - Q3 was a slight disappointment in terms of profitability. High component prices have been passed onto end-product prices but Scanfil has not received an ordinary margin for this excess revenue. Cash flow has also suffered from this extraordinary situation. There is a risk that the poor availability of materials will eventually restrict volume growth, but current end demand looks healthy for Scanfil. Our fair value range for Scanfil remains at EUR 6.9-8.4, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
10/26/2021 7:06:43 AM - Scanfil: Good growth but weak profitability in Q3 - Nordea - Scanfil reported better net sales than market consensus expected but operating profit came a bit under consensus in Q3. Revenues were supported by robust customer demand and rising material prices. Operating profit was burden by component prices, material availability and costs related to the Hamburg factory production transfer and closure. Cash flow was weak in Q3 due to inventory build-up and component pricing. The company already upgraded its full year guidance on October 13 and the most latest guidance was confirmed in Q3 earnings release. Scanfil expects a strong end demand and increasing material prices for the remainder of the year.
10/26/2021 5:52:07 AM - Scanfil: Guidance implies strong Q4 EBIT - Evli - Scanfil’s Q3 revenue landed close to expectations, but the EUR 9.5m EBIT fell a bit short of estimates. Scanfil’s FY ’21 guidance, however, implies Q4 EBIT will be considerably higher.
10/14/2021 7:28:29 AM - Scanfil: Further acceleration in H2 growth - Evli - Scanfil made a minor guidance update and by implication organic growth rate will reach well into the double digits this year. We upgrade our FY ’21 growth estimate by 4% and expect the positive momentum to spill over to next year as well. We retain our EUR 9 TP; our new rating is BUY (HOLD).
10/14/2021 5:51:44 AM - Scanfil: Component prices are supporting net sales - Nordea - Scanfil raised its 2021 sales guidance midpoint by 5% but downgraded the EBIT guidance midpoint by 2%. Net sales have improved in Q3 due to good demand and high component prices. However, as higher component prices are passed on to the end customer, increased revenues do not improve clean EBIT respectively. As a conclusion, we upgrade 2021E revenue by 2% but downgrade EBIT by 1%. For 2021, we now forecast 16.4% y/y revenue growth and a 6.4% adjusted EBIT margin. Our fair value range for Scanfil remains at EUR 6.9-8.4, based on three equally weighted valuation approaches: DCF, EV/EBITDA and P/E. Marketing material commissioned by Scanfil Oyj.
9/15/2021 6:59:09 AM - Scanfil: CMD notes - Evli - Scanfil hosted its first-ever CMD yesterday, during which the company elaborated on customer service and internal processes. Long-term financial targets were left unchanged.
9/15/2021 6:03:29 AM - Scanfil: Long-term targets not yet raised - Nordea - Scanfil reiterated its long-term financial targets and 2021 guidance at its CMD event on 14 September. Market demand and the medium-term outlook are looking good, and we see no near-term threat to Scanfil's profitability from raw material prices or component availability. As a result, we raise our estimates by 2% for 2022-23. Our new fair value range for Scanfil is at EUR 6.9-8.4 (EUR 6.5-8.0), based on three equally weighted valuation approaches – DCF, EV/EBITDA, and P/E. We do not expect Scanfil to trade at a discount to peers but its 2021E-22E P/E and EV/EBITDA multiples combined are now an average of 12% above those of peers. Marketing material commissioned by Scanfil Oyj.
8/27/2021 7:03:46 AM - Scanfil: Planning to double production capacity in Suzhou factory - Nordea - This morning Scanfill announced that it is planning to double production capacity in its factory in Suzhou, China. The expansion relates to increasing customer demand throughout the year, and Scanfil is seeing signs that demand will also remain on a high level for the coming years. According to the company, the possible investment in the expansion amounts to EUR 6m. Construction work is estimated to kick off in 2022 and we believe completion will take place in 2023. The current factory facility has approximately 17,000 m², of which approximately 10,000 m² is dedicated to production and warehouse. The potential investment increases production and warehouse area by around 11,000 m², but will not initially include production lines. We believe this investment facilitates 2-3% additional annual revenue growth after 2022.
8/9/2021 6:46:15 AM - Scanfil: Outlook is valued well enough - Evli - Scanfil’s Q2 top line was close to estimates while EBIT didn’t quite reach expected levels. We make only minor estimate revisions. Our rating is now HOLD (BUY).
8/9/2021 5:54:54 AM - Scanfil: Good growth but slightly weak profitability in Q2 - Nordea - The company was not able to offer a clear beat to Refinitiv consensus on EBIT, which is why the share price dropped by 5% upon the release of the Q2 report on 6 August. However, the EBIT margin should reach 7% when pass-through billing and the Hamburg restructuring are over. We upgrade our 2021 revenue forecast by 1% but downgrade our EBIT estimate by 3%. Our fair value range for Scanfil remains at EUR 6.5-8.0, based on three equally weighted valuation approaches – DCF, EV/EBITDA and P/E. The next positive trigger could be the CMD in September when the company could upgrade its long-term revenue guidance. Marketing material commissioned by Scanfil Oyj.
8/6/2021 6:34:45 AM - Scanfil: EBIT margin a bit below estimates - Evli Research - Scanfil’s Q2 didn’t offer many surprises. Top line was close to expectations while there was a small shortfall in operating margin relative to estimates.
7/30/2021 6:14:26 AM - Scanfil: We expect a good Q2 2021 result - Nordea - 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.
6/14/2021 6:47:11 AM - Scanfil: Organic growth justifies multiples - Evli - Scanfil upped guidance as demand remains strong and component supply risks haven’t materialized. The upgrade isn’t a big surprise, but in our view supports the long-term story. Our new TP is EUR 9.0 (8.5), rating now BUY (HOLD).
6/14/2021 6:03:00 AM - Scanfil: Favourable end demand has persisted - Nordea - The positive overall sentiment in the economy combined with good end demand for EMS manufacturing services led Scanfil to upgrade its revenue guidance by 6% on Friday, 11 June. Due to a new outlook for the full year, we upgrade our adjusted operating profit estimate by 4% for 2021. The share price has outperformed the OMX Helsinki index by 9% YTD and the company's 2022E P/E and EV/EBITDA multiples are now 20% above those of the peer group according to our estimates. Our new fair value range for Scanfil is EUR 6.5-8.0 (6.3-7.7). Marketing material commissioned by Scanfil Oyj.
5/26/2021 9:43:57 AM - Ekobot inleder samarbete med Scanfil - ska påbörja industrialiseringsprocess av robotplattform - Jordbruksteknikbolaget Ekobot har inlett ett samarbete med Scanfil för att påbörja industriell tillverkning av robotplattformen Ekobot Gen III, enligt ett pressmeddelande.
4/26/2021 7:42:14 AM - Scanfil: Sound demand outlook fully valued - Evli - Scanfil’s Q1 featured very few surprises. The company remains well-positioned and many customer megatrends continue to drive demand in the short as well as long term perspective. Our TP is now EUR 8.5 (8), rating HOLD (BUY)
4/26/2021 5:34:53 AM - Scanfil: Organic growth has sped up notably - Nordea - Scanfil reaffirmed its full-year guidance and reported better Q1 sales and clean EBIT than Infront consensus expected. Though the share price dropped upon the release of the company's Q1 report on 23 April, it had risen by 90% over the last 12 months and already reflects decent demand recovery. Visibility for the rest of the year is relatively good, which lowers the risks related to profitability. Due to good demand outlook, we upgrade our net sales estimates by 1-3% for 2021-23.
4/23/2021 7:52:33 AM - Scanfil: Clear top line beat - Evli Research - Scanfil’s Q1 was a clear positive surprise in terms of revenue. Profitability was more in line with expectations. Scanfil did not revise its guidance but updated the segment structure.
4/23/2021 7:28:51 AM - Scanfil:Clear top line beat - Evli - Scanfil’s Q1 was a clear positive surprise in terms of revenue. Profitability was more in line with expectations. Scanfil did not revise its guidance but updated the segment structure.
2/19/2021 7:41:05 AM - Scanfil: A clear pickup in end demand - Nordea - Scanfil reported better sales and clean EBIT than Infront consensus expected for Q4. Demand improved after the weak Q3 and the outlook for this year was positive. Due to good cost control, the company's 2020 profitability remained at a healthy level. We upgrade EPS by 3-6% for 2021E-22E after the earnings announcement. The long-term revenue target of EUR 700m for 2023 is challenging, but the targeted operating profit margin of 7% is achievable. Based on our new estimates, the company's 2022E P/E and EV/EBITDA multiples are roughly 15% above those of the peer group. Our new fair value range for Scanfil is EUR 5.6-6.9 (5.1-6.2).
2/18/2021 6:42:11 AM - Scanfil: No negative surprises - Evli Research - Scanfil capped 2020 strong and we didn’t find notable negatives from the Q4 report. Scanfil enters this year with confidence and the guidance is in line with the long-term organic growth targets.
1/8/2021 8:51:44 AM - Scanfil: A most resilient performer, down to hold (buy) - Evli Research - The performance amid the pandemic testifies to strengths
1/8/2021 8:50:13 AM - Scanfil: A most resilient performer, up to buy (hold) - Evli Research - The performance amid the pandemic testifies to strengths
10/28/2020 7:25:19 AM - Scanfil: Cracks appearing after a resilient H1 - Nordea - Scanfil reported Q3 sales and adjusted EBIT below market expectations. After a very resilient H1, organic growth turned negative, but the company was able to manage its cost base decently, keeping margins at 7%. We make small adjustments to our estimates, raising adjusted EBIT by 1% for 2020, but cutting it by 2% for 2021. This mainly relates to the negative top-line impact from the Hangzhou factory divestment that is now expected to tilt more towards 2021 rather than H2 2020. Based on our new estimates, Scanfil will achieve sales of EUR 594m and an adjusted EBIT of EUR 39m in 2020, at the lower end of the company's guidance range. Our fair value range for Scanfil remains unchanged at EUR 5.1-6.2. Marketing material commissioned by Scanfil Oyj.
10/28/2020 7:22:16 AM - Scanfil: Well-positioned for the weather - Evli Research - Some top line softness but in our view nothing dramatic
8/11/2020 8:02:48 AM - Scanfil: Very resilient business model - Nordea - Scanfil reported healthy figures, with sales and adjusted EBIT beating our estimates. The company also maintained its 2020 guidance, which was issued after the most recent divestment in June.
8/10/2020 7:19:31 AM - Scanfil: Proven resilient results - Evli Research - Communication and Energy &amp; Automation up organically