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SENASTE
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).
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