Organic growth could remain close to zero for H1 2025E y/y, but acquisitions should at least offer 6% growth for net sales in FY 2025E y/y. Scanfil has been confident regarding the midpoints of its full-year 2025 revenue growth guidance range of 0-18%, which is why we expect the company to specify growth guidance of 3-15% in July. Our revenue growth forecast is 7% for 2025, including acquisitions. Our fair value range remains at EUR 8.1-10.0, based on three equally-weighted valuation approaches (DCF, EV/EBITDA and P/E). Scanfil's P/E and EV/EBITDA multiples for 2025E-26E are now relatively close to those of the peer group. Marketing material commissioned by Scanfil Oyj.
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