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.
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