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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.

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.
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