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SENASTE
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.
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