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Scanfil: End demand has been good - Nordea

Revenue growth was strong but clean EBIT came in largely the same as one year ago, bringing the EBIT margin down to 5.3% in Q1. Higher component prices, which helped sales growth, do not carry the same relative margin. We expect the strong revenue growth trend to continue in Q2 and Q3. Scanfil has not seen demand weaken, despite consumer confidence indicators pointing downwards. Our fair value range for Scanfil remains at EUR 6.8-8.2, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.

Revenue growth was strong but clean EBIT came in largely the same as one year ago, bringing the EBIT margin down to 5.3% in Q1. Higher component prices, which helped sales growth, do not carry the same relative margin. We expect the strong revenue growth trend to continue in Q2 and Q3. Scanfil has not seen demand weaken, despite consumer confidence indicators pointing downwards. Our fair value range for Scanfil remains at EUR 6.8-8.2, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
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