Q3 net sales and operating profit from Scanfil were close to consensus (Refinitiv) and the company expects a solid Q4 as it has not yet seen demand weakness. We believe risks to 2023 performance persist, however. Changes in end demand could be on the cards, regardless of whether Scanfil or its customers can identify them yet in October. We lift our 2022 EBIT estimate by EUR 1m because end demand appears healthy in the short term. Our fair value range for Scanfil remains 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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