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Scanfil's valuation is 20% below the peer group median, but a small discount may be justified as long as earnings growth is absent. Relative profitability cannot improve much from current levels, making earnings growth more dependent on sales growth. Its long-term average annual revenue growth target is 10% (including acquisitions), although revenue growth could be close to zero for this year. For Q1, our revenue growth forecast is -3% y/y. Scanfil's long-term EBIT margin target is 7-8% and we expect the lower range of 7% to be achievable. Our fair value range for Scanfil remains EUR 8.0-9.8, based on three equally-weighted valuation approaches (DCF, EV/EBITDA and P/E). Sales growth might speed up again if the destocking effects seen in several sectors come to an end.
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