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SENASTE
Scanfil's Q4 net sales were in line with LSEG Data & Analytics consensus but the midpoint of the company's full-year revenue guidance was 4.4% below consensus' expectations. Some of its customers are still destocking their inventories and declining spot component purchases should also negatively affect reported net sales. The midpoint of 2024E EBIT guidance indicates a 7% EBIT margin, hence the company's long-term financial target could be upgraded from 7% to 8% at the CMD in March 2024. The dividend proposal was EUR 0.23, in line with consensus' expectations. The company's valuation is 26% below the peer group median, but a small discount may be justified if Scanfil cannot improve 2024 net sales and EBIT y/y. Our fair value range remains at EUR 8.0-9.8, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
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