Net sales and operating profit came in above consensus (Refinitiv) for Q4, although Scanfil's customer segments developed unevenly. Revenue and EBIT are unlikely to improve remarkably y/y in 2023, but guidance was still slightly better than expected. We upgrade our net sales forecast by 5% for 2023. The DPS proposal was for EUR 0.21 (consensus: EUR 0.20). Christophe Sut will start as the new CEO on 1 September 2023, at the latest. 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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