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Scanfil: Relatively good Q1, guidance unchanged - Nordea

Scanfil reported better net sales and better EBIT than market consensus (Refinitiv) expected in Q1. End demand has been good in all customer segments. Scanfil has also been able to keep its factories running without breaks in China. High component prices have supported net sales but also creating a headwind for relative profitability. EBIT margin was 5.3% in Q1 compared to long term target of 7%. The company expects operating profit to develop positively towards the end of the year. We also believe clean EBIT could improve in all quarters (Q2-Q4) in q/q basis. Full year net sales and EBIT guidance were unchanged. We believe market consensus EBIT for 2022E could come up by 2-3% today.

Scanfil reported better net sales and better EBIT than market consensus (Refinitiv) expected in Q1. End demand has been good in all customer segments. Scanfil has also been able to keep its factories running without breaks in China. High component prices have supported net sales but also creating a headwind for relative profitability. EBIT margin was 5.3% in Q1 compared to long term target of 7%. The company expects operating profit to develop positively towards the end of the year. We also believe clean EBIT could improve in all quarters (Q2-Q4) in q/q basis. Full year net sales and EBIT guidance were unchanged. We believe market consensus EBIT for 2022E could come up by 2-3% today.
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