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Scanfil: Weakness in China during Q2 - Nordea

We upgrade our 2022 revenue forecast by 5%. Net sales are supported by high component prices, but this extra through billing does not carry the value-added margin, hence our EBIT margin forecast is only 5.5% for 2022. The Finnish engineering company Kone reported a weak Q2 due to China, but we do not expect Scanfil's Q2 EBIT to be a clear disappointment. Scanfil reaffirmed its full-year EBIT guidance of EUR 43-48m on 13 July. Our fair value range for Scanfil remains at EUR 6.8-8.2 per share, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.

We upgrade our 2022 revenue forecast by 5%. Net sales are supported by high component prices, but this extra through billing does not carry the value-added margin, hence our EBIT margin forecast is only 5.5% for 2022. The Finnish engineering company Kone reported a weak Q2 due to China, but we do not expect Scanfil's Q2 EBIT to be a clear disappointment. Scanfil reaffirmed its full-year EBIT guidance of EUR 43-48m on 13 July. Our fair value range for Scanfil remains at EUR 6.8-8.2 per share, based on three equally weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
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