Net sales and EBIT were slightly below consensus (LSEG Data & Analytics) in Q2. Organic growth was negative, but there was no direct impact on Scanfil's operations from trade wars. We expect organic growth to be positive for Q3. Moreover, three acquisitions will offer notable reported revenue growth for 2025E-26E. The EBITA margin is already close to the target level; hence, revenue growth is the means through which to improve annual EPS, in our view. The balance sheet is strong, which means leverage will not be an issue with regards to acquisitions. We include MB Elettronica in our estimates for Q4 2025 onwards. We derive a higher fair value range of EUR 8.8-10.8 (8.1-10.0), based on three equally-weighted valuation approaches (DCF, EV/EBITDA and P/E). With our new estimates, Scanfil's P/E and EV/EBITDA multiples for 2025E-26E are now 9% above those of the peer group. Valuation is above the sector, as the share price has come up more than estimate revisions, owing to the latest acquisition. Marketing material commissioned by Scanfil Oyj.
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