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Third party research

Scanfil: Guidance indicates gradual improvement in 2025 - Nordea

Scanfil

This is a third party research report and does not necessarily reflect our views or values

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Revenue was down 3% y/y in Q1, but Scanfil kept its full-year revenue guidance unchanged and expects a gradual q/q improvement in Q2-Q4 2025. The company has not seen any order cancellations due to the trade war or a possible downturn. We calculate that average revenue growth needs to be 13.2% y/y in Q2-Q4 in order for the revenue guidance midpoint of EUR 850m in 2025 to be reached. As overall uncertainty regarding 2025 has increased, our net sales estimate is 3% below the guidance midpoint. The role of an EMS company is to offer the required production flexibility for brand owners, which also means that changes in end demand can be rapid. Our fair value range remains at EUR 8.1-10.0, based on three equally-weighted valuation approaches (DCF, EV/EBITDA and P/E). Marketing material commissioned by Scanfil Oyj.
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