Scanfil: Acquisition in the US will increase net sales by 4% - Nordea

Scanfil buys 80% of the US based subcontractor ADCO Circuits. Transaction indicates debt free EV value of EUR 21.7m for 100% of the company, giving EV/EBIT of 7x (Scanfil 9.7x) taking into account EUR 0.4m IFRS 16 related depreciations. Acquisition will bring 4% increase to Scanfil's annual net sales we calculate. ADCO Circuits generates 37% of its turnover in Aerospace & Defense sector and acquisition expands Scanfil’s footprint in the US and almost doubles the company’s turnover in the Americas. Christina Wiklund will assume the role of VP for the Scanfil's Americas region. We consider the acquisition as a positive news due to modest valuation multiples and its exposure to defence sector.

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