Scanfil: CMD on 29-30 September 2026 - Nordea

Scanfil will arrange a CMD event on 29-30 September 2026. We expect the company's long-term revenue growth target of 10% and its EBITA margin target of 7-8% to remain unchanged. The main focus of the CMD could be related to the newest MB Elettronica acquisition and future M&A activity. For Q3 2026, we lower our estimates slightly, owing to an increased seasonality effect. Our net sales forecasts for 2027-28 are slightly above market consensus but below consensus in terms of EBITA margin, with one reason being intensifying inflation. Our fair value range remains at EUR 11.2-13.7, based on an equal weighting of three valuation methods: DCF, EV/EBITDA and P/E. Based on our estimates, Scanfil's valuation is ~8% below the peer group median for 2026E, but its revenue growth is better than that of the peer group on average, making the risk/reward attractive, in our view.

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