Company Overview
Scanfil is a leading Finnish electronics manufacturing services (EMS) provider that offers a wide range of products and services to support the design, production, and distribution of electronic components. With over 45 years of experience in the industry, Scanfil has established itself as a trusted partner for companies operating in various sectors, including aerospace, defense, medical technology, and life sciences.
Scanfil's primary mission is to provide high-quality products and services that meet the needs of its customers, while also promoting sustainable growth and development. The company's core values include innovation, customer satisfaction, and social responsibility.
Key Products/Services
Scanfil offers a comprehensive range of products and services, including:
- Prototype design and manufacturing
- Production of electronic components, such as PCBs, connectors, and sensors
- Test and inspection services
- Packaging and logistics solutions
- Design and development services for aerospace, defense, medical technology, and life sciences
The company's products and services are designed to support the design, production, and distribution of electronic components, and are used in a wide range of applications, including industrial automation, medical devices, and aerospace systems.
Benefits
Scanfil's products and services offer several benefits, including:
- High-quality products and services that meet the needs of customers
- Innovation and expertise in electronic manufacturing services
- Customer satisfaction and loyalty through personalized service and support
- Social responsibility and sustainability through environmentally friendly practices and community engagement
The company's products and services are designed to support the success of its customers, and are used in a wide range of applications across various industries.
Geared for Growth Strategy
Scanfil has implemented a Geared for Growth strategy for the period 2024-2028, which aims to drive growth and improve efficiency through a combination of organic and inorganic growth initiatives. The strategy includes investments in new technologies, expansion into new markets, and the development of new products and services.
The company's focus on innovation, customer satisfaction, and social responsibility will continue to guide its decision-making and drive its growth and success.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 65.0 | 65.3 | 65.3 | 65.4 | 65.7 | 65.7 | 65.7 |
| Target Valuation (MEur) | 378.2 | 436.2 | 397.6 | 492.1 | 586.0 | 669.0 | 669.0 |
| Targer Price | 5.82 | 6.68 | 6.09 | 7.52 | 8.91 | 10.18 | 10.18 |
| Potential, % | -11.5 | -14.7 | -26.2 | -24.7 | -25.5 | -14.9 | -14.9 |
| Recommendation | Hold | Hold | Sell | Sell | Sell | Hold | Hold |
| MCAP (MEur) | 427.4 | 511.1 | 538.5 | 653.1 | 786.2 | 786.2 | 786.2 |
| Price | 6.58 | 7.83 | 8.25 | 9.98 | 11.96 | 11.96 | 11.96 |
| EV | 513.0 | 563.0 | 560.0 | 663.0 | 941.0 | 935.0 | 926.0 |
| P/S | 0.51 | 0.57 | 0.69 | 0.82 | 0.71 | 0.65 | 0.63 |
| EV/S | 0.61 | 0.62 | 0.72 | 0.83 | 0.85 | 0.77 | 0.74 |
| EV/EBIT | 11.33 | 9.19 | 10.66 | 12.18 | 12.39 | 11.42 | 10.61 |
| P/E | 12.21 | 10.6 | 13.99 | 16.05 | 13.93 | 12.0 | 11.26 |
| P/B | 1.89 | 1.92 | 1.85 | 2.08 | 2.2 | 1.86 | 1.59 |
| P/OCF | 41.9 | 7.42 | 5.85 | 10.19 | -337.42 | 37.65 | 32.49 |
| EV/OCF | 50.3 | 8.17 | 6.08 | 10.34 | -404.01 | 44.79 | 38.26 |
| P/FCF | -51.5 | 10.87 | 9.88 | 17.7 | -7.94 | 129.31 | 83.64 |
| EV/FCF | -61.82 | 11.97 | 10.27 | 17.95 | -9.51 | 153.82 | 98.5 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 843.7 | 901.5 | 780.0 | 797.1 | 1108.8 | 1208.7 | 1254.1 |
| Rev. Growth, % | 21.3 | 6.9 | -13.5 | 2.2 | 39.1 | 9.0 | 3.8 |
| Ebit | 45.3 | 61.2 | 52.5 | 54.4 | 76.0 | 81.9 | 87.3 |
| Ebit Growth, % | 14.4 | 35.1 | -14.2 | 3.6 | 39.7 | 7.8 | 6.6 |
| Ebit, % | 5.4 | 6.8 | 6.7 | 6.8 | 6.9 | 6.8 | 7.0 |
| Profit | 35.0 | 48.2 | 38.5 | 40.7 | 56.4 | 65.5 | 69.8 |
| EPS | 0.54 | 0.74 | 0.59 | 0.62 | 0.86 | 1.0 | 1.06 |
| Profit Growth, % | 17.8 | 37.7 | -20.1 | 5.7 | 38.6 | 16.1 | 6.6 |
| Profit, % | 4.1 | 5.3 | 4.9 | 5.1 | 5.1 | 5.4 | 5.6 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 229.3 | 209.0 | 168.1 | 176.5 | 264.9 | 287.2 | 304.4 |
| Acc. Receivable | 164.8 | 173.5 | 165.4 | 175.6 | 280.2 | 269.3 | 275.2 |
| Cash | 20.8 | 21.2 | 48.5 | 74.7 | 9.9 | 15.9 | 25.4 |
| Equity | 226.6 | 266.0 | 291.0 | 314.5 | 357.8 | 423.3 | 493.2 |
| ROE, % | 15.4 | 18.1 | 13.2 | 12.9 | 15.8 | 15.5 | 14.2 |
| ROCE, % | 13.6 | 18.1 | 14.6 | 13.6 | 14.5 | 13.9 | 13.3 |
| Net Debt | 85.7 | 51.6 | 21.2 | 9.4 | 155.1 | 149.1 | 139.7 |
| Gearing, % | 37.8 | 19.4 | 7.3 | 3.0 | 43.4 | 35.2 | 28.3 |
| Equity ratio, % | 43.1 | 51.4 | 54.0 | 52.9 | 42.8 | 47.8 | 54.1 |
| Acc. Payable | 183.7 | 166.7 | 153.7 | 174.9 | 235.0 | 224.9 | 213.5 |
| Total Assets | 525.5 | 518.0 | 539.1 | 594.5 | 836.2 | 885.9 | 910.8 |
| ROA, % | 6.7 | 9.3 | 7.1 | 6.8 | 6.7 | 7.4 | 7.7 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 10.2 | 68.9 | 92.1 | 64.1 | -2.3 | 20.9 | 24.2 |
| Investment Cash Flow | -18.5 | -21.9 | -37.6 | -27.2 | -96.7 | -14.8 | -14.8 |
| Free Cash Flow | -8.3 | 47.0 | 54.5 | 36.9 | -99.0 | 6.1 | 9.4 |
| OCF/CAPEX | 0.55 | 3.15 | 2.45 | 2.36 | 0.0 | 1.41 | 1.64 |
| Financial Cash Flow | 3.9 | -46.4 | -27.6 | -9.6 | 73.3 | 0.0 | 0.0 |
Disclaimer
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