Scanfil - A bit above the estimates
Scanfil’s Q4 top line grew by 24.5% y/y and was well above the estimates. We find the beat stemmed from many customer segments. The EUR 10.2m adjusted EBIT also topped estimates, while the guidance for this year should not prompt any major estimate changes. In our view the 5-7% organic CAGR target is also in line with expectations.
- Scanfil Q4 revenue grew by 24.5% y/y to EUR 191.7m, compared to the EUR 182.5m/184.8m Evli/consensus estimates.
- Advanced Consumer Applications was EUR 52.9m vs our EUR 54.6m estimate, while Energy & Cleantech amounted to EUR 53.4m vs our EUR 47.1m estimate. Automation & Safety landed at EUR 41.1m, compared to our EUR 39.4m estimate.
- Adjusted EBIT landed at EUR 10.2m vs the EUR 9.7m/9.6m Evli/consensus estimates. Adjusted EBIT margin was 5.3% vs our 5.3% estimate.
- Scanfil guides FY ’22 revenue to be EUR 710-760m and adjusted EBIT of EUR 43-48m. The respective consensus estimates for the year stand at EUR 718.6m and EUR 45.3m. Semiconductor availability, pricing, and supply chain functioning, as well as the pandemic, continue to pose uncertainty.
- Scanfil’s (updated) long-term target is to grow at a 5-7% organic CAGR and to reach 7% EBIT margin, in addition to paying a growing amount of dividend to the tune of a third of EPS.
- The BoD proposes EUR 0.19 per share dividend to be distributed, compared to the EUR 0.18/0.19 Evli/consensus estimates.