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Scanfil - EBIT below our expectations

Scanfil’s Q4 results didn’t reach our estimates. We expected an EBIT margin of 6.0%, while the company delivered 5.4%. Nevertheless, the full year saw robust growth and operating profit development. The BoD proposes a dividend of EUR 0.13 per share for 2018 (vs our expectation of EUR 0.14).
  • Q4 sales increased by 6.3% compared to Q3, supported by almost all customer segments. Energy and Automation, Medtec and Life Science and Other Industries segments achieved over 10% growth.
  • The quarterly decrease in operating margin was mainly due to significantly decreased demand from a few notable customers, and partly due to seasonal variation.
  • The demand decline was restricted to a few customers. Overall, demand has remained steady. Customers’ forecasts are looking strong.
  • Guidance: Scanfil estimates 2019 revenue will be EUR 560-610m, expects operating profit will amount to EUR 36-41m. These figures are in line with our estimates.
  • Scanfil’s target is to reach EUR 600m sales in 2020 and an EBIT margin of 7%.

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