Scanfil - No negative surprises
Scanfil capped 2020 strong and we didn’t find notable negatives from the Q4 report. Scanfil enters this year with confidence and the guidance is in line with the long-term organic growth targets.
- Scanfil Q4 revenue amounted to EUR 154.1m, compared to the EUR 153.7m/152.1m Evli/consensus estimates. The y/y top line change was -0.4%.
- Communication top line amounted to EUR 19.5m vs our EUR 22.8m estimate.
- Consumer Applications was EUR 27.5m vs our EUR 22.6m expectation. The positive surprise is encouraging given that the segment has been a soft performer recently. Scanfil says a new customer also contributed to the result.
- Energy & Automation revenue stood at EUR 34.6m, compared to our EUR 30.3m estimate. According to Scanfil the 18% y/y growth stemmed broadly from the segment’s customer base.
- Industrial was EUR 43.2m while we expected EUR 48.2m.
- Medtec & Life Science revenue was EUR 29.3m, compared to our EUR 29.7m estimate.
- Scanfil Q4 EBIT was EUR 10.4m vs the EUR 10.0m/9.9m Evli/consensus estimates.
- Scanfil guides FY ’21 revenue to be EUR 600-640m, adjusted EBIT EUR 40-44m. The guidance is in line with our estimates and thus backs the long-term organic EUR 700m revenue and 7% operating margin targets for FY ’23.
- The Board of Directors proposes EUR 0.17 per share dividend distribution, compared to our EUR 0.15 estimate.