olivLaw · European equity research
Scanfil Oyj SCANFL.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Scanfil is a Finnish electronics manufacturing services (EMS) company with plants in several countries and mostly Nordic customers. Turnover in fiscal 2025 was about EUR 797.1 million, and the MB Elettronica acquisition extends the company into aerospace and defence in Italy and Southern Europe.
At the close of 05 Nov 2026, Scanfil Oyj (SCANFL.HE) stock was 12.28 EUR (−1.76% on the day), with market capitalisation 797.1 m EUR, P/E 19.8 on diluted EPS of 0.62 EUR over the last 12 months, dividend yield 1.95%, beta 0.21, 52-week range 9.74–13.52 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.5
- neutral
- Bollinger (20, 2)
- 11.58 – 13.44
- in the lower half of the band · %B 0.38 · band width 14.9%
- SMA 50 / 200
- 12.40 / 12.11
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.0% | −0.6% | −5.3 pp | — |
| 3 months | +8.7% | −4.2% | +12.8 pp | — |
| 6 months | −4.1% | +4.3% | −8.4 pp | — |
| Year to date | +23.0% | +7.5% | +15.5 pp | — |
| 1 year | +15.0% | +9.9% | +5.1 pp | −1.2% |
| 3 years | +58.7% | +49.8% | +8.8 pp | +6.8% |
| 5 years | +56.2% | +42.8% | +13.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 10.6, median 14.0, max 16.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 901.6 m | 779.9 m | 797.1 m |
| Revenue YoY | unavailable | −13.5% | +2.2% |
| Net income | 48.2 m | 38.6 m | 40.9 m |
| Net income YoY | unavailable | −19.9% | +5.9% |
| Diluted EPS | 0.74 | 0.59 | 0.62 |
| Diluted EPS YoY | unavailable | −20.3% | +5.1% |
| net % | 5.3% | 5.0% | 5.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 74.7 m EUR
- Financial debt
- 54.5 m EUR
- Net debt
- -20.2 m EUR
- Equity
- 314.5 m EUR
- Total assets
- 594.5 m EUR
- Debt / equity
- 0.17x
- Current ratio
- 1.96x
- ROE
- 13.5%
- ROA
- 7.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 901.6 m | 779.9 m | 797.1 m | esef· 07 Apr 2026verified |
| Operating income | 61.3 m | 52.6 m | 54.3 m | esef· 07 Apr 2026verified |
| Interest expense | 3.7 m | 2.7 m | 4.4 m | esef· 07 Apr 2026verified |
| Pre-tax income | 61.6 m | 51.1 m | 51.2 m | esef· 07 Apr 2026verified |
| Income tax | 13.4 m | 12.5 m | 10.3 m | esef· 07 Apr 2026verified |
| Net income | 48.2 m | 38.6 m | 40.9 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.74 | 0.59 | 0.62 | esef· 07 Apr 2026verified |
| Dividend per share | 0.21 | 0.24 | 0.24 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 21.2 m | 48.5 m | 74.7 m | esef· 07 Apr 2026verified |
| Receivables | 173.5 m | 165.4 m | 175.6 m | esef· 07 Apr 2026verified |
| Inventories | 209.0 m | 173.2 m | 176.5 m | esef· 07 Apr 2026verified |
| Current assets | 406.4 m | 392.0 m | 432.2 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 62.7 m | 68.4 m | 67.8 m | esef· 07 Apr 2026verified |
| Goodwill | 7.7 m | 29.1 m | 36.3 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 10.4 m | 20.0 m | 20.6 m | esef· 07 Apr 2026verified |
| Total assets | 518.0 m | 544.2 m | 594.5 m | esef· 07 Apr 2026verified |
| Accounts payable | 166.8 m | 158.9 m | 174.9 m | esef· 07 Apr 2026verified |
| Short-term debt | 50.4 m | 22.7 m | 32.0 m | esef· 07 Apr 2026verified |
| Long-term debt | 0 | 20.0 m | 22.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 226.6 m | 189.5 m | 220.2 m | esef· 07 Apr 2026verified |
| Total liabilities | 252.0 m | 253.2 m | 280.0 m | esef· 07 Apr 2026verified |
| Equity | 266.0 m | 291.0 m | 314.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 65.2 m | 65.4 m | 64.9 m | esef· 07 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 797.1 m EUR
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.26 – 11.47 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E5.11 – 11.47 (Mid 6.88)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)3.26 – 4.45 (Mid 3.77)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.0% | 72 (vs peers) | 24% |
| Net margin · Quality | 5.1% | 56 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 12.2x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.0x | 97 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 19.8x | 36 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.0% | 28 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet99/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality66/100 · 2/3 factors with a value
- Returns· partial28/100 · 1/2 factors with a value
- Valuation· partial36/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Scanfil Oyj (SCANFL.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 797.1 m EUR in 2025; YoY growth 2.2%; net margin 5.1%; ROE 13.5%.
The estimated value range is 4.18–7.96 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.32 EUR, the price of 12.28 EUR leaves a potential of -56.7% (value / price − 1) and a margin of safety of -130.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.0%
- Interest coverage: 12.2x
- Current ratio: 2.0x
What contradicts it
- Shareholder yield (distributions): 2.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| SCANFL.HEScanfil Oyj | 797.1 m | 19.8 | 13.5% | 5.1% | +2.2% | +24% / +53% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for SCANFL.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.21 Total return -40% · Per year -40% | 12.75 Total return 6% · Per year 6% | 19.23 Total return 59% · Per year 59% |
| 3 years | 6.67 Total return -41% · Per year -16% | 13.32 Total return 15% · Per year 5% | 22.10 Total return 88% · Per year 23% |
| 5 years | 6.18 Total return -43% · Per year -10% | 13.92 Total return 24% · Per year 4% | 25.40 Total return 121% · Per year 17% |
- Exit P/E± 3.33
- Net margin± 2.33
- Annual revenue growth± 1.96
- Annual dilution± 0.20
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Scanfil is a Finnish electronics manufacturing services (EMS) company with plants in several countries and mostly Nordic customers. Turnover in fiscal 2025 was about EUR 797.1 million, and the MB Elettronica acquisition extends the company into aerospace and defence in Italy and Southern Europe 1.
SWOT
Strengths
- Global factory network and loyal customers among leading Nordic industrial companies.
- Solid financial structure with moderate debt and a good credit rating.
- Track record of growth through acquisitions well integrated into the group.
Weaknesses
- Dependence on a few large customers who account for a significant share of turnover.
- Modest operating margins typical of the contract manufacturing model.
- Reliance on materials and components bought from external suppliers.
Opportunities
- Growth in aerospace and defence through the integration of MB Elettronica.
- Expansion of the presence in the United States through ADCO Circuits.
- Reaching long-term growth targets if customer demand stabilises.
Threats
- A slowing global economy and customer destocking could reduce orders.
- Geopolitical tensions and trade restrictions that could affect operations.
- Cyber risks and longer-term energy availability concerns.
Risks
- Customer concentrationhigh
A small number of large customers make up an important part of turnover, and losing a major customer could affect results.
- Economic demandhigh
Lower customer investment could reduce order volumes in contract manufacturing.
- Acquisition integrationmedium
Integrating MB Elettronica and ADCO Circuits could face operational or cost difficulties.
- Currency risksmedium
International activity exposes the group to exchange rate risks, particularly for investments in foreign subsidiaries, which are not hedged.
- Cyber riskslow
Cyber threats are a growing concern, and an incident could disrupt production and data.
Investment thesis
What would need to be true (bull case)
- Recent acquisitions open segments with potentially higher margins, such as aerospace and defence, and MB Elettronica's 2025 results point to solid growth.
- Leading Nordic customers and a broad base of more than 160 customers reduce dependence on a single sector.
- If industry demand stabilises, growth and margin targets could be reached, supported by a moderately indebted balance sheet.
What would break the thesis
- Operating margins remain modest, and expansion through acquisitions brings integration risks.
- Customer concentration and economic uncertainty could slow orders and weigh on revenue.
- Geopolitical and currency risks could affect results if external conditions worsen.
What to watch
- Quarterly results and the pace of MB Elettronica integrationQ1 2026
- Delivery against the 2026 outlook for turnover and comparable EBITA2026
- Trends in customer concentration and industry order flow2026
- Payment of the proposed dividend and evolution of dividend policy2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Scanfil Oyj, based in Finland, provides contract manufacturing of electronic components and assemblies for customers in industrial, medical and equipment industries. Turnover was EUR 797.1 million in fiscal 2025, up 2.2% from the previous year 1. The group has about 160 active customers, the largest being Nordic companies that lead their industries 1.
In January 2026 Scanfil completed the acquisition of MB Elettronica, an Italian electronics manufacturer with turnover of EUR 120.0 million in 2025, of which 40% came from aerospace and defence 1. Through ADCO Circuits LLC, acquired in December 2025, the company also expanded its presence in the United States 1.
Segments
Industrial and medical
Industrial and medical/life science customers make up an important part of the portfolio, and MB Elettronica strengthens Scanfil's position in these segments in Italy and Southern Europe 1.
Aerospace and defence
The MB Elettronica acquisition accelerates Scanfil's growth in aerospace and defence, a segment that generated 40% of MB's turnover in 2025 1.
Market context
Scanfil operates in the contract electronics manufacturing market, where demand depends on customer investment and the global economic cycle. Management notes that a weaker global economy and lower demand for investment goods could affect the contract manufacturing market 1. The company runs plants in several countries, including the United States and Italy, which lets it serve customers locally 1.
The 2026 outlook carries uncertainty related to customer destocking and end-demand, and revenue could be affected if these conditions worsen 1.
Trends
- Weaker global economyheadwind
A decline in the global economy and in demand for investment goods could reduce orders from Scanfil's customers 1.
- Geopolitical and trade tensionsmixed
Conflicts in Ukraine and the Middle East, along with trade measures, could affect the business environment, although management considers the effects limited for the reporting period 1.
- Growth through acquisitionstailwind
The MB Elettronica and ADCO Circuits acquisitions extend capabilities and positions in high-demand markets such as aerospace and defence 1.
- Cost and energy pressuresheadwind
Inflation and longer-term risks to energy availability could affect the cost structure, although the short-term impact is seen as small 1.
Competitive position
Scanfil competes in the contract electronics manufacturing market, where customers choose suppliers on capacity, delivery reliability and price. The company aims to influence supplier pricing and delivery through its purchasing power and its global factory network 1.
The group's competitive position rests on its global factory network, its relationships with Nordic customers that lead their industries, and its ability to integrate acquisitions in high-technology segments 1.
- JabilJBL
Global electronics manufacturing services provider and one of the largest players in the sector.
- PlexusPLXS
Contract manufacturer focused on industrial, medical and aerospace, active in several regions.
- SanminaSANM
Electronics manufacturing services provider with customers in high-reliability industries.
- Kimball ElectronicsKE
Contract manufacturer with plants in the United States and Europe, competing in industrial and medical.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202315 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Scanfil Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.