Here is a fresh company report on Scanfil after Q4 from Viljakainen. 
In our opinion, the overall picture of Scanfil’s Q4 report, published on Friday, was cautiously positive, with signs of a turnaround in the company’s earnings performance. We did not make any forecast changes to our earnings estimates after the report, but we slightly adjusted our required rate of return downwards, as in our eyes, the stock’s risk level has slightly decreased after the guidance met expectations. Thus, we revise our target price for Scanfil to 9.40 euros (previously 8.70 €) and reiterate our add recommendation. In our view, the stock’s valuation is moderate (2025e: P/E 13x, EV/EBIT 10x). Thus, we believe that the company’s interesting long-term investment story can still be accessed with a sufficient short-term return expectation at the current share price level. However, the return expectation is dependent on the realization of our forecasted earnings growth.
Quoted from the report:
Scanfil’s net debt to EBITDA ratio was 0.4x (cf. financial target below 1.5x). Thus, the company’s balance sheet and liquidity are strong. According to our calculations, the company would still have over 100 MEUR in debt capacity for inorganic growth. This would enable significant inorganic growth, considering typical industry valuations. Based on the comments, the company also seemed to have an appetite for acquisitions. Scanfil intends to increase its dividend for the 12th consecutive year, although the increase will practically be the smallest possible and one cent below our forecast. However, we view the dividend proposal neutrally.