Tässä on Nordean tuore katsaus Scanfiliin heti yhtiön tuoreimman ostoksen jälkeen.
Scanfil buys 80% of the US based subcontractor ADCO Circuits. Transaction indicates debt free EV value of EUR 21.7m for 100% of the company, giving EV/EBIT of 7x (Scanfil 9.7x) taking into account EUR 0.4m IFRS 16 related depreciations. Acquisition will bring 4% increase to Scanfil’s annual net sales we calculate. ADCO Circuits generates 37% of its turnover in Aerospace & Defense sector and acquisition expands Scanfil’s footprint in the US and almost doubles the company’s turnover in the Americas. Christina Wiklund will assume the role of VP for the Scanfil’s Americas region. We consider the acquisition as a positive news due to modest valuation multiples and its exposure to defence sector.
Scanfil has signed a new customer agreement with Emerson and will start manufacturing control units for Rosemount tank radar level measurement solutions. This collaboration highlights Scanfil’s commitment to high quality and delivery reliability, and opens up new opportunities for the future.
Scanfil Oyj Press Release June 17, 2025 at 2:45 PM
Scanfil has signed a new customer agreement and will start manufacturing control units for Emerson
Scanfil and Emerson have agreed on the manufacturing of control units for Rosemount tank radar level measurement solutions. Emerson is an internationally operating American technology, software, and engineering company known for its high-quality products. Emerson’s Tank Radar Solutions control units combine modern design with a user-friendly interface.
“We are very excited about the new cooperation. Emerson is known for its high quality and delivery reliability requirements, and we are proud to be able to meet these expectations,” says Martin Kållberg, Sales Manager at Scanfil’s Malmö factory. “We started manufacturing prototypes and ramping up the new product in 2024, and now we are moving into the manufacturing phase of Tank Radar Solutions control units.”
High quality is crucial in systems that control pump operations in pumping stations and wet wells, ensuring efficient and safe operation. To ensure Emerson’s high quality requirements are met, Scanfil has made significant investments in new coating lines and UV-curing coating solutions.
“Scanfil is responsible for the manufacturing and assembly of the tank radar control units, meeting our requirements for both quality and delivery speed,” states Miguel Gonçalves, Strategic Buyer at Emerson. “This cooperation is a significant step for our partnership and creates new opportunities for future development.”
Organic growth could remain close to zero for H1 2025E y/y, but acquisitions should at least offer 6% growth for net sales in FY 2025E y/y. Scanfil has been confident regarding the midpoints of its full-year 2025 revenue growth guidance range of 0-18%, which is why we expect the company to specify growth guidance of 3-15% in July. Our revenue growth forecast is 7% for 2025, including acquisitions. Our fair value range remains at EUR 8.1-10.0, based on three equally-weighted valuation approaches (DCF, EV/EBITDA and P/E). Scanfil’s P/E and EV/EBITDA multiples for 2025E-26E are now relatively close to those of the peer group. Marketing material commissioned by Scanfil Oyj.
Scanfil and Etteplan Deepen Their Strategic Partnership in Production Testing
Scanfil and Etteplan are expanding their strategic partnership in production testing system development with a new service agreement. Etteplan will support Scanfil in the development of the Odin test platform, and the companies plan to offer joint test application projects to their customers. The strategic cooperation is expected to reduce customer investment costs and accelerate time-to-market.
Scanfil Oyj Press Release 2.7.2025 at 9:00 AM
Scanfil and Etteplan Deepen Their Strategic Partnership in Production Testing Scanfil and Etteplan have signed a service agreement for production testing system development. Etteplan will support Scanfil in the development of the Odin test platform, and the companies plan to offer joint test application projects to customers.
Scanfil’s and Etteplan’s strategic cooperation in product development began in 2019, and since then, they have jointly created several new products for customers. Scanfil’s proprietary test platforms and applications are a key part of the company’s strategy, as standardized solutions accelerate product market entry and reduce customer investment costs. Product development services are a key success factor.
“We have seen that Etteplan’s support in testing system development brings significant synergy to our ‘Design Driven Manufacturing’ project portfolio and strengthens our ability to offer comprehensive turnkey solutions. More and more customers are looking for support in production testing, and we look forward to improving our offering together with Etteplan,” states Reijo Kalenius, Scanfil’s Global Development Manager.
“We are proud to deepen our cooperation with Scanfil in production testing. This new phase in our partnership demonstrates the strong trust and shared ambition between our companies. By combining Scanfil’s manufacturing expertise and Etteplan’s production solutions, we can create even more value for our joint customers, accelerate innovation development, and bring products to market even more efficiently,” says Jari Luotonen, Director of Etteplan’s EPS Finland.
Scanfil has signed an agreement to acquire the Italian electronics contract manufacturer MB Elettronica. MB has approximately 500 employees and four factories in Italy. The acquisition strengthens Scanfil’s position in Southern Europe and expands its customer base in the aerospace and defense industry, which accounts for 37 percent of its revenue. MB’s revenue in 2024 was 98.4 million euros, with an operating profit of 6.8 million euros.
The transaction value is at least 73 million euros, and the sellers may receive an additional purchase price of up to 50 million euros based on the financial performance in 2025 and 2026. The acquisition will be paid in cash and financed with Scanfil’s credit facilities.
Scanfil’s CEO Christophe Sut welcomes MB’s employees and customers and emphasizes the new opportunities brought by the acquisition.
The completion of the acquisition is subject to approval by Italian authorities, which is expected during the fourth quarter of 2025. After the acquisition, Scanfil will form a new customer sector, Aerospace & Defense, which will be headquartered in Italy.
Slightly different information on the company’s website. Of course, it’s possible that the order books are full and staff have been heavily recruited this year, but hopefully more information will come out about this. Sales growth has been moderate, however.
Here are also Antti’s and Kaisa’s comments on Scanfil’s latest acquisition.
Scanfil announced yesterday that it is acquiring the Italian contract electronics manufacturer MB Elettronica, which we believe fits Scanfil’s profile well on paper. The acquisition also supports Scanfil’s growth in Southern Europe and especially strengthens the company’s foothold in the aerospace and defense industries. The valuation of the deal seems neutral to us, although it is difficult to assess due to the large proportion of the additional purchase price. According to our preliminary estimate, the value creation potential of the deal is reasonable, but it especially requires profitable growth for MB.
Good observation. This figure corresponds to the number of MB Elettronica personnel in Cortona. The three factories acquired between 2019-2024 have not been consolidated into these figures.
Viljakainen’s preliminary comments as Scanfil publishes its results on Thursday.
According to our estimate, Scanfil has progressed in Q2 with the ramp-ups of projects won last year, in addition to which the SRX acquisition has supported the figures inorganically in Q2. Therefore, we expect Scanfil’s revenue and operating profit to have turned to growth in Q2. We expect Scanfil to reiterate its guidance, although the pressure on the upper ends of the rather wide ranges may be downwards due to the indirect negative repercussions of global trade policy, even though the recently announced ADCO and MB acquisitions will have time to support the figures slightly in H2.
Scanfil Group’s Q2 2025 results. “Solid operational performance combined with strong strategic execution,” Christophe Sut, CEO. Revenue started to grow and profitability remained stable. Two strategic acquisitions to expand our business in the defense industry and the USA, and to open new markets in Italy and Southern Europe. Link to the report: Raportointi ja esitykset - Scanfil
Link to the webcast, starting at 10 AM: Scanfil – Earnings Call Q2(25)
Here are Antti Viljakainen’s comments on Scanfil’s Q2 results.
Scanfil published its Q2 report this morning. The downside risks related to our forecasts materialized, and the Q2 figures were lower than our expectations. However, the company reiterated its guidance for the current year, in line with our expectations. According to our preliminary assessment, the report does not cause radical organic pressure for changes in our Scanfil forecasts for the near future, but the ADCO and MB acquisitions, likely to be completed in H2, will structurally change the forecasts, especially from 2026 onwards.
Demand seems sufficient at some factories, so there should be enough customers for the production lines opening at the end of the year.
SRX Global’s sales in the first half were around 16 million. Previously, full-year sales have been 40 million. I wonder if there’s seasonality in the business or if something else has happened in the meantime, as sales have decreased moderately. Of course, this is not a very significant matter at the group level, but I noticed it in the report.
Antti has prepared a new company report on Scanfil.
Quoted from the report:
The balance sheet is solid even after acquisitions. Scanfil’s net debt to EBITDA ratio was 0.2x (cf. financial target below 1.5x). The combined debt-free price of the ADCO and MB acquisitions, which are reasonably financed by debt, excluding the additional purchase prices for the MB acquisition, is EUR 95 million. Thus, the company’s balance sheet structure will change significantly during the rest of the year, but we estimate that Scanfil’s net debt to pro forma EBITDA ratio will remain in the 1x-1.5x range in H2 as well, once the deals are completed. In addition, the company has or will have conditional additional purchase prices from the SRX and MB acquisitions totaling approximately EUR 60 million, but this does not affect net debt until the additional purchase price is fully or partially realized. The majority of the additional purchase prices may also only materialize in 2026-2027, once the scale of the MB acquisition’s additional purchase price has been determined. However, we do not expect acquisitions from the company in the short term, but a greater reason for our view than the balance sheet constraint is the need to integrate ADCO and MB into Scanfil before the next moves.
Scanfil Plc Stock Exchange Release August 22, 2025 at 8:00 a.m.
Scanfil Appoints Anna-Maria Tuominen-Reini as Chief Supply Chain Officer
Scanfil has appointed Anna-Maria (Mari) Tuominen-Reini as Chief Supply Chain Officer and a member of the Group Management Team. She will start in the position on September 1, 2025.
“I am pleased to welcome Mari to Scanfil. She has nearly 25 years of international experience in leading and developing supply chains and procurement. The Chief Supply Chain Officer has an important role at Scanfil in securing future profitability and growth. We value Mari’s strong international expertise, vision for measures to enhance our supply chain, and her drive. Welcome aboard, Mari,” says CEO Christophe Sut.
Scanfil Plc Press Release September 3, 2025 at 11:00 AM
Scanfil Inaugurates Johor Bahru Factory Expansion and Modernization in Malaysia
Scanfil inaugurated the expansion and modernization of its production facility for electronics and complex subassemblies in Johor Bahru, Malaysia.
“Johor Bahru is part of SRXGlobal, which Scanfil acquired in October 2024. The expansion and modernization are a testament to the positive business environment for electronics manufacturing in Malaysia and the underlying customer demand,” emphasizes Scanfil CEO Christophe Sut.
The 4.3 million euro investment, announced on January 28, 2025, increases the production area by almost 50 percent and improves capacity, quality, and efficiency. The Johor Bahru factory specializes in the manufacturing of electronics and complex subassemblies, offering all services from one factory. It employs 170 people and has a production area of 6,150 square meters.
New machinery and updated IT systems comply with the Scanfil Dream Factory program, which aims to create the industry’s best factory where information systems, data, processes, and technology work seamlessly together.
Antti Viljakainen was adventuring at the Sieradz factory in Poland, and here are his interesting comments regarding it.
We visited Scanfil’s Sieradz factory in Poland yesterday. In addition to updating the Sieradz factory and group strategy, Scanfil also presented its acquisition strategy at the investor meeting. The company’s presentation material can be viewed here.
Hanza is making a significant acquisition and overtaking Scanfil as Europe’s largest contract manufacturer. German BMK’s revenue is estimated to be around 3.3 BSEK in 2025 and EBIT% ~7.3
Scanfil Plc: Fire at MB Elettronica’s Cortona Factory
Scanfil announced on July 13, 2025, the acquisition of MB Elettronica (“MB”) from Italy. The acquisition process is still ongoing and is expected to be confirmed during the fourth quarter of 2025.
On Friday night, a fire occurred at MB’s Cortona factory, which started and primarily affected the warehouse wing of Factory 2. No one was injured in the fire and the personnel are safe – the safety of personnel is always the top priority.
MB’s personnel are currently investigating the extent of the damage. They are working diligently to minimize the impact on production and to ensure the continuation of production.
