Scanfil: Acquisition in Italy increases net sales by 12% - Nordea
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Scanfil: Acquisition in Italy increases net sales by 12% - Nordea

Scanfil buys MB Elettronica which has 4 factories in Italy. Transaction indicates debt free EV value of EUR 73-123m depending from additional purchase price. MB Elettronica has a large customer
operating in aerospace & defence sector why its EV/EBIT valuation range of 10.2-17.2x is higher than Scanfil's own valuation (2025E: 11.1x). Midpoint of an additional purchase price of 50m could give EV/ EBIT valuation of 13.7x we calculate.

Acquisition could be finalised in Q4 2025 and it will bring 12% increase to Scanfil's annualised net sales. MB Elettronica generates 37% of its turnover in aerospace & defence sector. We calculate that aerospace & defence could now represent above 10% of group's total net sales on pro-forma basis. Scanfil do not include MB Elettronica to its full year guidance before the transaction will be finalised. Regardless of relatively high valuation multiples, we consider the acquisition in Italy as a positive news due to its exposure to defence sector.
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