contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


contract-manufacturer-kitron-raised-its-guidance-for-the-current-year-moderately

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Research

Antti Viljakainen

Scanfil is an international electronics contract manufacturer, specializing in industrial and B2B customers. Services include manufacturing of end products and components such as PCBs. Manufacturing services are the core of the company, supported by design, supply chain and modernization services. The company operates globally in Europe, America and Asia. Customers are primarily found in the process automation, energy efficiency, green efficiency and medical segments.

Chief Analyst Viljakainen has been working hard on Sunday evening to provide us with a pre-earnings report on Scanfil, as the company releases its Q4 report on Friday, Feb 20.  We are revising our target price for Scanfil to EUR 11.00 (prev. EUR 10.50), but lowering our recommendation to Reduce (prev. Accumulate). Scanfil’s guidance for 2026 was in line with expectations, which, together with MB’s strong 2025 figures, in our view slightly lowered the risk level associated with the stock. However, we did not make any changes beyond marginal positive fine-tuning to our Scanfil forecasts at this stage. The approximately 15% rise in the share price since our December update has once again slightly raised the stock’s valuation (2026e: P/E 14x), and as a result, we believe the expected return has neutralized on a one-year horizon. In the longer term, we believe Scanfil still offers an attractive investment story of profitable growth.                   Inderes              Scanfil Q4'25 -ennakko: Hyvä uutisvirta nykäisi löysät nopeasti pois - Inderes    Tarkistamme Scanfilin tavoitehintamme 11,00 euroon (aik. 10,50 €), mutta laskemme suosituksemme vähennä-tasolle (aik. lisää).

Here are Antti’s comments regarding Scanfil’s recent announcements  Scanfil announced its guidance for 2026 on Thursday. The midpoints of the wide guidance ranges were well in line with our current forecasts. Initially, we do not believe the guidance will cause significant pressure for changes to our or the consensus forecasts for Scanfil’s current year. However, the guidance, which hit expectations, slightly reduces the risks related to the organic and inorganic growth and earnings growth we have forecasted for this year.                   Inderes              Scanfilin kuluvan vuoden ohjeistus ei aiheuttanut yllätyksiä meille tai...    Leveiden ohjeistushaarukoiden keskikohdat olivat hyvin linjassa nykyisten ennusteidemme kanssa.                             Scanfil announced on Thursday that it is investing EUR 9 million in the expansion of its factory located in Suzhou, China. With the investment, the factory’s floor area will more than double. In Scanfil’s strategy, the Suzhou factory focuses especially on the Chinese local market, where, according to our understanding, the company has performed well in recent years. It supports long-term organic growth, but it does not cause immediate changes to our forecasts regarding investments or growth and earnings forecasts.                   Inderes              Scanfil investoi 9 MEUR Kiinan tehtaansa kasvattamiseen - Inderes    Tarpeelliselta vaikuttava investointi tukee Scanfilin pitkän aikavälin orgaanista kasvua, mutta se ei aiheuta välittömiä muutoksia ennusteisiimme.

Scanfil invests in its factory in Suzhou, China: https://www.scanfil.com/fi/uutishuone/press_release/scanfil-investoi-kiinan-tehtaaseensa-suzhoussa

Following the evaluation of the acquisitions of the Italian MB Elettronica and the US-based ADCO Circuits, Scanfil has defined its outlook for 2026. Scanfil estimates its 2026 revenue to be EUR 940–1,060 million and its comparable EBITA to be EUR 64–78 million. Scanfil will publish its financial statements for January–December on Friday, 20 February 2026, at approximately 8:00 a.m.

Here are Antti’s comments on how Scanfil has finalized the MB acquisition.  Scanfil announced on Thursday evening that it has completed the acquisition of the Italian electronics contract manufacturer MB Elettronica. The completion of the deal in January was expected, and the timing has no impact on our forecasts. However, the acquisition target delivered a very strong result in 2025, exceeding our estimates, which naturally already partly triggers the earn-out payment. Overall, the risks concerning our forecasts for Scanfil for the coming years are at least decreasing thanks to MB’s strong 2025 figures. Scanfil is organizing a briefing regarding the acquisition today at 2:00 p.m. The briefing can be followed here.                   Inderes              Scanfil viimeisteli MB-yrityskaupan ja kertoi ostokohteen vahvoista viime...    Scanfil tiedotti torstai-iltana saattaneensa päätökseen italialaisen elektroniikan sopimusvalmistaja MB Elettronican yritysoston.

Inderes              Scanfil on saattanut päätökseen italialaisen elektroniikan sopimusvalmistaja...    22.1.2026 17:45:01 EET | Scanfil Oyj | Muut pörssin sääntöjen nojalla julkistettavat tiedotScanfil Oyj Pörssitiedote 22.1.2026 klo 17.45Scanfil on saattanut päätökseen italialaisen elektroniikan...

https://x.com/AkseliGran/status/2006684488026210468?s=20

Scanfil

Incap operates in the industrial sector. The company supplies equipment and services for industrial players, where the range includes PCB assembly, system integration, box building integration, design validation, and inspection methods. The largest operations are found in the Nordic, Baltic and Asian regions. The company was originally established in 1985 and is headquartered in Helsinki.

@Isa_Hudd and Antti discussed Incap.                    Inderes              Incap: The Lacon acquisition - Inderes    Time: 29.01.2026 klo 10.14 In December, Incap announced it would acquire the shares of the German company Lacon.

Free trade is definitely positive for export companies like Incap, especially in the long run. In the short term, however, there may not necessarily be direct effects that are radically visible in the figures, unless the trade agreement acts as a specific trigger for a customer to shift production to India. Europe is the largest market for Incap’s Indian factory (i.e., the lion’s share of VE deliveries), and there is capacity to take on more customers. Comments from the India factory visit, where this topic was touched upon, can be found here.

Regarding Incap, it would be interesting to hear how the free trade agreement between India and the EU affects Incap. As I understand it, volumes at the Indian factories are already high, but there is still plenty of capacity for expansion. @Antti_Viljakainen, it would be great to hear your comments on this.

Inderes              Incap: Taseen työ tukee osakkeen nousuvaraa - Inderes    Näemme Lacon- yritysostossa strategista logiikkaa, mutta lähtötason korkeintaan neutraalin arvostuksen myötä kaupan arvonluonti perustuu mielestämme etenkin Laconin kannattavaan kasvattamiseen osana Incapiä ja yhtiöiden välisten kaupallisten...

Today, so far, 2.9 MEUR turnover (>300k shares). edit: As an interesting detail, a new name has appeared on the shareholder list:     4.12.2025: Ivar Løge AS, 75 000     Ivar is apparently a Norwegian investor. An interesting headline came up in a Google search: “Investor Ivar Løge har hatt enorm avkastning på børs…”, i.e., “Investor Ivar Løge has had enormous returns on the stock market”

Over 2 million euros worth of trade was done at Incap today. This is not unique, but it is rare. Edit. By the end of the day, the trade was about 3.5 million euros.

Without taking a strong stance on whether Note’s or Incap’s view on the multidimensional question is more correct, I cannot, however, believe that the reflections of the German automotive industry’s problems on the EMS sector would remain only within Germany’s borders. Goods, however, move mostly freely in mainland Europe, and the automotive industry’s supply chains are complex and multidimensional, so surely this should be more widely visible in Europe. So far, Nordic EMS companies have achieved relatively healthy profitability in Europe, whereas challenges have likely been more on the side of volume growth than margins (i.e., prices). The automotive industry is largely high volume / low mix production, where different players are strong compared to Nordic contract manufacturers focused on high mix / low volume (of course, this is just a general rule and, to my understanding, Incap also supplies products to the automotive industry, at least from Slovakia). The transition also doesn’t happen overnight, but as the demand problems of the big players persist, overcapacity naturally tends to spill over, in one way or another, to other tables as well.

Incap

Kitron's earnings revision is also slightly positive news for Finnish contract manufacturers.

Translation: Original published in Finnish on 04/03/2025 at 07:49 am EEST
Last night, Norwegian contract manufacturer Kitron raised its guidance for this year. The company now expects 2025 revenue to be 640-710 MEUR (was 600-700 MEUR) and EBIT to be 47-65 MEUR (was 42-63 MEUR). Consequently, the midpoint of the revenue guidance range increased by 4% and the midpoint of the EBIT guidance by 7%. Kitron justified the moderate guidance increase, especially with the strong outlook for the defense and space sectors, as well as the stable outlook for other customer sectors. Kitron expects demand in other sectors to recover this year despite tariffs. Kitron&#x2019;s other customer segments are related to communications technology, electrification and industry.&#xa0;
<h2 class="MsoNormal">The earnings revision from the peer is also slightly positive news for Finnish contract manufacturers</h2>
We consider Kitron a fairly good peer to Scanfil, while Incap has been developing at a somewhat different pace than most of its peers already for a longer time. Although Scanfil&apos;s and Incap&apos;s weight in the defense sector is clearly lower than Kitron&apos;s share of some one-fifth of revenue, the companies&apos; portfolios are closer to each other in other customer sectors. Therefore, we feel Kitron&apos;s raised guidance and comments on the stabilization of demand and recovery expectations are a slightly positive signal, especially for Scanfil but also for Incap. In addition, we believe that the very strong growth outlook for the Western defense industry and the need to increase production also open growth opportunities for Scanfil and Incap.&#xa0;

Contract manufacturer Kitron raised its guidance for the current year moderately

The earnings revision from the peer is also slightly positive news for Finnish contract manufacturers

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