Scanfil’s share price has fallen by 20% since the earnings release at the beginning of August without any major company-specific news. However, industrial data from Europe and globally has been subdued. Thus, the downward risks have also increased slightly for Scanfil (we have not made any forecast changes), but with the drop in valuation due to the clear share price decline (2023: P/E 12x), we feel the expected return has improved and risen above the required return. In our view, Scanfil also offers a strong investment story of profitable growth in the longer term.