Wartsila Earnings: Rebound in Order Intake Persists in Late 2023; 19% FVE Lift on Analyst Transfer
Wartsila’s order intake remains robust in late 2023, with new orders in the third quarter rising 11% year on year, supporting earnings growth in 2024. Order intake in the marine power segment was particularly strong as demand from the cruise segment continued to rebound from the impact of the pandemic. We raise our fair value estimate by 19% to EUR 11, reflecting both a change of analyst and Wartsila’s strong order intake in late 2023. Shares in Wartsila trade at a slim 4% premium to our revised fair value estimate.