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Wartsila Corp WRT1V

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Morningstar’s Analysis

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Market Impressed With Wartsila’s Q1 Results As Orders Beat Expectations; Shares Remain Fairly Valued

Matthew Donen, CFA Equity Analyst

Analyst Note

| Matthew Donen, CFA |

Weakness in narrow-moat Wartsila’s core marine and energy markets are showing signs of bottoming out. The market is impressed with the results, having reported an order intake above company-provided consensus and better-than-expected profitability (excluding recognition of a EUR 20 million provision). Shares were trading 12% higher on April 22 and remain fairly valued to our EUR 9.5 fair value estimate.

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Company Profile

Business Description

Wartsila is a global manufacturer of critical equipment and services for the marine and energy markets with operations in over 70 countries. Approximately one half of the group’s sales are derived from the sale of services and spare parts through its network of 258 sales and service network locations. Wartsila is listed on the Nasdaq Helsinki exchange in Finland. Approximately 1 in 3 oceangoing vessels has a Wartsila solution on board, translating into an installed base of over 50,000 vessels and 10,000 customers.

Hiililaiturinkuja 2
Helsinki, FI-00180, Finland
T +358 107090000
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 17,742