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Research

Wärtsilä: Keep your eyes on the horizon

By Erkki VesolaAnalyst
Wärtsilä
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Wärtsilä's Q4'23 pre-silent period conference call offered no significant news, but the business has progressed as expected, and especially our confidence in the good development of the service business strengthened. We raised our profitability forecasts moderately and there is still a reasonable upside in the stock.

Wärtsilä

12.97EUR04.01.2024, 18.00
13.5EURTarget price
Accumulate
Changed from:Accumulate
Recommendation updated:04.01.2024

Wärtsilä specializes in power solutions for the marine and energy sectors. The business is managed based on several business segments and the range includes integrated system solutions, spare parts, and associated service functions during the installation cycle, but also complete operation and optimization services. The company was originally founded in 1834 and is headquartered in Helsinki, Finland.

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Key Estimate Figures04.01.2024

202223e24e
Revenue5,843.06,160.17,394.3
growth-%22.3 %5.4 %20.0 %
EBIT (adj.)324.0505.3690.2
EBIT-% (adj.)5.5 %8.2 %9.3 %
EPS (adj.)0.470.540.79
Dividend0.260.400.50
Dividend %3.3 %2.3 %2.8 %
P/E (adj.)16.732.822.2
EV/EBITDA21.717.212.5
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