Wärtsilä: A workhorse in the green transition
Wärtsilä's reported Q1 figures were either better than expected or in line with them. Overall, performance was very satisfactory. The market outlook comment for 2023 was quite cautious. However, our confidence in the market pull and the company’s competitiveness has strengthened and we raised our 2023-2025 estimates moderately. The share price remains attractive.
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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.
Read more on company pageKey Estimate Figures25.04.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 5,842.3 | 6,475.2 | 7,091.5 |
| growth-% | 22.3 % | 10.8 % | 9.5 % |
| EBIT (adj.) | 325.0 | 501.9 | 611.0 |
| EBIT-% (adj.) | 5.6 % | 7.8 % | 8.6 % |
| EPS (adj.) | 0.48 | 0.59 | 0.72 |
| Dividend | 0.26 | 0.40 | 0.50 |
| Dividend % | 3.3 % | 1.3 % | 1.6 % |
| P/E (adj.) | 16.3 | 52.6 | 43.0 |
| EV/EBITDA | 21.7 | 29.5 | 24.4 |
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