Wartsila Corp

WRT1V: XHEL (FIN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€64.40	Fxq	Nnxfqtyx

Wartsila Earnings: Rebound in Order Intake Persists in Late 2023; 19% FVE Lift on Analyst Transfer

Grant Slade

Oct 31, 2023

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.

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