Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WARTSILA OYJ ABP. We currently have 7 research reports from 1 professional analysts.
|02Mar17 15:45||GNW||Decisions taken by Wärtsilä's Annual General Meeting and Board of Directors|
|09Feb17 07:01||GNW||Wärtsilä Corporation's Annual Report 2016 published|
|27Jan17 06:30||GNW||WÄRTSILÄ'S FINANCIAL STATEMENTS BULLETIN JANUARY-DECEMBER 2016|
|15Dec16 14:30||GNW||Notification in accordance with the Finnish Securities Market Act Chapter 9 § 5: BlackRock Investment Management (UK) Limited decreased holding in Wärtsilä Corporation|
|14Dec16 15:15||GNW||Wärtsilä's disclosure policy updated|
|25Oct16 06:30||GNW||WÄRTSILÄ INTERIM REPORT JANUARY-SEPTEMBER 2016|
|12Oct16 15:15||GNW||Wärtsilä estimates net sales and profitability for 2016 to be lower than previously expected|
Frequency of research reports
Research reports on
WARTSILA OYJ ABP
WARTSILA OYJ ABP
Strong execution in Q4 16 and improving prospects for Energy Solutions
27 Jan 17
Wärtsilä reported strong Q4 16 results despite subdued revenue. Main facts: - Order intake declined 6% to €1,324m with a mixed picture (Energy solution +37% and Marine Solutions -45% yoy). - Q4 revenue declined 2% yoy to €1,559m. - Book-to-bill still weak at 0.85x. - Comparable operating result improved to €253m, or 16.3% of revenue (versus €215m or 13.5%), a record high. - Earnings per share increased to €0.87 (€0.79). - Cash flow from operating activities increased to €235m (€176m), above expectations. As of 2017, Wärtsilä has changed its guidance policy to be consistent with general industry practice. The overall demand for Wärtsilä’s services and solutions in 2017 is expected to be relatively unchanged from the previous year. Demand by business area is anticipated to develop as follows: - Solid in Services with growth opportunities in selected regions and segments. - Solid in Energy Solutions, thanks to growth in electricity demand in the emerging markets and the global shift towards renewable energy sources, which will support the need for distributed, flexible, gas-fired power generation. - Soft in Marine Solutions. Although the outlook for the cruise and ferry segment is positive, the merchant, gas carrier, and offshore segments continue to suffer from overcapacity, slow trade growth and customers’ financial constraints. The Board of Directors proposes that a dividend of €1.30 per share be paid for the financial year 2016, paid in two instalments.
FY16 guidance finally revised downward
26 Oct 16
Wärtsilä reported its Q3 16 results, which showed weak sales and margins leading to a warning for the FY16 targets. Orders were the only positive in this Q3 16 report, showing a +5% increase yoy at €1139m and reflecting an improvement in demand for Energy solutions and despite weaker demand for Marine solutions. Net sales decreased by 12% to €1,079m (versus €1,222m) including -27% yoy for Energy solutions and -13% yoy for Marine solutions. The operating result was €123m, corresponding to an 11.4% margin (versus €160m, or 13.1% of sales, in Q3 15) was impacted by lower volumes. EPS was €0.43 (versus €0.49 in Q3 15) and cash flow from operations was €189m (versus €-5m in Q3 15). The company revised its FY16 guidance and now expects its revenues to decline by c.5% (versus growth between 0% to +5%) and profitability at around 12% versus between 12.5% and 13%.
FY16 guidance now clearly at risk
20 Jul 16
Wärtsilä reported its Q2 16 results. Main facts: Order intake solid but a clear miss on the EBIT margin. > H1 16 revenues (€2,163m; -€55m lfl or -2% reported) > H1 16 operating result (€179m; -€58m lfl or -24% reported and -€31m at cc or -13%) > H1 16 cash flow from operations multiplied by 2.25x. > Q2 order intake was €1,194m vs €1,159m; +3% lfl > The comparable operating result reached €122m, or 10.2% of net sales (versus €137m, or 11.1%). The company confirmed it expects net sales to grow by 0-5%, and profitability to be 12.5-13.0%.
A low start to the year
21 Apr 16
Main facts: Q1 16 sales reached €967m, down 2% yoy and below market expectations of €1.07bn, as Energy Solutions decreased 27% yoy, while Marine was up 4% yoy and Services was up only 3% due to the challenging comparison basis. Q1 16 order intake declined 1% yoy to €1.27bn. Comparable operating result reached €84m, or 8.7% of sales (€100m or 10.1% in Q1 15). EPS was €0.30 (versus €0.43). 2016 outlook was unchanged as the company sees sales growth of 0-5%, and the EBIT margin ex-items at 12.5-13.0%. Wartsila is to restructure the Marine and Energy businesses and expects ~600 job cuts, seeking annual savings of ~€40m.
Mixed Q416 figures points to flat future
29 Jan 16
With revenue growth of 5%, Wärtsilä's top line reached €5.029m in 2015, while the order intake was €4.932m, -3% yoy including -22% for Energy Solutions and -8% for Marine Solutions, partly offset by a +33% increase in Services. This led to a Book-to bill ratio of 0.98x pointing to a flat outlook. The order book however increased by +8% to €4.882m. The operating result before non-recurring items was €612m corresponding to a 12.2% margin, up by 30bp from last year (11.9%). The EPS was €2.25 also up by 28% yoy. For the Q415 alone, orders decreased by 8%, with -27% in Energy solutions while Marine proved more resilient at +1% and Services posted +2% growth with the same pattern in Q415 revenues but, however, showing an overall a +3% increase yoy (-14% in Energy Solutions, +8% in Marine and +10% in Services) leading to a 13.5% operating profitability. In 2016, Wärtsilä expects its net sales to grow by 0-5% and its operating profitability (EBIT % before non-recurring items) to be 12.5-13%.
Demand continues to weaken, but strong margins so far
26 Oct 15
Wärtsilä reported a weak order intake for Q3 15 to €1,086m (-17% yoy), led by very soft demand in the power division at €167m (-56% yoy) citing increasing competition, while Marine solutions decreased 12% to €407m and services increased 10% to €511m, including a 5-year maintenance agreement with Teck Alaska Inc. for its power plant in Alaska. This led to a book-to-bill ratio below 1x at 0.89x. Revenues increased 9% to €1,222m (versus €1,117m), led by the aftermarket and the integration of L-3 Marine Systems while the EBITA margin reached €170m or 13.9% of sales, a satisfactory level in comparison with last year (€149m or 13.3%). This led to a €0.49 EPS (vs €0.43 last year). The cash flow from operating activities was €-5m (vs +68m in Q3 14) as increased receivables weigh. The company confirmed its FY15 guidance for sales to grow by 5-10% and EBIT to be 12-12.5%, while noting the competition in the power generation markets is increasing, and the current macro-economic uncertainty continues to cause delays in customer decision-making.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)