Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WARTSILA OYJ ABP. We currently have 6 research reports from 1 professional analysts.
|15Dec16 02:30||GNW||Notification in accordance with the Finnish Securities Market Act Chapter 9 § 5: BlackRock Investment Management (UK) Limited decreased holding in Wärtsilä Corporation|
|14Dec16 03:15||GNW||Wärtsilä's disclosure policy updated|
|12Dec16 11:15||GNW||Wärtsilä Corporation, Managers' transactions: Wiren Marco|
|09Dec16 09:00||GNW||Wärtsilä Corporation, Managers' transactions: Palomäki, Atte|
|29Nov16 01:15||GNW||Wärtsilä Corporation, Managers' transactions: Barbone, Pierpaolo|
|15Nov16 08:00||GNW||Wärtsilä Corporation, Managers' transactions: Barbone, Pierpaolo|
|08Nov16 09:00||GNW||Wärtsilä Corporation, Managers' transactions: Castrén, Päivi|
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WARTSILA OYJ ABP
WARTSILA OYJ ABP
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.
Weak demand leads to restructuring in ship power
17 Jul 15
Q2 15 figures are rather disappointing: order intake grew only 2% (-23% for Energy Solutions and +2% for Marine and +13% for Services) while revenue increased 10% to €1,230m leading to a book-to-bill ratio below 1x (0.94x). The EBIT margin was also a bit disappointing at 11.1% (vs 11.8% last year) although better than in Q1 15 (10.1% of sales). EPS was €0.54 vs €0.42 last year. Company reported that restructuring is pending in the Ship Power business to reflect the weak market situation: Wärtsilä seeks annual savings in the region of €40m, but the effect of the savings will materialise gradually beginning from Q3 15, and will take full effect by the end of 2016. The non-recurring costs related to the restructuring measures will be approximately €25-30m. The company updated its guidance to reflect the acquisition of L-3 Marine Systems International, which was finalised at the end of May and it now expect sales growth of 5-10% and profitability to be 12.0-12.5%. This represents no material change in the guidance as the contribution of L-3 represents c.5% growth on sales, with a slight dilution on margins.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
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Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
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