Inderes analytiker har gjort en ny analys av Finlands stolthet, Wärtsilä.
We reiterate our Reduce recommendation for Wärtsilä and raise our target price to EUR 17.00 (was EUR 16.50) after the good Q2 report, reflecting our positive forecast changes. Wärtsilä’s brisk earnings growth pattern is likely to continue next year, but we believe that the stock already has enough earnings growth expectations built in, with the share price up almost 80% over the past year. As a result, we think the earnings growth is being swallowed up by the higher multiples, and the stock’s expected return next year is therefore below the required return.