We Maintain Our EUR 14 Fair Value Estimate for Wärtsilä

Wärtsilä is an integrated provider of capital equipment and aftermarket parts and servicing in the global marine and energy markets. Accordingly, it reaps the benefit of sticky, high-profit-margin aftermarket sales that accrue under its installed base business model. Aftermarket maintenance and sales of spare parts account for approximately 50% of group revenue, evidencing the extent to which Wärtsilä can exert control in the lucrative aftermarket for maintenance and original parts for its marine and energy systems and equipment.