It said most of the risks that drove UBS to downgrade Wartsila, such as low scrubber and power plant demand, have now materialised.

Analysts Sven Weier and Sebastian Ubert added that Wartsila could come on the radar screen of a buyer again as its power plant expertise in gas engines could be a sweet spot in the global market.

UBS projects that the company’s sales will improve from EUR 4.65bn