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Harvia

42.55 EUR

-1.73 %

14,822 following

HARVIA

NASDAQ Helsinki

Home Products

Consumer Goods & Services

-1.73 %
-0.82 %
+2.16 %
+21.05 %
-12.18 %
+2.65 %
+131.63 %
+75.10 %
+751.00 %

Harvia is a manufacturer of sauna systems. The product range consists of complete solutions that include ready-made sauna and spa systems, as well as electric sauna heaters, wood-burning sauna stoves and related furnishings. In addition, the company manufactures infrared sauna systems. Operations are held on a global level, where the company's products are found through partners. The company was founded in 1950 and has its headquarters in Muurame.

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Market cap
795.44M EUR
Turnover
124.48K EUR
P/E (adj.) (25e)
28.61
EV/EBIT (adj.) (25e)
21.06
P/B (25e)
5.85
EV/S (25e)
4.27
Dividend yield-% (25e)
2 %
Coverage
Recommendation
Reduce
Target price
43.00 EUR
Updated
2025-11-07
Disclaimer
Rauli Juva
Rauli Juva

Analyst

Latest research

Latest analysis report

Released: 2025-11-07

Latest extensive report

Released: 2025-10-08

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
12/2
2026

Annual report '25

15/4
2026

General meeting '26

7/5
2026

Interim report Q1'26

Risk
Business risk
Valuation risk
Low
High
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Harvia Extensive Report: Leader in a growing market
Extensive research by
Rauli Juva

Harvia Extensive Report: Leader in a growing market

Harvia is a leading company in its field, boasting clear competitive advantages and strong growth potential. All of this enables good earnings growth and ROIC, as well as value creation, in addition to which the company's capital allocation to acquisitions has been successful.

Harvia
Forum discussions
I made a small analysis of Harvia’s total return from summer 2018 - present, based on Inderes’ reports. Now I delved a bit deeper into the sources of shareholder return, hopefully it went at least roughly correctly, as I’m not very good at valuation. @Rauli_Juva if you wouldn’t mind...
12/10/2025, 11:17 AM
by xlat
45
It did. From what I glanced at those numbers myself, they look to be in the right direction. However, for the 2018 P/E, you have picked the P/E according to the reported EPS, when otherwise you use (quite reasonably) adjusted ones. The adjusted P/E in the initiation of coverage report...
12/11/2025, 7:04 AM
by Rauli_Juva
40
The development of search volumes for Almost Heaven Saunas and Harvia looks quite wild according to Google Trends. Looks promising😁
1/4/2026, 10:33 AM
by Gnorts mr Alien
34
As I see it, nothing particularly unusual has happened with the dollar exchange rate lately. It has certainly weakened compared to the comparison period, which is reflected in the figures reported in euros. Furthermore, the company itself stated that regarding sauna heaters exported...
1/2/2026, 3:41 PM
by Rauli_Juva
34
I follow Almost Heaven’s online store from time to time; it seems that delivery times have stretched during the autumn from about 3 weeks in the summer to the current two months. Based on that, one could assume sales have been good if there haven’t been any major bottlenecks in production...
12/3/2025, 6:40 AM
by Umpimähkä
32
Yle Uutiset – 23 Dec 25 Britit hullaantuivat saunasta – ongelmia aiheuttavat vain nakuilu ja hiljaisuus Yleisten saunojen määrä on kasvanut Britanniassa 200:sta yli 500:aan vuoden sisällä. Erityisen suosittua on kylpemiseen liittyvä ”kontrastiterapia”. Indeed.. There is still plenty...
12/23/2025, 8:59 AM
by Cezeta
31
There are very few products for which a cheaper alternative doesn’t exist, yet companies manufacturing high-end gadgets still make a profit year after year. Thus, the mere knowledge that you can buy a sauna cheaply at Lidl in Germany doesn’t really faze me. I couldn’t read the full...
1/3/2026, 11:07 AM
18
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