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Extensive research

Harvia: Attractive valuation for a quality company

By Inderes
Harvia
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Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, and the company's capital allocation to acquisitions has been successful. We expect that future quarters will be difficult for Harvia when revenue and earnings fall, but valuation with next year's figures is low (EV/EBIT under 10x).

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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Key Estimate Figures2022-09-08

202122e23e
Revenue179.1181.3166.4
growth-%64.2 %1.2 %-8.2 %
EBIT (adj.)47.437.130.4
EBIT-% (adj.)26.5 %20.4 %18.3 %
EPS (adj.)1.851.511.22
Dividend0.600.610.62
Dividend %1.0 %1.5 %1.5 %
P/E (adj.)31.726.933.4
EV/EBITDA21.618.020.7

Forum discussions

In the United States, the “Sauna penetration” coined by Pajuharju seems to be progressing strongly. I’m looking at the trends data for the interim...
1 hour ago
by PikkuOsta
7
iltalehti.fi USA:ssa saunabuumi Yhdysvaltalaiset etsivät hyvinvointia löylyistä. Well, this certainly isn’t a negative thing, that people are...
2/7/2026, 6:08 AM
by N.K
48
A block trade of over 7 million euros was executed in Harvia shares today. 170,000 shares changed hands. Tärkeimmät talousuutiset | Kauppalehti...
1/28/2026, 11:52 AM
by Onnenpoika
20
The most important amenities of New York luxury apartments according to a Serhant agent. “Cold plunges and saunas”
1/26/2026, 6:42 PM
by Jussi_P
38
Almanakka selected Harvia as this year’s winning stock. Sijoitustieto.fi Sijoitusgurujen osakevalinnat vuodelle 2026 Sijoitustieto kysyi vuoden...
1/14/2026, 6:57 PM
42
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
40
These don’t have an impact on the investment case, but it’s nice to follow along over coffee. That was already a significant addition. Harvia...
1/3/2026, 1:23 PM
by Svenanders757
18
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