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Harvia: Back to the growth trend from Q4’23

HARVIAExtensive research2023-09-13 09:07
Rauli JuvaAnalyst
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Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, in addition to which the company's capital allocation to acquisitions has been successful. We expect revenue and earnings to start rising again from Q4’23.

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.

Read more on company page

Key Estimate Figures2023-09-13

202223e24e
Revenue172.4151.4165.3
growth-%-3.8 %-12.2 %9.2 %
EBIT (adj.)36.533.237.8
EBIT-% (adj.)21.2 %21.9 %22.9 %
EPS (adj.)1.551.231.50
Dividend0.640.650.67
Dividend %3.6 %1.5 %1.5 %
P/E (adj.)11.436.029.4
EV/EBITDA9.121.818.9

Forum discussions

[quote="xlat, post:8365, topic:471"]\nPS. @Rauli_Juva, do you have a guess?\n[/quote]\n\nThe answer is, of course, that it depends a bit… but...
2 hours ago
by Rauli_Juva
8
Currently, Inderes is forecasting about 10% annual revenue growth for the coming years. Last quarter, the growth came entirely from North America...
3 hours ago
by Fundamies
3
I’m still thinking about that North American growth and the new demand. It’s completely clear that since there is no installed (legacy) base...
14 hours ago
by xlat
3
It was a fast-paced and energetic presentation, as always. I’ll highlight one point from the interview: “Mission a Billion” At the end of the...
9/10/2026, 3:06 PM
by xlat
47
Harvia’s CEO will present at Pörssisijoittajan viikko on Thursday, Sep 10, 2026. 16.40 Harvia leads and renews the global sauna market Matias...
9/8/2026, 7:47 PM
by xlat
16
Q2/26 Harvian webcast transcriptista; " Harvia has partnered with the University of Jyväskylä, which is known for its sports science department...
9/5/2026, 6:15 PM
by N.K
13
This would be important in new markets where the sauna is a completely new thing. The sauna experience varies quite a bit depending on how the...
9/5/2026, 1:32 PM
by xlat
4