contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Rauli Juva

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.

Generally, if you want more comments on an analysis, a good starting point is the latest comprehensive report. On this topic, you can find this excerpt:  The mention of Harvia as a potential target has indeed been around for a long time, after the acquisitions of the mentioned competitors. Generally, one could say Harvia is a potential acquisition target, as it is a leader in a globally growing industry, yet still small enough in size that many larger players or private equity firms could quite easily (in terms of size) buy the company out.

My understanding is that this speculation has been part of analyses for quite some time, with 5/2025 mentioned, for example. I haven’t seen any concrete evidence or further details on this topic. Perhaps those wiser than me can correct my view if needed?

I was just reading an analyst’s Q4 analysis, as I also jumped on the Harvia bandwagon with a small sum. At the end, it was also mentioned that Harvia is considered a possible acquisition target. Has there been any indication of this before, or where did such an idea come from, and who could be potential buyers?

I was browsing Harvia’s annual report released today, and it caught my eye that they kindly disclose the CEO’s annual bonus “personal targets” retrospectively, which account for 30% of the bonus, with EBIT determining 70%. Below are Matias’s focus areas from last year. Of these, Matias received only about half of the maximum reward, so not everything progressed quite according to plan. The highlighting of the infrared strategy strongly suggests that Harvia is heading more heavily in that direction one way or another in the coming years, which is a good thing for international growth. This isn’t surprising, of course, but if a strategy was developed last year, then perhaps we’ll start to hear something concrete this year. Naturally, if the strategy requires an acquisition, its realization isn’t entirely in their hands. I’ll have to ask about these in future interviews.  For comparison, the 2023-24 targets; compared to these, I think the 2025 targets were more specifically defined areas.

CNN – 4 Mar 26              The new going-out spot isn’t a bar. It’s so much hotter than that | CNN    A new generation of social bathhouses in North America reimagines saunas and other bathing rituals as not just a wellness experience, but also as a night out, a first date or a way to build community.                             Always coming up with something new, Finland mentioned.

Inderes              Harvia Oyj: Johtohenkilöiden liiketoimet - Petri Castrén - Inderes    HARVIA OYJ PÖRSSITIEDOTE 4.3.2026 KLO 18.00 Harvia Oyj - Johdon liiketoimet ____________________________________________ Ilmoitusvelvollinen Nimi: Petri Castrén Asema: Hallituksen jäsen/varaj...                             Purchase of 400 shares

Spotted on the BBC:                   bbc.com              Why sauna culture is hotting up across the South of England    With over 600 saunas across the UK, users and experts explain why heat is good for your health                             The article discusses saunas in general and their development in Southern England. I thought it was a light and feel-good piece that I’d recommend reading, even if it doesn’t necessarily break any ground in terms of informational content. Highlights that might interest forum members the most:  Over 600 public saunas available in the UK Since 2018, the number of saunas has nearly doubled every year (-British Sauna Society) Saunas were previously perceived as luxury items found only in connection with spas. Now they are starting to move towards leisure centers, swimming pools, and beaches. They are becoming more familiar to the wider public. The piece mainly covers public saunas; they often seem to be combined with swimming opportunities, and the “cold plunge” is also a thing for the Brits. £10 / person / 1h of sauna isn’t a bad price at all by their standards. Emphasis on health benefits, endorphins, and socializing. Finland mentioned, though in the context of Scandinavia.

Harvia

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. 

<p>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. </p> 

	2022	23e	24e
Revenue	172.4	151.4	165.3
growth-%	-3.8 %	-12.2 %	9.2 %
EBIT (adj.)	36.5	33.2	37.8
EBIT-% (adj.)	21.2 %	21.9 %	22.9 %
EPS (adj.)	1.55	1.23	1.50
Dividend	0.64	0.65	0.67
Dividend %	3.6 %	1.9 %	2.0 %
P/E (adj.)	11.4	27.5	22.4
EV/EBITDA	9.1	16.8	14.5

Harvia: Back to the growth trend from Q4’23

Key Estimate Figures2023-09-13

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