Harvia: Back to the growth trend from Q4’23

HARVIAExtensive research2023-09-13 09:07

Inderes

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.

Key Estimate Figures2023-09-13

	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 %	1.4 %	1.5 %
P/E (adj.)	11.4	36.7	30.0
EV/EBITDA	9.2	22.5	19.5

Forum discussions

This is probably driven by the Muurame factory’s Q2 production shutdown combined with strong demand. The company did comment over the summer...

10/21/2026, 9:48 AM

by Rauli_Juva

Just an observation from a single trucker here—which could almost go into the personal experiences with the company thread—but Harvia’s factory...

10/21/2026, 8:07 AM

by Mutuilija

120

Today 14.10. DNB Carnegie raises Harvia’s target price to EUR 52.00 (prev. 49.00), reiterates Buy recommendation.

10/14/2026, 5:04 AM

by Iltsu

Regarding Q3, it’s worth keeping in mind that there is sales shifted over from Q2 due to the production disruption in Muurame, so the figures...

10/8/2026, 6:36 AM

by Rauli_Juva

OP updated its forecast today, raising the target price to €46 (prev. €43) and upgrading the recommendation to Accumulate (prev. Reduce) Headline...

10/8/2026, 5:40 AM

by Montau

Good to hear that this method could be useful for some other companies as well Those shipment counts can also be converted into kilograms, which...

10/7/2026, 10:03 AM

In the Rapala thread, @LaMa has expertly been tracking Rapala’s import statistics on ImportYeti. For Harvia, the number of shipments has grown...

10/7/2026, 9:56 AM

by Umpimähkä

Harvia: Back to the growth trend from Q4’23

HARVIAExtensive research2023-09-13 09:07

Inderes

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Key Estimate Figures2023-09-13

	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 %	1.4 %	1.5 %
P/E (adj.)	11.4	36.7	30.0
EV/EBITDA	9.2	22.5	19.5