Harvia: High quality, but the price is too high
By Rauli Juva
Harvia's Q4 results were strong and we believe the company will meet its financial targets in the coming years. We raised our forecasts by 2-4% for 2024-25.
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 pageKey Estimate Figures2024-02-09
| 2023 | 24e | 25e | |
|---|---|---|---|
| Revenue | 150.5 | 161.8 | 176.2 |
| growth-% | -12.7 % | 7.5 % | 8.9 % |
| EBIT (adj.) | 33.7 | 36.1 | 40.2 |
| EBIT-% (adj.) | 22.4 % | 22.3 % | 22.8 % |
| EPS (adj.) | 1.28 | 1.37 | 1.60 |
| Dividend | 0.68 | 0.72 | 0.80 |
| Dividend % | 2.5 % | 2.0 % | 2.2 % |
| P/E (adj.) | 21.2 | 26.4 | 22.7 |
| EV/EBITDA | 13.9 | 16.5 | 14.4 |
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