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Hop on the consolidation train of the sauna market

HARVIAExtensive research2020-12-10 10:15
Inderes
Discuss
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Harvia is the most profitable player on the steadily growing sauna and spa market, which is based on a strong market position, product development and production know-how that have been generated through the company’s long history and an efficient operating model. Harvia has a wide product portfolio in the sauna sector, an extensive distribution network, and leading brands in the sector (Harvia, Sentiotec, EOS and Kusatek). Strong organic growth outlook, good profitability, high cash flow ratio, and efficient use of capital are good reasons to invest in Harvia. The company becomes even more attractive as an investment object because it has in recent years proven its ability to generate considerable shareholder value through excellent acquisitions on the fragmented sauna and spa market. Harvia is rapidly becoming the undisputed leader on the market.

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 Figures2020-11-26

201920e21e
Revenue74.1104.2117.6
growth-%19.6 %40.6 %12.9 %
EBIT (adj.)13.921.924.5
EBIT-% (adj.)18.7 %21.0 %20.9 %
EPS (adj.)0.540.860.96
Dividend0.380.500.60
Dividend %3.6 %1.1 %1.3 %
P/E (adj.)19.552.246.6
EV/EBITDA13.637.031.1

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...
yesterday
by Rauli_Juva
63
Just an observation from a single trucker here—which could almost go into the personal experiences with the company thread—but Harvia’s factory...
yesterday
by Mutuilija
114
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
42
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
27
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
34
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
40
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
18