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
    }
    ... 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
    }
  }
}


modellportfoljen-vi-atervander-till-bastun

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Juha Kinnunen

Atte Riikola

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.

It is better for the model portfolio to admit a mistake regarding the previous sale and return now that the share price has fallen without any solid justification. Harvia fits the model portfolio perfectly as a long-term investment.

Inderes              Mallisalkku: Palaamme takaisin löylyihin - Inderes    Ostimme Harvian osakkeita Mallisalkkuun 6 %:n painolla.                              We bought Harvia shares for the Model Portfolio with a 6% weight. In our view, Harvia possesses strong competitive advantages and growth prospects, and is capable of a strong return on capital. We believe the growth supports an annual return expectation of over 15% for the coming years. After the trade, the Model Portfolio’s cash weight fell to a fairly low 8.5%, and thus opportunities for new acquisitions are now limited.  The previous Harvia shares from the model portfolio were sold almost exactly 2 years ago (13.2.2024) when the share was hovering around €31-32.

Almanakka has written about Harvia following the Q4 results  I and other Google Trends watchers let our expectations get a bit too high ahead of the fourth quarter. It definitely didn’t go poorly, but a valuation like this cannot withstand even minor disappointments. Somewhat surprisingly, the most positive surprise of the quarter was found in the domestic markets as Northern Europe returned to strong growth, while at the same time North America appeared more subdued, at least on the surface. After a 10% correction, the company is still at 18x the trailing 12-month operating profit.                   Sijoitustieto.fi              Harvia Q4/25: Saunominen palaa kotiin    Minä ja muut Google Trendsin tuijottelijat saivat odotuksensa nousemaan turhan korkealle ennen neljättä neljännestä. Se ei missään nimessä sujunut huonosti, mutta tällainen arvostus ei kestä pieniäkään pettymyksiä. Hieman yllättäen neljänneksen...

Agreed, and just to add, yesterday’s interview was exceptionally convincing in that even all the old figures came from memory without hesitation. It almost brings Rain Man to mind, in a good way.  PS. Been along for the Harvia journey for almost 8 years now.

Personally, I always think some kind of guidance is better than no guidance at all. In Harvia’s case, the company could well provide guidance on an annual level, for example, stating they believe they will reach their financial targets this year (10% growth and 20% EBIT). It might not affect the stock volatility caused by quarterly results, but it would provide some direction on an annual level as well. Of course, this can also be handled through verbal communication, which Matias indeed handles excellently. Apparently, Matias would have known how to provide guidance for this year too, as he said at the beginning of the year the goal was 200 MEUR and 20%. If he had added “approximately” to those, the guidance would have held for the whole year

At this stage, I have to take my hat off to Matias’s excellent, down-to-earth, and clear communication towards us investors in these earnings releases and interviews. I’ve been on the journey with Harvia for 5+ years, and all sorts of things have happened along the way. Currently, however, I feel very confident about the company’s future. There’s no overreacting from one quarter to the next; the train just keeps chugging along with a clear strategy & focus. Sometimes exchange rates provide headwinds and sometimes tailwinds. The stock price then lives a life of its own. In my opinion, easily one of the most trust-inspiring CEOs on the Helsinki exchange

Rauli upgraded his recommendation by two notches at once, now to BUY with a target price of 44 euros (previously REDUCE at 43 euros). You hardly see the “Inderes effect” in mid-caps anymore, but I’m quite satisfied that I already added to my position on Thursday. If the share price stays stagnant for a moment longer, even the Model Portfolio might get a chance to add this quality company to its portfolio. Personally, I like Harvia’s way of not publishing any short-term guidance. For a company like this, the broad strokes are perfectly sufficient. Of course, I understand that analysts would like an outlook with a precision of a few months. Funny enough, someone in the webcast suggested that Harvia should only report results every six months. I won’t admit to being that proposer. There might indeed be an acquisition in the works. Matias has mentioned several times that he hasn’t bought Harvia shares himself because he is constantly involved in insider projects. Not in those exact words, but everyone gets the point. Let’s just hope it’s a successful purchase. Kirami wasn’t, but in my understanding, the others have been.

Harvia

Vi köpte Harvia-aktier till Modellportföljen med en vikt på 6 %.


Automatisk &#xf6;vers&#xe4;ttning: Ursprungligen publicerad p&#xe5; finska 2026-02-17 08:04 GMT. Ge feedback <a href="https://forum.inderes.com/t/inderes-fi-sisallon-kehitysideat/71/?tl=sv">h&#xe4;r</a>.Vi k&#xf6;pte Harvia-aktier till modellportf&#xf6;ljen med en vikt p&#xe5; 6 %. Harvia har enligt v&#xe5;r &#xe5;sikt starka konkurrensf&#xf6;rdelar och tillv&#xe4;xtutsikter, samt f&#xf6;rm&#xe5;ga att generera en stark kapitalavkastning. Vi tror att tillv&#xe4;xten kommer att st&#xf6;dja en &#xe5;rlig f&#xf6;rv&#xe4;ntad avkastning p&#xe5; &#xf6;ver 15 % under de n&#xe4;rmaste &#xe5;ren. Efter transaktionen minskade modellportf&#xf6;ljens kontantvikt till ganska l&#xe5;ga 8,5 %, vilket inneb&#xe4;r att m&#xf6;jligheterna till nya f&#xf6;rv&#xe4;rv nu &#xe4;r begr&#xe4;nsade.

	2025	26e	27e
Revenue	198.9	219.6	242.6
growth-%	13.5 %	10.4 %	10.5 %
EBIT (adj.)	39.1	44.7	51.8
EBIT-% (adj.)	19.7 %	20.3 %	21.3 %
EPS (adj.)	1.46	1.72	2.03
Dividend	0.77	0.82	1.00
Dividend %	1.8 %	2.2 %	2.6 %
P/E (adj.)	29.4	22.2	18.8
EV/EBITDA	18.7	14.7	12.5

Modellportföljen: Vi återvänder till bastun

Key Estimate Figures13/02

Forum discussions