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Modellportföljen: Vi skruvar upp värmen i Harvia

HARVIAResearch2026-11-03 09:18
Juha Kinnunen, Atte Riikola, Rauli Juva
Discuss

Automatisk översättning: Ursprungligen publicerad på finska 2026-11-03 08:18 GMT. Ge feedback här.

Vi ökar Harvias vikt i modellportföljen med 1,5 procentenheter, vilket gör att dess vikt i portföljen stiger till drygt 8 %. Harvias Q3-resultat understeg förväntningarna tydligt på grund av ökade kostnader, och aktien har sjunkit efter rapporten. Enligt vår mening förändrade rapportmissen inte bolagets tillväxtresa på lång sikt, och kursnedgången öppnade ett bra tillfälle att öka positionen. Enligt våra estimat erbjuder vinsttillväxten och utdelningen en årlig förväntad avkastning på nästan 20 % de kommande åren.

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 Figures30/10

202526e27e
Revenue198.9225.5251.9
growth-%13.5 %13.4 %11.7 %
EBIT (adj.)39.142.150.5
EBIT-% (adj.)19.7 %18.7 %20.0 %
EPS (adj.)1.461.611.97
Dividend0.770.821.00
Dividend %1.8 %2.0 %2.4 %
P/E (adj.)29.425.520.8
EV/EBITDA18.916.613.7

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Greetings to the thread! I quickly skimmed the report, listened to the webcast while working, and later caught the Inderes interview. I didn...
10/30/2026, 8:25 AM
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