Extensive research
Harvia: Attractive valuation for a quality company
By Inderes
Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, and the company's capital allocation to acquisitions has been successful. We expect that future quarters will be difficult for Harvia when revenue and earnings fall, but valuation with next year's figures is low (EV/EBIT under 10x).
Login required
This content is only available for logged in users
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 Figures08.09.2022
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 179.1 | 181.3 | 166.4 |
| growth-% | 64.2 % | 1.2 % | -8.2 % |
| EBIT (adj.) | 47.4 | 37.1 | 30.4 |
| EBIT-% (adj.) | 26.5 % | 20.4 % | 18.3 % |
| EPS (adj.) | 1.85 | 1.51 | 1.22 |
| Dividend | 0.60 | 0.61 | 0.62 |
| Dividend % | 1.0 % | 1.5 % | 1.5 % |
| P/E (adj.) | 31.7 | 27.1 | 33.6 |
| EV/EBITDA | 21.6 | 18.1 | 20.8 |
Forum discussions
