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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Harvia: Growth drivers are stronger than ever

HARVIAResearch06.05.2021 klo 11.07
Petri KajaaniAnalyst
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Harvia’s Q1 report was extremely strong in line with preliminary data given on April 16. The sauna and spa market is soaring globally, which is visible in Harvia’s growth figures and investments. Even though Q1 figures carried no surprise, management comments on the market outlook were bolder than before, so we made small positive revisions to our estimates for the next few years.

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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 Figures05.05.2021

202021e22e
Revenue109.1150.5181.6
growth-%47.3 %37.9 %20.6 %
EBIT (adj.)24.537.143.3
EBIT-% (adj.)22.4 %24.7 %23.9 %
EPS (adj.)0.941.481.74
Dividend0.510.851.00
Dividend %2.1 %1.9 %2.2 %
P/E (adj.)26.030.325.8
EV/EBITDA18.220.517.3

Forum discussions

Q2/26 Harvian webcast transcriptista; " Harvia has partnered with the University of Jyväskylä, which is known for its sports science department...
9/5/2026, 6:15 PM
by N.K
9
This would be important in new markets where the sauna is a completely new thing. The sauna experience varies quite a bit depending on how the...
9/5/2026, 1:32 PM
by xlat
3
Minusta Harvialla on jo tuollainen mahdollisuus, oliki uusimmassa Fenix ohjauspaneelissa. Ainakin jossain olen kuullut Matiaksen puhuvan “sauna...
9/5/2026, 8:13 AM
by N.K
2
From an AI/automation perspective, it crossed my mind… you could easily assemble an optimized experience from Harvia products. For example, ...
9/5/2026, 6:46 AM
by curios
5
That insider selling likely means there’s no corporate acquisition coming up in the near future — or any similar major move in either direction...
9/3/2026, 10:26 AM
by N.K
6
Inderes Harvia Oyj: Johtohenkilöiden liiketoimet - Wörmanseder - Inderes HARVIA OYJ PÖRSSITIEDOTE 1.9.2026 KLO 14.00 Harvia Oyj - Johdon liiketoimet...
9/1/2026, 11:03 AM
by Montau
8
the Guardian – 29 Jul 26 Repeated use of saunas could help people cope better in heatwaves, scientists... Growing number of studies assessing...
8/31/2026, 10:55 AM
11