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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
Discuss
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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 %2.0 %2.3 %
P/E (adj.)26.029.124.7
EV/EBITDA18.219.716.6

Forum discussions

The US sauna stock is growing rapidly, but it is primarily new; if new demand weakens, there is no replacement demand to maintain even positive...
8/13/2026, 4:04 PM
by xlat
15
True, but this started as early as the beginning of the year; you can find, for example, this insta clip: So, this has partly supported growth...
8/7/2026, 9:57 AM
by Rauli_Juva
28
What kind of margins do they have on the infrared sauna side in the States? Since it is, after all, the single largest type of sauna market ...
8/7/2026, 7:05 AM
by N.K
4
In Harvia’s Q2 interview, CEO Järnefelt almost as an aside dropped the quote that was even used as the video title: “We see opportunities to...
8/7/2026, 6:26 AM
by Sentinvenyttäjä
20
Inderes’ recommendation is now ACCUMULATE with a target price of 47 euros. (Previously BUY and 44 euros.) (So, it will hopefully remain in the...
8/7/2026, 4:45 AM
by Puunhalaaja
28
I noticed earlier on Costco’s website that they have started stocking one Almost Heaven Sauna barrel sauna model directly in their stores. Previously...
8/6/2026, 5:05 PM
by Gnorts mr Alien
82
Almanakkakin has been writing about Harvia I have written from the beginning that my investment thesis for Harvia is the United States. Q2 is...
8/6/2026, 2:24 PM
by Sijoittaja-alokas
29