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Hop on the consolidation train of the sauna market

HARVIAExtensive research10.12.2020 klo 11.15
Petri KajaaniAnalyst
Discuss
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Harvia is the most profitable player on the steadily growing sauna and spa market, which is based on a strong market position, product development and production know-how that have been generated through the company’s long history and an efficient operating model. Harvia has a wide product portfolio in the sauna sector, an extensive distribution network, and leading brands in the sector (Harvia, Sentiotec, EOS and Kusatek). Strong organic growth outlook, good profitability, high cash flow ratio, and efficient use of capital are good reasons to invest in Harvia. The company becomes even more attractive as an investment object because it has in recent years proven its ability to generate considerable shareholder value through excellent acquisitions on the fragmented sauna and spa market. Harvia is rapidly becoming the undisputed leader on the market.

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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 Figures26.11.2020

201920e21e
Revenue74.1104.2117.6
growth-%19.6 %40.6 %12.9 %
EBIT (adj.)13.921.924.5
EBIT-% (adj.)18.7 %21.0 %20.9 %
EPS (adj.)0.540.860.96
Dividend0.380.500.60
Dividend %3.6 %1.2 %1.4 %
P/E (adj.)19.549.143.9
EV/EBITDA13.634.929.3

Forum discussions

I had to check this myself, as I was under the impression that listed companies would be in a slightly different position compared to private...
yesterday
by Jageksi
8
The criteria changed in the EU at the beginning of the year: sustainability reporting is currently, and at this stage, mandatory only for companies...
yesterday
by Puunhalaaja
7
Since these sustainability reporting thresholds have changed or are in the process of changing, or something similar, if there was uncertainty...
yesterday
by HarhaanJohtaja
2
By the way, was anyone at the general meeting? I missed it, and one decision has me wondering as I’m reading through the minutes a bit behind...
yesterday
by xlat
0
I’ve been thinking about a worst-case scenario (from my perspective) and I see a fairly significant risk with Harvia in a situation where a ...
yesterday
by xlat
10
Yle Uutiset – 17 Jul 26 Löylyyn vai lenkille? Molemmista saa samat hyödyt, kertoo uusi Jyväskylän... Saunan ilmankosteus vaikuttaa kehoon itsen...
7/21/2026, 1:01 PM
by veronmaksaja
33
I have been thinking about Harvia’s long-term prospects from an investor’s perspective (the company is by far the largest holding in my portfolio...
7/20/2026, 6:43 PM
by xlat
35