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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.)19.550.345.0
EV/EBITDA13.635.830.0

Forum discussions

[quote="xlat, post:8365, topic:471"]\nPS. @Rauli_Juva, do you have a guess?\n[/quote]\n\nThe answer is, of course, that it depends a bit… but...
9/22/2026, 7:52 AM
by Rauli_Juva
23
Currently, Inderes is forecasting about 10% annual revenue growth for the coming years. Last quarter, the growth came entirely from North America...
9/22/2026, 6:43 AM
by Fundamies
6
I’m still thinking about that North American growth and the new demand. It’s completely clear that since there is no installed (legacy) base...
9/21/2026, 7:26 PM
by xlat
5
It was a fast-paced and energetic presentation, as always. I’ll highlight one point from the interview: “Mission a Billion” At the end of the...
9/10/2026, 3:06 PM
by xlat
48
Harvia’s CEO will present at Pörssisijoittajan viikko on Thursday, Sep 10, 2026. 16.40 Harvia leads and renews the global sauna market Matias...
9/8/2026, 7:47 PM
by xlat
16
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
13
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
4