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Extensive research

Hop on the consolidation train of the sauna market

By Petri KajaaniAnalyst
Harvia
Download report (PDF)

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 %1.5 %
P/E (adj.)19.547.142.1
EV/EBITDA13.633.628.2

Forum discussions

Small news for the present moment, but bigger news when considering long-term prospects. “The higher education institutions of Jyväskylä; the...
6/9/2026, 4:01 PM
by xlat
33
Pia and Rauli discussed Harvia in English Harvia’s Q1 earnings exceeded our estimates, but the estimate changes for the full year remained small...
5/23/2026, 4:01 PM
by Sijoittaja-alokas
11
Almanakka has written about Harvia once again Valuation: Harvia is valued at ~16x the next 12-month forward EBIT. In my opinion, this is closer...
5/15/2026, 11:32 AM
by Sijoittaja-alokas
41
Yeah, after Friday’s share price drop, the gap to the target prices just keeps growing… Rauli remains on a cautious stance…
5/10/2026, 9:34 AM
by Kunhalvallasaa
12
Target price increases: OP: €38 → €43 (“strong growth will continue in the coming years”), recommendation ACCUMULATE. Danske: €47 → €49 Nordea...
5/8/2026, 12:11 PM
by HH82
55
I can’t say for sure; there might be some residual tails from the Thermasol integration, but other things are perhaps more likely. It’s no secret...
5/8/2026, 6:09 AM
by Rauli_Juva
44
Matias went through the impacts of the IT reforms in the webcast. I will directly quote a couple of points from the webcast transcript here....
5/7/2026, 5:50 PM
by Von Vetelä
51