Pioneer of the sauna market
We start coverage of Harvia with an accumulate recommendation and a target price of EUR 6.5. Harvia is the pioneer of the steadily developing and growing global sauna and spa markets. The company’s dominant market position and excellent financial development are based on a strong market, product development and production know-how that have been generated through the company’s long history, on an efficient business model, extensive product portfolio and distribution network, as well as on the leading brand in the industry. Considering the stable growth outlook, excellent profitability and effective use of capital, we find the valuation level of the share to be attractive.
Harvia
Harvia is a manufacturer of sauna systems. The product range consists of complete solutions that include ready-made sauna and spa facilities, as well as electric sauna heaters, wood-fired sauna stoves, and associated furnishings. In addition, the company manufactures infrared sauna systems. Harvia operates worldwide, and the company's products are found via partners. The company was founded in 1950 and is headquartered in Muurame.
Read more on company pageKey Estimate Figures17.06.2018
2017 | 18e | 19e | |
---|---|---|---|
Revenue | 60.1 | 61.4 | 63.5 |
growth-% | 19.99 % | 2.17 % | 3.44 % |
EBIT (adj.) | 10.7 | 11.4 | 12.3 |
EBIT-% (adj.) | 17.79 % | 18.64 % | 19.29 % |
EPS (adj.) | 0.46 | 0.45 | 0.44 |
Dividend | 0.18 | 0.31 | 0.33 |
Dividend % | 0.76 % | 0.81 % | |
P/E (adj.) | - | 91.58 | 92.80 |
EV/EBITDA | - | 64.77 | 55.18 |