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.