Harvia
44
EUR
-0.68 %
HARVIA
NASDAQ Helsinki
Home Products
Consumer Goods & Services
14,806 following
-0.68%
-3.08%
+6.28%
+9.59%
+61.76%
+73.64%
-21.01%
+380.35%
+780%
harviagroup.com/investor-relations
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.
P/E (adj.) (24e)
30.04
EV/EBIT (adj.) (24e)
22.6
P/B (24e)
6.81
Dividend yield-% (24e)
1.64 %
Target price
40.00 EUR
Recommendation
Sell
Updated
8.11.2024
NASDAQ Helsinki
HARVIA
Daily low / high price
43.4 / 44.4
EUR
Market cap
822.55M EUR
Turnover
986.35K EUR
Volume
22K
Business risk
Valuation risk
Current
Previous
Latest research
Extensive report
Inderes' extensive report is an investor's handbook on customer companies covered by our research.
The latest extensive report was released
Read the reportAnalyst
Rauli Juva
Analyst
Latest videos
Financial calendar
Annual report
13.02.2025
General meeting
08.04.2025
Interim report
07.05.2025
Interim report
07.08.2025
Interim report
06.11.2025
Income statement
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 109.1 | 179.1 | 172.4 | 150.5 | 171.1 | 199.6 | 218.5 | 238.5 |
| growth-% | 47.3 % | 64.2 % | -3.8 % | -12.7 % | 13.7 % | 16.6 % | 9.5 % | 9.1 % |
| EBITDA | 26.7 | 52.5 | 42.2 | 39.3 | 43.8 | 51.9 | 59.2 | 66.1 |
| EBIT (adj.) | 24.5 | 47.4 | 36.5 | 33.7 | 38.7 | 45.5 | 52.2 | 58.5 |
| EBIT | 22.4 | 46.6 | 34.7 | 33.0 | 37.1 | 45.0 | 51.9 | 58.5 |
| Profit before taxes | 20.3 | 45.2 | 36.8 | 29.5 | 33.4 | 42.1 | 49.4 | 57.1 |
| Net income | 15.5 | 33.7 | 27.1 | 23.3 | 25.7 | 32.4 | 38.0 | 44.0 |
| EPS (adj.) | 0.94 | 1.85 | 1.55 | 1.28 | 1.46 | 1.76 | 2.05 | 2.36 |
| growth-% | 73.6 % | 96.7 % | -16.4 % | -17.1 % | 14.0 % | 20.3 % | 16.6 % | 14.6 % |
| Dividend | 0.51 | 0.60 | 0.64 | 0.68 | 0.72 | 0.80 | 1.00 | 1.41 |
| Dividend ratio | 61.5 % | 33.1 % | 44.0 % | 54.5 % | 52.2 % | 46.1 % | 49.1 % | 60.0 % |
Profitability and return on capital
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| EBITDA-% | 24.5 % | 29.3 % | 24.5 % | 26.1 % | 25.6 % | 26.0 % | 27.1 % | 27.7 % |
| EBIT-% (adj.) | 22.4 % | 26.5 % | 21.2 % | 22.4 % | 22.6 % | 22.8 % | 23.9 % | 24.5 % |
| EBIT-% | 20.5 % | 26.0 % | 20.1 % | 21.9 % | 21.7 % | 22.6 % | 23.7 % | 24.5 % |
| ROE | 22.9 % | 45.8 % | 30.5 % | 22.7 % | 22.6 % | 24.9 % | 25.2 % | 25.1 % |
| ROI | 19.4 % | 35.2 % | 21.8 % | 18.1 % | 18.4 % | 21.7 % | 26.0 % | 28.6 % |
Valuation
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| Share price (EUR) | 24.50 | 58.70 | 17.68 | 25.48 | 44.00 | 44.00 | 44.00 | 44.00 |
| Shares | 18.6 | 18.6 | 18.7 | 18.7 | 18.7 | 18.7 | 18.7 | 18.7 |
| Market cap | 456.8 | 1,091.4 | 330.0 | 475.5 | 821.2 | 821.2 | 821.2 | 821.2 |
| Enterprise value | 485.8 | 1,132.3 | 384.6 | 513.1 | 873.9 | 860.4 | 839.5 | 818.4 |
| EV/S | 4.5 | 6.3 | 2.2 | 3.4 | 5.1 | 4.3 | 3.8 | 3.4 |
| EV/EBITDA | 18.2 | 21.6 | 9.1 | 13.1 | 19.9 | 16.6 | 14.2 | 12.4 |
| EV/EBIT (adj.) | 19.9 | 23.9 | 10.5 | 15.2 | 22.6 | 18.9 | 16.1 | 14.0 |
| EV/EBIT | 21.7 | 24.3 | 11.1 | 15.5 | 23.6 | 19.1 | 16.2 | 14.0 |
| P/E (adj.) | 26.0 | 31.7 | 11.4 | 19.8 | 30.0 | 25.0 | 21.4 | 18.7 |
| P/E | 29.5 | 32.4 | 12.2 | 20.4 | 31.9 | 25.4 | 21.6 | 18.7 |
| P/B | 6.9 | 13.5 | 3.4 | 4.4 | 6.8 | 5.9 | 5.0 | 4.4 |
| P/S | 4.2 | 6.1 | 1.9 | 3.2 | 4.8 | 4.1 | 3.8 | 3.4 |
| Dividend yield | 2.1 % | 1.0 % | 3.6 % | 2.7 % | 1.6 % | 1.8 % | 2.3 % | 3.2 % |
| Equity ratio | 41.6 % | 41.8 % | 47.1 % | 50.7 % | 48.8 % | 60.1 % | 68.1 % | 75.8 % |
| Gearing ratio | 42.2 % | 48.7 % | 55.5 % | 34.6 % | 43.3 % | 27.9 % | 11.2 % | -1.5 % |
Quarter data
| Q4/23 | 2023 | Q1/24 | Q2/24 | Q3/24 | Q4/24e | 2024e | Q1/25e | Q2/25e | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 39.4 | 150.5 | 42.4 | 43.2 | 38.7 | 46.9 | 171.1 | ||
| EBITDA | 10.9 | 39.3 | 11.5 | 10.5 | 10.1 | 11.8 | 43.8 | ||
| EBIT | 9.2 | 33.0 | 9.9 | 8.9 | 8.3 | 10.0 | 37.1 | ||
| Profit before taxes | 8.2 | 29.5 | 9.8 | 7.8 | 6.8 | 9.0 | 33.4 | ||
| Net income | 7.2 | 23.3 | 7.5 | 5.9 | 5.5 | 6.9 | 25.7 |
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Harvia Q3’24: Positive margin surprise
Harvia Q3'24: Efficiency at work
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Harvia Plc, Q3'24
Harvia’s Interim report 1 January – 30 September 2024
Harvia Q3'24 preview: Acquisition boosts growth
Harvia will publish its Interim Report for January−September 2024 on Thursday, 7 November 2024 at around 9:00 a.m. EET
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Harvia Q2’24: The growth-heat is on!
Harvia Q2'24: Full steam ahead for growth
