Harvia: Growth drivers are stronger than ever
Harvia’s Q1 report was extremely strong in line with preliminary data given on April 16. The sauna and spa market is soaring globally, which is visible in Harvia’s growth figures and investments. Even though Q1 figures carried no surprise, management comments on the market outlook were bolder than before, so we made small positive revisions to our estimates for the next few years.
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 Figures05.05.2021
2020 | 21e | 22e | |
---|---|---|---|
Revenue | 109.1 | 150.5 | 181.6 |
growth-% | 47.26 % | 37.95 % | 20.63 % |
EBIT (adj.) | 24.5 | 37.1 | 43.3 |
EBIT-% (adj.) | 22.43 % | 24.66 % | 23.87 % |
EPS (adj.) | 0.94 | 1.48 | 1.74 |
Dividend | 0.51 | 0.85 | 1.00 |
Dividend % | 2.08 % | 1.99 % | 2.34 % |
P/E (adj.) | 25.99 | 28.95 | 24.63 |
EV/EBITDA | 18.19 | 19.63 | 16.55 |