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Harvia

37.25 EUR

-0.13 %

14,838 following
Corporate customer

HARVIA

NASDAQ Helsinki

Home Products

Consumer Goods & Services

-0.13 %
-14.07 %
-13.17 %
-10.89 %
-4.36 %
-15.91 %
+69.78 %
+17.51 %
+645.00 %

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.

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Market cap
696.36M EUR
Turnover
1.53M EUR
P/E (adj.) (26e)
21.72
EV/EBIT (adj.) (26e)
16.8
P/B (26e)
4.77
EV/S (26e)
3.42
Dividend yield-% (26e)
2.2 %
Coverage
Recommendation
Buy
Target price
44.00 EUR
Updated
13.02.2026
Disclaimer
Rauli Juva
Rauli Juva

Analyst

Latest research

Latest analysis report

Released: 13.02.2026

Latest extensive report

Released: 08.10.2025

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
15.4
2026

General meeting '26

16.4
2026

Half year dividend

7.5
2026

Interim report Q1'26

Risk
Business risk
Valuation risk
Low
High
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Harvia Extensive Report: Leader in a growing market
Extensive research by
Rauli Juva

Harvia Extensive Report: Leader in a growing market

Harvia is a leading company in its field, boasting clear competitive advantages and strong growth potential. All of this enables good earnings growth and ROIC, as well as value creation, in addition to which the company's capital allocation to acquisitions has been successful.

Harvia
Forum discussions
At this stage, I have to take my hat off to Matias’s excellent, down-to-earth, and clear communication towards us investors in these earnings releases and interviews. I’ve been on the journey with Harvia for 5+ years, and all sorts of things have happened along the way. Currently...
2/13/2026, 7:22 AM
by Teemi
66
Rauli upgraded his recommendation by two notches at once, now to BUY with a target price of 44 euros (previously REDUCE at 43 euros). You hardly see the “Inderes effect” in mid-caps anymore, but I’m quite satisfied that I already added to my position on Thursday. If the share price...
2/13/2026, 5:25 AM
by Puunhalaaja
55
Thanks! Matias performs really well regardless of the questions, but today’s session felt particularly smooth The acquisition card was hinted at quite clearly both in the webcast and in that last question, as Tomi mentioned above. Of course, it has been clearly communicated before...
2/12/2026, 3:15 PM
by Rauli_Juva
55
Personally, I always think some kind of guidance is better than no guidance at all. In Harvia’s case, the company could well provide guidance on an annual level, for example, stating they believe they will reach their financial targets this year (10% growth and 20% EBIT). It might...
2/13/2026, 7:44 AM
by Rauli_Juva
49
Here is a fresh CEO interview! In my opinion, Järnefelt answered Rauli’s pertinent questions quite well regarding growth, profitability, and, for example, the lackluster quarter in the North America and APAC & MEA regions. If you look past the quarterly figures and consider the full...
2/12/2026, 2:35 PM
by Tomi Valkeajärvi
40
Almanakka has written about Harvia following the Q4 results I and other Google Trends watchers let our expectations get a bit too high ahead of the fourth quarter. It definitely didn’t go poorly, but a valuation like this cannot withstand even minor disappointments. Somewhat surprisingly...
2/13/2026, 4:33 PM
by Sijoittaja-alokas
33
Agreed, and just to add, yesterday’s interview was exceptionally convincing in that even all the old figures came from memory without hesitation. It almost brings Rain Man to mind, in a good way. PS. Been along for the Harvia journey for almost 8 years now.
2/13/2026, 7:57 AM
by Osinkoseilaaja
28
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