Harvia

Harvia reported stronger-than-expected Q2 figures, driven by strong growth in North America.

The IT system upgrade at the Muurame factory weighs on the Q2 EBIT margin, pushing it to an exceptionally low 15%.

We believe Harvia's target markets will continue to grow in the coming years, and the company will be able to continue gaining market share.

9:07

Harvia's Q1 earnings exceeded our estimates, but the estimate changes for the full year remained small.

We expect Harvia to continue its strong earnings growth and value creation in the coming years, which offers a good expected return.