contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Rauli Juva

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.

It did. From what I glanced at those numbers myself, they look to be in the right direction. However, for the 2018 P/E, you have picked the P/E according to the reported EPS, when otherwise you use (quite reasonably) adjusted ones. The adjusted P/E in the initiation of coverage report for the current year seemed to be 13.4. (This can also be calculated from that table: 6/0.45). In this case, the impact of the multiple expansion is somewhat greater, i.e., about 115%. A very good exercise, and that has been the main question for me too for the past couple of years: what would be an acceptable valuation level, as the company is excellent.

I made a small analysis of Harvia’s total return from summer 2018 - present, based on Inderes’ reports. Now I delved a bit deeper into the sources of shareholder return, hopefully it went at least roughly correctly, as I’m not very good at valuation. @Rauli_Juva if you wouldn’t mind taking a look at my thoughts, I’d love to hear your comments! Harvia’s business has developed strongly:  Revenue +220% EPS +231% Adj. operating profit % 19.0% → 20.3%  So, the business has performed excellently. Now let’s look at valuations and returns:  Share price has risen +616% (since the start of coverage, i.e., €6.00) Dividends have totaled €4.11 over the entire period Total return is +684% if dividends were not reinvested  Now to an interesting figure, namely valuation:  P/E has risen 15.8 → 28.9, i.e., +83%  In reports back then, an “acceptable P/E” ratio for Harvia was floated around the 14 level. Now the question is, what would be today’s “acceptable P/E” ratio? Harvia has expanded quite a bit, so its risk profile has, in principle, decreased. Additionally, growth targets have been raised, and profitability is (slightly) better. So, by all accounts, one could assume the valuation level has also increased. But by how much? Well, this was a brief outline but roughly illustrates how the company has grown and where the returns have come from. A larger portion of the return has come from earnings growth (which is a good sign), but the increase in valuation has also brought significant gains. And dividends have been substantial (considering that the subscription price was €5.00 and dividends have already totaled €4.11).

I follow Almost Heaven’s online store from time to time; it seems that delivery times have stretched during the autumn from about 3 weeks in the summer to the current two months. Based on that, one could assume sales have been good if there haven’t been any major bottlenecks in production. Through Costco, one can certainly get it a bit faster, usually always 3-4 weeks delivery. In my opinion, there’s also more value for the customer in those Almost Heaven packages priced by Costco. Of course, for Harvia, it’s certainly a clearly lower-margin business than sales obtained through their own online store. Are there still people on the forum following these numbers more closely or following European resellers? I’d be interested to hear views on the current situation. My own monitoring is mainly occasional glances without any precise tabulation. My long-term trust in Harvia is strong, and the intention is to stay invested for at least 5-10 years, if nothing unexpected happens.

Continuation of the series “celebrities enjoying Harvia products”:  This will likely have a very moderate impact on the share price

It’s a pity that Mr. Olbrich had to step down from the position after a rather short (1.5-year) chairmanship. But Harvia will surely do well under someone else’s leadership too. The change seems to stem from Olbrich’s own reasons, so it’s unlikely to have much of an impact on the company.  Hille certainly has a long career in leading consumer product companies, which should be a perfectly suitable background for Harvia. The stint leading Renkaat was not very successful, but otherwise, I cannot evaluate him.

Hille Korhonen’s track record in operational activities isn’t very flattering. Of course, on the board, she is just one among others, and naturally, these days, when there needs to be an equal distribution of members, that can give a boost to some.

Harvia

Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, in addition to which the company's capital allocation to acquisitions has been successful. We expect revenue and earnings to start rising again from Q4’23. 

<p>Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, in addition to which the company's capital allocation to acquisitions has been successful. We expect revenue and earnings to start rising again from Q4’23. </p> 

	2022	23e	24e
Revenue	172.4	151.4	165.3
growth-%	-3.8 %	-12.2 %	9.2 %
EBIT (adj.)	36.5	33.2	37.8
EBIT-% (adj.)	21.2 %	21.9 %	22.9 %
EPS (adj.)	1.55	1.23	1.50
Dividend	0.64	0.65	0.67
Dividend %	3.6 %	1.5 %	1.6 %
P/E (adj.)	11.4	34.6	28.3
EV/EBITDA	9.1	21.0	18.2

Harvia: Back to the growth trend from Q4’23

Key Estimate Figures13.09.2023

Forum discussions