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 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.
Read more on company pageKey Estimate Figures05.05.2021
| 2020 | 21e | 22e | |
|---|---|---|---|
| Revenue | 109.1 | 150.5 | 181.6 |
| growth-% | 47.3 % | 37.9 % | 20.6 % |
| EBIT (adj.) | 24.5 | 37.1 | 43.3 |
| EBIT-% (adj.) | 22.4 % | 24.7 % | 23.9 % |
| EPS (adj.) | 0.94 | 1.48 | 1.74 |
| Dividend | 0.51 | 0.85 | 1.00 |
| Dividend % | 2.1 % | 2.0 % | 2.4 % |
| P/E (adj.) | 26.0 | 28.5 | 24.3 |
| EV/EBITDA | 18.2 | 19.3 | 16.3 |
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