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

Petri Kajaani

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.

The development of search volumes for Almost Heaven Saunas and Harvia looks quite wild according to Google Trends. Looks promising😁

These don’t have an impact on the investment case, but it’s nice to follow along over coffee. That was already a significant addition.                   Harvia Plc              Shareholders - Harvia Plc    Here you find information about Harvia's shareholders.                                 41 Proprius Partners Oy 65,000 15,000 0.35 23.12.2025

There are very few products for which a cheaper alternative doesn’t exist, yet companies manufacturing high-end gadgets still make a profit year after year. Thus, the mere knowledge that you can buy a sauna cheaply at Lidl in Germany doesn’t really faze me. I couldn’t read the full article due to the paywall, so the impact of sauna export subsidies and other more interesting content hinted at in the headline and lead unfortunately remained hidden from me.

Apu360 – 30 Dec 25              Saksalainen Birte halusi suomalaisen saunan, mutta hinta ratkaisi – Saksassa...    Suomalaista saunaa arvostetaan maailmalla, mutta kilpailu on kovaa ja bisneksen yllä leijuu uhkia. Suomessa saunavientiä ei tueta kuten naapurimaissa.                             Birte and probably many others will end up with a cheaper sauna..

The dollar has indeed weakened significantly over the past year, 1.03 → 1.17. In that sense, the exchange rate has been unfavorable for Harvia when looking at the development for 2025. But it will be interesting to hear thoughts on this closer to the earnings release.

As I see it, nothing particularly unusual has happened with the dollar exchange rate lately. It has certainly weakened compared to the comparison period, which is reflected in the figures reported in euros. Furthermore, the company itself stated that regarding sauna heaters exported from Finland to the USA, both tariffs and the weakened USD already hit profitability in Q3, and this will also be visible in Q4, even though price increases to compensate for the impact have been made and will take effect gradually. But these should already be known and thus at least attempted to be accounted for in the forecasts. I’m heading off on vacation for a while now; we will return to the Q4 expectations in more detail in due course, at the latest in connection with the earnings preview.

A slightly lighter perspective: how do you think the change in the dollar exchange rate will affect market expectations for the upcoming earnings release? The change in the dollar’s value affects Harvia’s results quite significantly, as North America is the largest reported market area. It would be interesting to hear your views on the subject! And of course, an analyst’s opinion on the matter would also be of interest, if you have time to share a few words about it @Rauli_Juva .

Harvia

Harvia is the most profitable player on the steadily growing sauna and spa market, which is based on a strong market position, product development and production know-how that have been generated...

<p>Harvia is the most profitable player on the steadily growing sauna and spa market, which is based on a strong market position, product development and production know-how that have been generated through the company’s long history and an efficient operating model. Harvia has a wide product portfolio in the sauna sector, an extensive distribution network, and leading brands in the sector (Harvia, Sentiotec, EOS and Kusatek). Strong organic growth outlook, good profitability, high cash flow ratio, and efficient use of capital are good reasons to invest in Harvia. The company becomes even more attractive as an investment object because it has in recent years proven its ability to generate considerable shareholder value through excellent acquisitions on the fragmented sauna and spa market. Harvia is rapidly becoming the undisputed leader on the market.</p> 

	2019	20e	21e
Revenue	74.1	104.2	117.6
growth-%	19.6 %	40.6 %	12.9 %
EBIT (adj.)	13.9	21.9	24.5
EBIT-% (adj.)	18.7 %	21.0 %	20.9 %
EPS (adj.)	0.54	0.86	0.96
Dividend	0.38	0.50	0.60
Dividend %	3.6 %	1.2 %	1.4 %
P/E (adj.)	19.5	49.4	44.1
EV/EBITDA	13.6	35.1	29.5

Hop on the consolidation train of the sauna market

Key Estimate Figures26.11.2020

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