Harvia: Attractive valuation for a quality company
Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, and the company's capital allocation to acquisitions has been successful. We expect that future quarters will be difficult for Harvia when revenue and earnings fall, but valuation with next year's figures is low (EV/EBIT under 10x).
Harvia
Harvia is a manufacturer of sauna systems. The product range consists of complete solutions that include ready-made sauna and spa facilities, as well as electric sauna heaters, wood-fired sauna stoves, and associated furnishings. In addition, the company manufactures infrared sauna systems. Harvia operates worldwide, and the company's products are found via partners. The company was founded in 1950 and is headquartered in Muurame.
Read more on company pageKey Estimate Figures2022-09-08
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 179.1 | 181.3 | 166.4 |
growth-% | 64.16 % | 1.23 % | -8.23 % |
EBIT (adj.) | 47.4 | 37.1 | 30.4 |
EBIT-% (adj.) | 26.48 % | 20.44 % | 18.28 % |
EPS (adj.) | 1.85 | 1.51 | 1.22 |
Dividend | 0.60 | 0.61 | 0.62 |
Dividend % | 1.02 % | 1.45 % | 1.47 % |
P/E (adj.) | 31.66 | 27.82 | 34.59 |
EV/EBITDA | 21.57 | 18.57 | 21.41 |