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 CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...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
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    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 {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      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
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

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 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.

Harvia satsar kraftigt på tillväxt, särskilt i USA, där bastukulturen fortfarande är under utveckling. Nya prishöjningar stöder marginalerna och förbättrar lönsamheten efter ett svagare kvartal. Den organiska försäljningen har återhämtat sig efter pandemin, men marknadstillväxten är fortfarande långsammare än genomsnittet. På de etablerade bastumarknaderna finns det dock fortfarande efterfrågepotential. Sökdata visar ett ökat intresse i olika regioner och aktiviteten förväntas öka. Den nordamerikanska marknaden erbjuder betydande potential. Med tanke på tillväxtutsikterna förblir företagets värdering hög. Om aktien skulle rasa av en “dålig anledning” skulle det dock erbjuda ett köpläge.

Pia intervjuade analytikern Rauli från Harvia, ett företag som det talas mycket om.                   Inderes              Harvia Q4'24: Strong growth but margin disappointment - Inderes    Time: 2025-02-18 12:42 Harvia reported very strong Q4 growth but the EBIT margin was exceptionally low. Analyst Rauli Juva summarizes the result.                             00:00 Intro  00:17 Q4 tops & flops  01:24 Possible effects of US tariffs on Harvia  04:07 Campaigns depressing margins  05:43 Possible acquisitions  07:10 Outlook  08:50 Valuation & recommendation

Harvia grew faster than expected at the end of the year, but profitability remained weak due to factors such as campaigns and marketing investments. The North American and Asian markets performed particularly well. The company invested in growth and strengthened its organization. Harvia’s long-term outlook remains strong, and it is expected to achieve its financial targets. Harvia is something of a favorite stock among Finnish investors, but what does the analyst say?                   Inderes              Harvia Q4'24: The profitability dip is likely to be temporary - Inderes    Harvia's Q4 revenue grew very strongly and faster than expected, but the result fell short of expectations and the comparison period due to, e.g., campaigns and marketing investments. However, we believe that the margin dip is temporary.

Harvias aktie har väckt stort intresse bland investerare under de senaste åren. År 2021 steg aktien till över 60 euro, men fallet till 13 euro år 2022 lämnade många investerare med trauman. Nu är företaget tillbaka på en stabil tillväxtbana – aktien har stigit med cirka 60 procent i år, och Harvias affärsmodell framstår som stark. Fondförvaltaren Carolina Ahnemark (Odin) anser att Harvia har en stark långsiktig potential och lyfter fram dess effektiva produktionsmodell och höga lönsamhet. Över 80 % av Harvias omsättning kommer från utanför Finland, och företaget satsar kraftigt på företagsförvärv samt internationell tillväxt, särskilt i Nordamerika och Japan.

Ny Harvia intervju med Rauli Juva Harvia Q3’24: Positive margin surprise

Harvia’s Q3 result slightly exceeded expectations due to a positive margin, and the company’s growth prospects look good in the short and medium term. Despite declining sales in Northern Europe, growth remains strong, particularly outside of Europe.                   Inderes              Harvia Q3'24: Efficiency at work - Inderes    Harvia's Q3 result was slightly better than our expectations with a positive margin surprise. The company's growth prospects remain good both in the short and medium term.

Harvias omsättning förväntas fortsätta växa starkt när Q3-resultatet publiceras på torsdag, med stöd av förvärvet av ThermaSol, vilket kan höja tillväxten till över 15 procent. Marknaderna i Nordamerika och Europa förväntas stödja tillväxten, även om kvartalets säsongsmässiga svaghet pressar resultatet något. Bolagets lönsamhet förväntas ändå förbättras något, med en justerad EBIT-marginal som stiger till cirka 21 procent. Harvias övergripande utsikter förblir sannolikt positiva.                   Inderes              Harvia Q3'24 preview: Acquisition boosts growth - Inderes    We expect the company's revenue to continue its strong organic growth and the ThermaSol acquisition to support growth above 15%.

Harvia

Harvia's Q4 results were strong and we believe the company will meet its financial targets in the coming years. We raised our forecasts by 2-4% for 2024-25.

<p>Harvia's Q4 results were strong and we believe the company will meet its financial targets in the coming years. We raised our forecasts by 2-4% for 2024-25. </p> 

	2023	24e	25e
Revenue	150.5	161.8	176.2
growth-%	-12.7 %	7.5 %	8.9 %
EBIT (adj.)	33.7	36.1	40.2
EBIT-% (adj.)	22.4 %	22.3 %	22.8 %
EPS (adj.)	1.28	1.37	1.60
Dividend	0.68	0.72	0.80
Dividend %	2.5 %	1.8 %	2.0 %
P/E (adj.)	21.17	29.56	25.43
EV/EBITDA	13.88	18.47	16.10

Harvia: High quality, but the price is too high

Harvia

Key Estimate Figures2024-02-09

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