Harvia: The stock is correctly priced
NB! Report dated 12/11/2023
We expect Harvia’s earnings to make an upturn next year, but the share price already prices this, and the valuation (2024 EV/EBIT 14x) is at the top of the acceptable range. We lowered our earnings estimates by 1-4% for 2023-24.
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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 Figures11.12.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 172.4 | 149.4 | 159.3 |
growth-% | -3.77 % | -13.29 % | 6.58 % |
EBIT (adj.) | 36.5 | 32.3 | 35.1 |
EBIT-% (adj.) | 21.18 % | 21.63 % | 22.03 % |
EPS (adj.) | 1.55 | 1.18 | 1.39 |
Dividend | 0.64 | 0.65 | 0.67 |
Dividend % | 3.62 % | 1.52 % | 1.57 % |
P/E (adj.) | 11.41 | 36.31 | 30.86 |
EV/EBITDA | 9.12 | 21.87 | 19.62 |