Harvia (Buy, TP: EUR53.00) - Heating up in Japan
In this report, we take a closer look at Japan, highlighting the significant growth opportunity it represents for Harvia, with our research indicating sales in the country could increase more than threefold over the next five years, adding 6% to 2024–2026e group EPS. At a 2025–2026e EV/EBIT of c17.5–15.0x, the valuation looks undemanding, suggesting a c10% discount to peers despite around twice the EPS growth potential and new growth pockets emerging. We reiterate our BUY and EUR53 target price following minor positive 2025–2026e EPS revisions.Harvia Oyj is a Finland-based sauna and spa company. Its product and service offering is divided into five groups: sauna heaters, sauna rooms, control units, steam generators and spare parts, services and other products. Heaters comprise products for small, family and commercial saunas. Sauna rooms include infrared and steam rooms. Other products are comprised of spa modules, digital control units and various sauna accessories suitable for different sauna and spa cultures. Additionally, the Company offers a range of interior solutions from panelling boards to speakers and lighting. Harvia Oyj operates in China, Estonia, Finland and Russia. Its primary markets consist of Finland, Germany, Russia, Sweden and the United States. Clients mainly consist of retailers and wholesale customers, who sell products to builders and end customers.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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