HLSE:HARVIA

Stock Analysis Report

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Executive Summary

Harvia Oyj, through its subsidiaries, manufactures and distributes traditional, steam, and infrared saunas.


Snowflake Analysis

Adequate balance sheet with proven track record.

Share Price & News

How has Harvia Oyj's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: HARVIA's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

3.2%

HARVIA

1.4%

FI Leisure

-1.8%

FI Market


1 Year Return

58.1%

HARVIA

3.7%

FI Leisure

-3.9%

FI Market

Return vs Industry: HARVIA exceeded the Finnish Leisure industry which returned 3.8% over the past year.

Return vs Market: HARVIA exceeded the Finnish Market which returned -2.5% over the past year.


Shareholder returns

HARVIAIndustryMarket
7 Day3.2%1.4%-1.8%
30 Day-2.2%0.4%-4.4%
90 Day28.1%50.9%19.1%
1 Year66.0%58.1%5.4%3.7%1.9%-3.9%
3 Yearn/a39.9%30.4%9.0%-5.0%
5 Yearn/a94.1%69.5%38.3%10.8%

Price Volatility Vs. Market

How volatile is Harvia Oyj's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Harvia Oyj undervalued compared to its fair value and its price relative to the market?

22.64x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: HARVIA (€11.35) is trading above our estimate of fair value (€10.81)

Significantly Below Fair Value: HARVIA is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: HARVIA is poor value based on its PE Ratio (22.6x) compared to the Leisure industry average (14x).

PE vs Market: HARVIA is poor value based on its PE Ratio (22.6x) compared to the Finnish market (19.3x).


Price to Earnings Growth Ratio

PEG Ratio: HARVIA is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: HARVIA is overvalued based on its PB Ratio (3x) compared to the XE Leisure industry average (2x).


Next Steps

Future Growth

How is Harvia Oyj forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

13.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HARVIA's forecast earnings growth (13.8% per year) is above the savings rate (0.4%).

Earnings vs Market: HARVIA's earnings (13.8% per year) are forecast to grow faster than the Finnish market (13.6% per year).

High Growth Earnings: HARVIA's earnings are forecast to grow, but not significantly.

Revenue vs Market: HARVIA's revenue (8% per year) is forecast to grow faster than the Finnish market (5% per year).

High Growth Revenue: HARVIA's revenue (8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HARVIA's Return on Equity is forecast to be low in 3 years time (14.7%).


Next Steps

Past Performance

How has Harvia Oyj performed over the past 5 years?

28.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HARVIA has high quality earnings.

Growing Profit Margin: HARVIA's current net profit margins (12.5%) are higher than last year (11.9%).


Past Earnings Growth Analysis

Earnings Trend: HARVIA's earnings have grown significantly by 28.9% per year over the past 5 years.

Accelerating Growth: HARVIA's earnings growth over the past year (21.2%) is below its 5-year average (28.9% per year).

Earnings vs Industry: HARVIA earnings growth over the past year (21.2%) exceeded the Leisure industry -1.6%.


Return on Equity

High ROE: HARVIA's Return on Equity (13.2%) is considered low.


Next Steps

Financial Health

How is Harvia Oyj's financial position?


Financial Position Analysis

Short Term Liabilities: HARVIA's short term assets (€42.1M) exceed its short term liabilities (€13.5M).

Long Term Liabilities: HARVIA's short term assets (€42.1M) exceed its long term liabilities (€40.1M).


Debt to Equity History and Analysis

Debt Level: HARVIA's debt to equity ratio (53.1%) is considered high.

Reducing Debt: Insufficient data to determine if HARVIA's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: HARVIA's debt is well covered by operating cash flow (45.6%).

Interest Coverage: HARVIA's interest payments on its debt are well covered by EBIT (40.8x coverage).


Balance Sheet


Next Steps

Dividend

What is Harvia Oyj current dividend yield, its reliability and sustainability?

3.35%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: HARVIA's dividend (3.35%) is higher than the bottom 25% of dividend payers in the Finnish market (2.4%).

High Dividend: HARVIA's dividend (3.35%) is low compared to the top 25% of dividend payers in the Finnish market (5.17%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, HARVIA has been paying a dividend for less than 10 years.

Growing Dividend: HARVIA's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (75.8%), HARVIA's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: HARVIA's dividends in 3 years are forecast to be covered by earnings (56.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.1yrs

Average management tenure


CEO

Tapio Pajuharju (57yo)

4.08yrs

Tenure

Mr. Tapio Pajuharju has been Chairman at Eezy Oyj (formerly known as VMP Oyj) ( also known as VMP Group Oy; VMP Plc) since August 23, 2019 and has been its Director at since 2010. Mr. Pajuharju has been Ha ...


Leadership Team

NamePositionTenureCompensationOwnership
Tapio Pajuharju
Chief Executive Officer4.08yrsno data1.3% 2.8m
Ari Vesterinen
Chief Financial Officer6.5yrsno data0.70% 1.5m
Mika Suoja
Operations & Sourcing Directorno datano data0.21% 454.0k
Päivi Juolahti
Vice President of Marketing0.083yrno datano data

4.1yrs

Average Tenure

51yo

Average Age

Experienced Management: HARVIA's management team is considered experienced (4.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Olli Liitola
Independent Chairman6.5yrs€115.20k0.53% 1.1m
Sanna Suvanto-Harsaae
Independent Director0.25yrno datano data
Ari Hiltunen
Independent Director2.42yrs€63.60k0.0080% 17.0k
Ia Adlercreutz
Independent Director3.83yrs€48.00k0.11% 238.3k
Kalle Kekkonen
Independent Director0.25yrno datano data

2.4yrs

Average Tenure

55yo

Average Age

Experienced Board: HARVIA's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Harvia Oyj's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Harvia Oyj
  • Ticker: HARVIA
  • Exchange: HLSE
  • Founded: 1950
  • Industry: Leisure Products
  • Sector: Consumer Durables
  • Market Cap: €212.180m
  • Shares outstanding: 18.69m
  • Website: https://www.harvia.fi

Number of Employees


Location

  • Harvia Oyj
  • Teollisuustie 1-7
  • PO Box 12
  • Muurame
  • Central Finland
  • 40951
  • Finland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HARVIAHLSE (OMX Nordic Exchange Helsinki)YesCommon SharesFIEURMar 2018
HARVIHBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURMar 2018

Biography

Harvia Oyj, through its subsidiaries, manufactures and distributes traditional, steam, and infrared saunas. The company offers sauna heaters, sauna rooms, control units, and steam generators; sauna heater spare parts, sauna stones, hot water containers, steam room elements, sauna lighting solutions, and waterproof sauna speakers; and sauna accessories, such as sauna scents, buckets, ladles, and thermometers. It also provides wood-heated saunas; precut saunas and saunas interior products; ready-made saunas; infrared cabins and tailor-made infrared saunas; spa products, including spa modules and accessories, steam generators, and luminous; and cooking and home heating products. In addition, the company offers sauna installation, maintenance, and repair services; and infrared radiators and sauna equipment. Further, it engages in real estate business. The company offers its products to retailers and wholesalers through a network of dealers. It operates in Finland, Germany, other Scandinavia countries, other EU countries, Russia, North America, and internationally. Harvia Oyj was founded in 1950 and is headquartered in Muurame, Finland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/03 21:02
End of Day Share Price2020/07/03 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.