H

Harvia Oyj
OMXH:HARVIA

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Harvia Oyj
OMXH:HARVIA
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Price: 36.5 EUR -1.08% Market Closed
Market Cap: €682.2m

EV/EBITDA

16.1
Current
9%
Cheaper
vs 3-y average of 17.7

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
16.1
=
Enterprise Value
€685.4m
/
EBITDA
€45.7m

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
16.1
=
Enterprise Value
€685.4m
/
EBITDA
€45.7m

Valuation Scenarios

Harvia Oyj is trading below its 3-year average

If EV/EBITDA returns to its 3-Year Average (17.7), the stock would be worth €39.93 (9% upside from current price).

Statistics
Positive Scenarios
3/4
Maximum Downside
-29%
Maximum Upside
+22%
Average Upside
2%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 16.1 €36.5
0%
3-Year Average 17.7 €39.93
+9%
5-Year Average 16.9 €38.16
+5%
Industry Average 19.7 €44.48
+22%
Country Average 11.5 €25.99
-29%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
€685.4m
/
Jan 2026
€45.7m
=
16.1
Current
€685.4m
/
Dec 2026
€53m
=
12.9
Forward
€685.4m
/
Dec 2027
€60.2m
=
11.4
Forward
€685.4m
/
Dec 2028
€66m
=
10.4
Forward
€685.4m
/
Dec 2029
€76.6m
=
8.9
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
FI
Harvia Oyj
OMXH:HARVIA
689.7m EUR 16.1 25.8
JP
Bandai Namco Holdings Inc
TSE:7832
2.4T JPY 10 21
US
Hasbro Inc
NASDAQ:HAS
13.3B USD 12.4 -41.4
JP
Shimano Inc
TSE:7309
1.4T JPY 13.4 38.6
UK
Games Workshop Group PLC
LSE:GAW
6.4B GBP 19.6 30.9
CA
BRP Inc
TSX:DOO
8.8B CAD 9.9 19.2
CN
Zhejiang CFMoto Power Co Ltd
SSE:603129
42.4B CNY 18 25.2
US
Acushnet Holdings Corp
NYSE:GOLF
5.7B USD 18.3 30.4
US
Brunswick Corp
NYSE:BC
5.2B USD 11.1 -37.5
IT
Technogym SpA
MIL:TGYM
3.9B EUR 17.4 34.3
US
Mattel Inc
NASDAQ:MAT
4.4B USD 7 11
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
FI
H
Harvia Oyj
OMXH:HARVIA
Average EV/EBITDA: 13.9
16.1
13%
1.2
JP
Bandai Namco Holdings Inc
TSE:7832
10
5%
2
US
Hasbro Inc
NASDAQ:HAS
12.4
9%
1.4
JP
Shimano Inc
TSE:7309
13.4
14%
1
UK
Games Workshop Group PLC
LSE:GAW
19.6
4%
4.9
CA
BRP Inc
TSX:DOO
9.9
12%
0.8
CN
Zhejiang CFMoto Power Co Ltd
SSE:603129
18
N/A N/A
US
Acushnet Holdings Corp
NYSE:GOLF
18.3
8%
2.3
US
Brunswick Corp
NYSE:BC
11.1
14%
0.8
IT
Technogym SpA
MIL:TGYM
17.4
10%
1.7
US
Mattel Inc
NASDAQ:MAT
7
7%
1
P/E Multiple
Earnings Growth PEG
FI
H
Harvia Oyj
OMXH:HARVIA
Average P/E: 26.3
25.8
17%
1.5
JP
Bandai Namco Holdings Inc
TSE:7832
21
7%
3
US
Hasbro Inc
NASDAQ:HAS
Negative Multiple: -41.4 N/A N/A
JP
Shimano Inc
TSE:7309
38.6
32%
1.2
UK
Games Workshop Group PLC
LSE:GAW
30.9
5%
6.2
CA
BRP Inc
TSX:DOO
19.2
34%
0.6
CN
Zhejiang CFMoto Power Co Ltd
SSE:603129
25.2
N/A N/A
US
Acushnet Holdings Corp
NYSE:GOLF
30.4
12%
2.5
US
Brunswick Corp
NYSE:BC
Negative Multiple: -37.5 N/A N/A
IT
Technogym SpA
MIL:TGYM
34.3
13%
2.6
US
Mattel Inc
NASDAQ:MAT
11
11%
1

Market Distribution

In line with most companies in Finland
Percentile
69th
Based on 419 companies
69th percentile
16.1
Low
0.5 — 8.7
Typical Range
8.7 — 16.5
High
16.5 —
Distribution Statistics
Finland
Min 0.5
30th Percentile 8.7
Median 11.5
70th Percentile 16.5
Max 368.3

Harvia Oyj
Glance View

Harvia Oyj engages in the manufacture of sauna and spa products. The company is headquartered in Muurame, Lansi-Suomen and currently employs 824 full-time employees. The company went IPO on 2018-03-22. 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.

HARVIA Intrinsic Value
34.74 EUR
Overvaluation 5%
Intrinsic Value
Price €36.5
H
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