Deep Dive - Harvia Plc

The "Healing with the heat" money machine

Given that there isn’t a lot of (high-quality) coverage available, we’re very excited to share this new deep dive on Harvia, the world’s largest sauna and spa manufacturer.

Following its initial public offering in 2018, the company has accelerated its internationalization efforts and broadened its product offerings, all while markedly enhancing returns on invested and incremental invested capital and generating significant growth in NOPAT per share.

Exhibit I - Harvia heater

The deep dive will cover:

• Part I - Harvia’s History & Product Assortment

• Part II - The Sauna Market - a Growing Industry

• Part III - Harvia’s Financial Performance

• Part IV - M&A Track Record

• Part V - Reconciling NOPAT and Organic ROIC

• Part VI - Recent Financial Performance and Emerging Trends

• Part VII - Base Case Valuation

• Part VIII - Risks & Uncertainties

• Part IX - Conclusions