Kauppalehti writes how Finnish households have reduced their collective ownership in Harvia, while foreign institutions are on the buying side. Again, another example of how an iconic Finnish company is being sold off piece by piece to the world in the early stages of its growth story.
Norwegian Odin has become Harvia’s 9th largest owner, according to the ownership data service Holdings. In the article, Odin’s fund manager Carolina Ahnemark comments on Harvia and its valuation.
Isn’t Odin concerned about the valuation: based on last year’s results, the P/E is 34, and with this year’s forecasts, it’s 29?
“Harvia’s long-term earnings potential is higher than the years you mentioned,” Ahnemark writes. At the same time, she notes that with the average of 2026 earnings forecasts, the P/E is 21 and EV/EBIT is 17.
According to Ahnemark, Harvia has an efficient production and business model, which enables high profitability and return on equity. She says this has been evident even in more difficult years, especially in 2023.
“We are quality-focused investors. We focus on historical performance, future prospects, and price. We believe Harvia performs well in all these factors.”