Harvia, the sauna company that is a favorite among Finns, is moving forward impressively, and here is a high-quality analysis of it. 
Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, in addition to which the company’s capital allocation to acquisitions has been successful. However, the valuation level (e.g. 2025 P/E 25x) is high, so the expected return remains weak. We raise the target price to EUR 37 (was EUR 35) on the back of an increase in the medium-term forecasts and we reiterate the Sell recommendation.