Tulikivi
0.415
EUR
+2.22 %
TULAV
NASDAQ Helsinki
Home Products
Consumer Goods & Services
4,167 following
+2.22%
-4.38%
-16.16%
-4.6%
-12.45%
+2.09%
-10.94%
+204.03%
+2.81%
www.tulikivi.com/en/tulikivi/corporation
Tulikivi is a manufacturer of wood burning stoves. The product range is wide and the ovens are made of soapstone. In addition to the main business, sauna heaters adapted for both electric saunas and wood-fired saunas are also offered, as well as furnishing stones for kitchens, bathrooms, and saunas. The largest operations are in the Nordic region, where the products are sold through external resellers.
P/E (adj.) (24e)
20.76
EV/EBIT (adj.) (24e)
13.58
P/B (24e)
1.33
Dividend yield-% (24e)
3.37 %
Target price
0.40 EUR
Recommendation
Reduce
Updated
4.11.2024
NASDAQ Helsinki
TULAV
Daily low / high price
0.402 / 0.415
EUR
Market cap
24.85M EUR
Turnover
3.79K EUR
Volume
9.3K
Business risk
Valuation risk
Current
Previous
Analyst
Thomas Westerholm
Analyst
Financial calendar
Annual report
07.03.2025
General meeting
24.04.2025
Interim report
09.05.2025
Interim report
15.08.2025
Interim report
07.11.2025
Income statement
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.2 | 33.5 | 44.3 | 45.4 | 34.3 | 34.4 | 35.2 | 36.5 |
| growth-% | 1.6 % | 14.9 % | 32.1 % | 2.4 % | -24.3 % | 0.1 % | 2.3 % | 3.8 % |
| EBITDA | 3.6 | 5.1 | 7.2 | 8.6 | 4.8 | 5.2 | 5.6 | 5.8 |
| EBIT (adj.) | 1.2 | 2.7 | 4.7 | 5.5 | 2.3 | 2.7 | 3.1 | 3.3 |
| EBIT | 1.2 | 2.7 | 4.7 | 5.5 | 2.3 | 2.7 | 3.1 | 3.3 |
| Profit before taxes | 0.4 | 2.1 | 4.1 | 4.9 | 1.5 | 2.2 | 2.8 | 3.2 |
| Net income | 0.2 | 1.7 | 4.9 | 3.8 | 1.2 | 1.8 | 2.2 | 2.5 |
| EPS (adj.) | 0.00 | 0.03 | 0.08 | 0.06 | 0.02 | 0.03 | 0.04 | 0.04 |
| growth-% | 616.9 % | 189.2 % | -23.5 % | -68.4 % | 48.1 % | 27.0 % | 13.4 % | |
| Dividend | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 |
| Dividend ratio | 15.4 % | 70.0 % | 53.0 % | 58.5 % | 60.0 % |
Profitability and return on capital
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| EBITDA-% | 12.4 % | 15.3 % | 16.3 % | 18.9 % | 14.1 % | 15.2 % | 16.0 % | 16.0 % |
| EBIT-% (adj.) | 4.0 % | 8.1 % | 10.7 % | 12.0 % | 6.6 % | 7.8 % | 8.9 % | 9.1 % |
| EBIT-% | 4.0 % | 8.1 % | 10.7 % | 12.0 % | 6.6 % | 7.8 % | 8.9 % | 9.1 % |
| ROE | 3.1 % | 19.6 % | 41.2 % | 23.3 % | 6.5 % | 9.2 % | 11.1 % | 11.8 % |
| ROI | 4.9 % | 11.4 % | 17.9 % | 18.2 % | 7.9 % | 10.5 % | 12.6 % | 13.7 % |
Valuation
| 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
|---|---|---|---|---|---|---|---|---|
| Share price (EUR) | 0.39 | 0.48 | 0.60 | 0.47 | 0.42 | 0.42 | 0.42 | 0.42 |
| Shares | 59.7 | 59.7 | 59.7 | 59.7 | 59.7 | 59.7 | 59.7 | 59.7 |
| Market cap | 23.3 | 28.6 | 35.8 | 28.1 | 24.8 | 24.8 | 24.8 | 24.8 |
| Enterprise value | 37.2 | 42.2 | 46.3 | 38.7 | 30.6 | 28.9 | 27.1 | 25.4 |
| EV/S | 1.3 | 1.3 | 1.0 | 0.9 | 0.9 | 0.8 | 0.8 | 0.7 |
| EV/EBITDA | 10.2 | 8.3 | 6.4 | 4.5 | 6.3 | 5.5 | 4.8 | 4.4 |
| EV/EBIT (adj.) | 31.7 | 15.6 | 9.8 | 7.1 | 13.6 | 10.8 | 8.7 | 7.7 |
| EV/EBIT | 31.7 | 15.6 | 9.8 | 7.1 | 13.6 | 10.8 | 8.7 | 7.7 |
| P/E (adj.) | 97.7 | 16.7 | 7.3 | 7.4 | 20.8 | 14.0 | 11.0 | 9.7 |
| P/E | 97.7 | 16.7 | 7.3 | 7.4 | 20.8 | 14.0 | 11.0 | 9.7 |
| P/B | 2.9 | 3.0 | 2.5 | 1.6 | 1.3 | 1.3 | 1.2 | 1.1 |
| P/S | 0.8 | 0.9 | 0.8 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 |
| Dividend yield | 2.1 % | 3.4 % | 3.8 % | 5.3 % | 6.2 % | |||
| Equity ratio | 24.6 % | 29.4 % | 39.0 % | 49.8 % | 57.9 % | 61.6 % | 66.5 % | 70.8 % |
| Gearing ratio | 175.3 % | 142.9 % | 72.7 % | 58.4 % | 31.3 % | 21.1 % | 10.9 % | 2.6 % |
Quarter data
| Q4/23 | 2023 | Q1/24 | Q2/24 | Q3/24 | Q4/24e | 2024e | Q1/25e | Q2/25e | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9.9 | 45.4 | 8.5 | 9.3 | 7.2 | 9.3 | 34.3 | ||
| EBITDA | 1.5 | 8.6 | 0.9 | 1.3 | 1.2 | 1.4 | 4.8 | ||
| EBIT | 0.6 | 5.5 | 0.3 | 0.8 | 0.5 | 0.7 | 2.3 | ||
| Profit before taxes | 0.5 | 4.9 | 0.1 | 0.6 | 0.3 | 0.6 | 1.5 | ||
| Net income | 0.3 | 3.8 | 0.1 | 0.4 | 0.3 | 0.5 | 1.2 |
ShowingAll content types
Tulikivi Corporation - Managers' Transactions: NENAN Invest Oy
Tulikivi Corporation interim report 1–9/2024: Strategic projects made good progress
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Tulikivi Corporation has appointed Mikko Kuoppa as the head of the sauna business and a member of the company's management team
Tulikivi is revising downward and focusing its guidance for 2024: Net sales are expected to be EUR 33 to 37 million and comparable operating profit is expected to be approximately EUR 2 to 3 million
Tulikivi Corporation half year financial report 1–6/2024: Key projects progressing well
The EIA report of the Suomussalmi talc project submitted to ELY center
