Tulikivi

0.60 EUR

-0.99 %

4,204 following
Corporate customer

TULAV

NASDAQ Helsinki

Home Products

Consumer Goods & Services

-0.99 %
+5.26 %
+11.11 %
+21.70 %
+31.87 %
+23.71 %
+6.19 %
+55.84 %
+48.64 %

Tulikivi is a manufacturer of wood-burning stoves. The product range is wide and includes stoves made of soapstone. In addition to the main business, the company also offers sauna heaters adapted for both electric and wood-fired saunas, as well as interior stones for kitchens, bathrooms and saunas. The largest operations are in the Nordic region, where the products are sold through external retailers. The head office is located in Juuka.

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Market cap
35.92M EUR
Turnover
25.02K EUR
P/E (adj.) (26e)
96.23
EV/EBIT (adj.) (26e)
39.33
P/B (26e)
2.06
EV/S (26e)
1.44
Dividend yield-% (26e)
0.57 %
Coverage
Recommendation
Sell
Target price
0.38 EUR
Updated
09.03.2026
Disclaimer
Thomas Westerholm
Thomas Westerholm

Analyst

Latest research

Latest analysis report

Released: 09.03.2026

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
14.8
2026

Interim report Q2'26

6.11
2026

Interim report Q3'26

Risk
Business risk
Valuation risk
Low
High
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Tulikivi Q4'25: Dyr sten på et køligt marked
Research by
Thomas Westerholm

Tulikivi Q4'25: Dyr sten på et køligt marked

Vi har sænket vores vækstestimater for de kommende år en smule på grund af den svage ordreindgang i 4. kvartal, selvom vi anerkender, at de nyligt stigende energipriser for forbrugerne er en potentiel drivkraft for efterspørgslen efter pejse.

Tulikivi
Forum discussions
@Thomas_Westerholm great success with the sell recommendation. I don’t give out praise too often, but now it’s well-deserved. You’ve been on the reduce/sell side for a long time anyway. In my opinion, one of Inderes’ most impressive successes in recommendations in recent years.
2/23/2026, 11:26 PM
by Blackparta
18
Thanks @ Blackparta, this really warmed my heart ahead of the earnings season! I must admit I’m pleased with my own track record with Tulikivi (dangerous to say that out loud, as things often go south immediately after). The only dull thing about succeeding with a negative recommendation...
3/3/2026, 9:09 AM
by Thomas Westerholm
10
Here is a story from Yle about Tulikivi and its operations in Russia Summary of the story Yle’s investigation reveals that since 2023, Tulikivi has wiped almost all mentions of Russia from its investor communications. At the same time, however, Russia has still been a significant...
1/29/2026, 12:08 PM
by Sijoittaja-alokas
5
Tulikivi and a late-night profit warning TULIKIVI OYJ INSIDE INFORMATION FEBRUARY 23, 2026 AT 10:30 PM Tulikivi lowers its profit guidance for 2025: Net sales are estimated to be approximately EUR 29.5 million and comparable operating profit is estimated to be approximately EUR -...
2/23/2026, 9:12 PM
by Sijoittaja-alokas
4
Here is Thomas’s pre-report on Tulikivi with negative tones. Tulikivi will publish its Q4 report on Friday, March 6, 2026. Following yesterday’s profit warning, expectations for the final quarter of the year have decreased significantly, and 2025 was a disappointment compared to ...
2/25/2026, 6:19 AM
by Sijoittaja-alokas
2
Here are Thomas’s comments on the profit warning. Tulikivi issued a negative profit warning on Monday evening. The new guidance fell clearly short of our expectations, especially regarding profitability, as we had expected the company to post a positive result for 2025. Tulikivi ...
2/24/2026, 7:09 AM
by Sijoittaja-alokas
2
One would assume that domestic sales took at least a slight hit due to the news coverage regarding the Russian business operations. Based on my understanding, official permits for electric heaters in the USA and Japan are still pending, so there won’t be any help for revenue from...
5/7/2026, 6:21 AM
by Jopinaattori
1
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