Tulikivi

0.57 EUR

+1.43 %

4,209 following

TULAV

NASDAQ Helsinki

Home Products

Consumer Goods & Services

+1.43 %
+2.90 %
+16.16 %
+15.21 %
+21.89 %
+19.33 %
+18.33 %
+73.17 %
+40.72 %

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
34.01M EUR
Turnover
1.33K EUR
P/E (adj.) (26e)
110.52
EV/EBIT (adj.) (26e)
32.91
P/B (26e)
1.96
EV/S (26e)
1.32
Dividend yield-% (26e)
-
Coverage
Recommendation
Sell
Target price
0.40 EUR
Updated
11.05.2026
Disclaimer
Thomas Westerholm
Thomas Westerholm

Analyst

Latest research

Latest analysis report

Released: 11.05.2026

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
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
It is bulk sales of slowly renewable or non-renewable raw materials. It is not innovative value creation, which the company has not been able to achieve effectively. By the way, where is the internet’s Tulikivi spammer?
5/11/2026, 7:57 AM
by Totuuden ääni
3
Here is Tulikivi’s 2020s post-COVID era well-summarized: “In our view, the stock’s valuation looks challenging due to the pressured earnings performance, leaving significant expectations reliant on the speculative realization of the talc project’s value” In plain English and layman...
5/11/2026, 7:32 AM
by Totuuden ääni
3
Here is a company report from Thomas following Tulikivi’s Q1 report Tulikivi’s revenue exceeded our expectations, driven by export revenue turning back to growth. Despite the recovery in exports, the order intake contracted from the previous year, leaving work to be done to reach...
5/11/2026, 6:02 AM
by Sijoittaja-alokas
3
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
2
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
I personally do not believe in significant (over 20%) growth in the fireplace business over the next 3 years. In contrast, there is substantial growth potential in the sauna business, though it will require work and time. The products are good, and there is a solvent customer base...
5/11/2026, 7:53 AM
by Jopinaattori
1
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