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Tulikivi

0.49 EUR

+1.88 %

4,198 following
Corporate customer

TULAV

NASDAQ Helsinki

Home Products

Consumer Goods & Services

Overview
Financials & Estimates
Dividend
Investor consensus
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+1.88 %
-9.63 %
-1.01 %
+2.74 %
+4.72 %
-0.41 %
-13.78 %
+64.31 %
+20.90 %

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
29.22M EUR
Turnover
3.17K EUR
P/E (adj.) (26e)
78.27
EV/EBIT (adj.) (26e)
33.27
P/B (26e)
1.68
EV/S (26e)
1.22
Dividend yield-% (26e)
0.7 %
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
22.4
2026

General meeting '26

8.5
2026

Interim report Q1'26

14.8
2026

Interim report Q2'26

Risk
Business risk
Valuation risk
Low
High
All
Research
Webcasts
Press releases
ShowingAll content types
Tulikivi Q4'25: Dyr sten på et køligt marked
Research6 hours ago 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
Regulatory press release3/6/2026, 11:00 AM

Tulikivi Corporation Financial statements release 1–12/2025: Investments in strategic projects continued despite challenging market conditions.

Tulikivi
Tulikivi Q4'25 preview: Et koldt marked for pejse
Research2/25/2026, 6:00 AM by
Thomas Westerholm

Tulikivi Q4'25 preview: Et koldt marked for pejse

Efter gårsdagens nedjustering er forventningerne til årets sidste kvartal faldet betydeligt.

Tulikivi

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Tulikivis nedjustering slukkede håbet om en hurtig opvarmning af markedet for pejse og ovne
Analyst Comment2/24/2026, 7:00 AM by
Thomas Westerholm

Tulikivis nedjustering slukkede håbet om en hurtig opvarmning af markedet for pejse og ovne

Tulikivi estimerer, at omsætningen i 2025 vil være cirka 29,5 MEUR (tidligere 29-33 MEUR), og at det sammenlignelige driftsresultat vil være cirka -0,1 MEUR (tidligere 1-2 MEUR).

Tulikivi
Regulatory press release2/23/2026, 8:30 PM

Tulikivi lowers its earnings guidance for 2025: Net sales are estimated to be approximately EUR 29.5 million and the comparable operating profit is estimated to be around EUR -0.1 million.

Tulikivi
Regulatory press release11/27/2025, 11:00 AM

Tulikivi Corporation financial reporting in 2026

Tulikivi
Regulatory press release11/7/2025, 11:00 AM

Tulikivi Corporation Interim report 1–9/2025: Despite the challenging market, investments continued in strategic projects.

Tulikivi
Regulatory press release9/17/2025, 1:00 PM

Tulikivi Corporation: Decision of the Board on capital repayment

Tulikivi
Regulatory press release9/17/2025, 1:00 PM

Tulikivi is revising downward and focusing its guidance for 2025: Net sales are expected to be EUR 29 to 33 million and comparable operating profit is expected to be EUR 1 to 2 million

Tulikivi
Regulatory press release8/15/2025, 10:00 AM

Tulikivi Corporation half year financial report 1–6/2025: Order intake continued to grow

Tulikivi
What to look for in a Consumer Goods Company? | Consumer Goods Night June 9, 202513:20
Video6/16/2025, 11:30 AM

What to look for in a Consumer Goods Company? | Consumer Goods Night June 9, 2025

The operating environment has been challenging for Consumer Goods Companies.

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Regulatory press release6/16/2025, 6:30 AM

Tulikivi Corporation - Managers' Transactions: Jaakko Aspara

Tulikivi
Regulatory press release5/23/2025, 3:00 PM

Tulikivi Corporation - Managers' Transactions: Jaakko Aspara

Tulikivi
Regulatory press release5/9/2025, 10:00 AM

Tulikivi Corporation Interim report 1–3/2025: Difficult operating environment, increasing order flow

Tulikivi
Press release5/9/2025, 7:30 AM

Environmental permit application for the Suomussalmi talc project submitted to the Regional State Administrative Agency of Northern Finland

Tulikivi
Regulatory press release4/24/2025, 11:00 AM

RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF TULIKIVI CORPORATION

Tulikivi
Regulatory press release3/28/2025, 11:00 AM

Tulikivi Corporation’s annual report for 2024 has been published

Tulikivi
Regulatory press release3/27/2025, 11:00 AM

NOTICE TO THE ANNUAL GENERAL MEETING OF TULIKIVI CORPORATION 2025

Tulikivi
Regulatory press release3/7/2025, 11:00 AM

Tulikivi Corporation financial statements release 1–12/2024: Stronger balance sheet position, equity ratio 51.9%

Tulikivi
Regulatory press release2/7/2025, 2:00 PM

Notification in accordance with Chapter 9, section 5, of the Securities Markets Act

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
17
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
Isn’t this reporting a bit premature? The next steps before the permit decision is made are: Statement from the ELY Centre. The application and EIA report are made available for public inspection. At least the application has not been made public yet. I would assume Nordic Talc Oy...
1/17/2026, 7:39 PM
by Jopinaattori
4
750,000 Tulikivi shares just changed hands in a single trade at a price of 0.573 euros. The buyer is likely Mikko Laakkonen. The company has 12 shareholders who own more than 750,000 shares.
1/20/2026, 9:00 AM
by Jopinaattori
3
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
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