• Forum
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Tulikivi

0.56 EUR

-0.36 %

4,209 following

TULAV

NASDAQ Helsinki

Home Products

Consumer Goods & Services

Overview
Financials & Estimates
Dividend
Investor consensus
Compare
-0.36 %
-4.44 %
+17.15 %
+13.59 %
+18.14 %
+22.00 %
+14.17 %
+62.79 %
+38.73 %

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.

Read more
Market cap
33.53M EUR
Turnover
1.25K EUR
P/E (adj.) (26e)
108.96
EV/EBIT (adj.) (26e)
32.53
P/B (26e)
1.93
EV/S (26e)
1.31
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-%
EPS and dividend
Financial calendar
Risk
Business risk
Valuation risk
Low
High
All
Research
Webcasts
Press releases
ShowingAll content types

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
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
Here are Thomas’s pre-match thoughts, as Tulikivi reports its results on Friday We expect the company’s revenue to remain at the level of the comparison period, but the seasonal loss to have deepened slightly as a result of the sales mix and cost inflation. In our estimation, Tulikivi...
5/7/2026, 4:54 AM
by Sijoittaja-alokas
1
Read more on our forum
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

Tulikivi Q1'26: Tegn på bedring i eksporten
Research5/11/2026, 5:34 AM by
Thomas Westerholm

Tulikivi Q1'26: Tegn på bedring i eksporten

Tulikivis omsætning overgik vores forventninger, drevet af en vending til vækst i eksportomsætningen. På trods af den genoprettede eksport faldt ordreindgangen år-til-år.

Tulikivi
Regulatory press release5/8/2026, 10:00 AM

Tulikivi Corporation Interim Report 1-3/2026: Strategic projects making good progress and laying the foundations for future growth

Tulikivi
Tulikivi Q1'26 preview: Hjemmemarkedet varmer i eksportens modvind
Analyst Comment5/7/2026, 4:33 AM by
Thomas Westerholm

Tulikivi Q1'26 preview: Hjemmemarkedet varmer i eksportens modvind

Vi forventer, at omsætningen er forblevet på niveau med sammenligningsperioden, men at det sæsonmæssige tab er blevet større drevet af salgsstrukturen og omkostningsinflationen.

Tulikivi

Join Inderes community

Don't miss out - create an account and get all the possible benefits

Inderes account
Followings and notifications on followed companies
Analyst comments and recommendations
Stock comparison tool & other popular tools
Create account
Regulatory press release4/22/2026, 2:00 PM

RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF TULIKIVI CORPORATION

Tulikivi
Regulatory press release3/27/2026, 11:00 AM

Tulikivi Corporation’s annual report for 2025 has been published

Tulikivi
Regulatory press release3/25/2026, 11:00 AM

NOTICE TO THE ANNUAL GENERAL MEETING OF TULIKIVI CORPORATION 2026

Tulikivi
Tulikivi Q4'25: Dyr sten på et køligt marked
Research3/9/2026, 5:30 AM 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
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.

MarimekkoOrthexTulikiviRapala VMCFiskarsNokian TyresOlviFifaxNokian PanimoAtriaHKFoodsApetitRaisioSolar FoodsFodeliaAnora Group
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