Reported Earnings • May 11
First quarter 2026 earnings released: €0.02 loss per share (vs €0.015 loss in 1Q 2025) First quarter 2026 results: €0.02 loss per share (further deteriorated from €0.015 loss in 1Q 2025). Revenue: €6.60m (up 6.5% from 1Q 2025). Net loss: €1.10m (loss widened 22% from 1Q 2025). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Building industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Apr 21
Now 22% undervalued Over the last 90 days, the stock has risen 5.6% to €0.57. The fair value is estimated to be €0.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Meanwhile, the company became loss making. New Risk • Mar 31
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 64% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (64% net debt to equity). Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (€29.7m market cap, or US$34.0m). New Risk • Jan 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (€37.6m market cap, or US$43.8m). New Risk • Jan 01
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risk Market cap is less than US$100m (€29.5m market cap, or US$34.6m). Reported Earnings • Nov 09
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €7.00m (down 2.8% from 3Q 2024). Net income: €0 (down €200.0k from profit in 3Q 2024). Profit margin: 0% (down from 2.8% in 3Q 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Building industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Announcement • Nov 08
Tulikivi Corporation Provides Earnings Guidance for the Year 2025 Tulikivi Corporation provided earnings guidance for the year 2025. The company expects net sales in 2025 are expected to be EUR 29 million to EUR 33 million and the comparable operating profit is expected to be EUR 1 million to EUR 2 million. Upcoming Dividend • Sep 26
Upcoming dividend of €0.01 per share Eligible shareholders must have bought the stock before 03 October 2025. Payment date: 15 October 2025. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 2.2%. Lower than top quartile of Finnish dividend payers (6.0%). In line with average of industry peers (2.1%). Announcement • Sep 19
Tulikivi Revises Earnings Guidance for 2025 Tulikivi revised earnings guidance for 2025. For the period, the company's Net sales are expected to be EUR 29 million to EUR 33 million and comparable operating profit is expected to be EUR 1 million to EUR 2 million. Net sales and the comparable operating profit for 2025 are expected to improve on 2024. Reported Earnings • Aug 17
Second quarter 2025 earnings: EPS in line with expectations, revenues disappoint Second quarter 2025 results: EPS: €0.01. Revenue: €8.50m (down 9.6% from 2Q 2024). Net income: €300.0k (down 25% from 2Q 2024). Profit margin: 3.5% (down from 4.3% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Building industry in Europe. Reported Earnings • May 12
First quarter 2025 earnings released: €0.01 loss per share (vs €0.002 profit in 1Q 2024) First quarter 2025 results: €0.01 loss per share (down from €0.002 profit in 1Q 2024). Revenue: €6.30m (down 27% from 1Q 2024). Net loss: €900.0k (down €1.00m from profit in 1Q 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Mar 28
Tulikivi Corporation, Annual General Meeting, Apr 24, 2025 Tulikivi Corporation, Annual General Meeting, Apr 24, 2025, at 10:00 FLE Standard Time. Location: at the premises of borenius attorneys ltd, etelaesplanadi 2, 00130 helsinki., Finland Reported Earnings • Mar 10
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: €0.02 (down from €0.063 in FY 2023). Revenue: €34.6m (down 26% from FY 2023). Net income: €1.20m (down 68% from FY 2023). Profit margin: 3.5% (down from 8.1% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: €0.002 (vs €0.017 in 3Q 2023) Third quarter 2024 results: EPS: €0.002 (down from €0.017 in 3Q 2023). Revenue: €7.20m (down 23% from 3Q 2023). Net income: €200.0k (down 80% from 3Q 2023). Profit margin: 2.8% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 2.7% p.a. on average during the next 2 years, while revenues in the Building industry in Europe are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 01
Now 23% undervalued Over the last 90 days, the stock has risen 3.3% to €0.43. The fair value is estimated to be €0.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 27%. Announcement • Oct 21
Tulikivi Corporation Appoints Mikko Kuoppa as the Head of the Sauna Business and A Member of the Company's Management Team Tulikivi Corporation has appointed Mikko Kuoppa (43 years old, Bachelor of Engineer) as the head of the sauna business and a member of the company’s management team starting from 21.10.2024. Mikko Kuoppa has previously held management positions at BMI Group, responsible for the sales of Icopal and Ormax brands. Most recently, Kuoppa worked at BMI Group’s headquarters in London, responsible for the company’s customer engagement and business development programs. The head of the sauna business is a new position. In this role, he reports to CEO Heikki Vauhkonen. Buy Or Sell Opportunity • Oct 18
Now 23% undervalued Over the last 90 days, the stock has risen 1.4% to €0.43. The fair value is estimated to be €0.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 27%. Announcement • Oct 17
Tulikivi Corporation Revises Earnings Guidance for the Year 2024 Tulikivi Corporation revised earnings guidance for the year 2024. For the year, the company net sales in 2024 are expected to be EUR 33 million to EUR 37 million and the comparable operating profit is expected to be approximately EUR 2 million to EUR 3 million. The reason for reviewing the forecasts is the weaker-than-expected recovery in demand in the main market areas, especially in Germany, for both the fireplaces and cladding stones. Previous guidance for 2024 (originally published on March 1, 2024): Net sales in 2024 are expected to be EUR 37 million to EUR 44 million and the comparable operating profit is expected to be approximately EUR 3 million to EUR 5 million. Buy Or Sell Opportunity • Sep 26
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €0.45. The fair value is estimated to be €0.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 27%. Buy Or Sell Opportunity • Sep 09
Now 20% undervalued Over the last 90 days, the stock has risen 1.6% to €0.46. The fair value is estimated to be €0.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 27%. Reported Earnings • Aug 18
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: €0.01 (down from €0.028 in 2Q 2023). Revenue: €9.30m (down 32% from 2Q 2023). Net income: €400.0k (down 77% from 2Q 2023). Profit margin: 4.3% (down from 13% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Building industry in Europe are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Recent Insider Transactions • May 10
MD & Director recently sold €107k worth of stock On the 7th of May, Heikki Vauhkonen sold around 240k shares on-market at roughly €0.45 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Heikki's only on-market trade for the last 12 months. New Risk • May 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.3% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. Minor Risks High level of debt (47% net debt to equity). Profit margins are more than 30% lower than last year (7.3% net profit margin). Market cap is less than US$100m (€27.5m market cap, or US$29.6m). Reported Earnings • May 05
First quarter 2024 earnings released First quarter 2024 results: Revenue: €8.70m (down 34% from 1Q 2023). Net income: €100.0k (down 88% from 1Q 2023). Profit margin: 1.1% (down from 6.1% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.7% p.a. on average during the next 3 years, while revenues in the Building industry in Europe are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 30
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €0.47. The fair value is estimated to be €0.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 62%. For the next 3 years, revenue is forecast to decline by 6.0% per annum. Earnings are also forecast to decline by 7.9% per annum over the same time period. Upcoming Dividend • Apr 19
Inaugural dividend of €0.01 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 15 October 2024. This is the first dividend for Tulikivi since going public. The average dividend yield among industry peers is 2.2%. Buy Or Sell Opportunity • Apr 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.9% to €0.46. The fair value is estimated to be €0.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 62%. For the next 3 years, revenue is forecast to decline by 6.0% per annum. Earnings are also forecast to decline by 7.9% per annum over the same time period. Reported Earnings • Apr 03
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.063 (down from €0.081 in FY 2022). Revenue: €46.5m (up 3.2% from FY 2022). Net income: €3.76m (down 22% from FY 2022). Profit margin: 8.1% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is expected to decline by 6.0% p.a. on average during the next 3 years, while revenues in the Building industry in Europe are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Mar 27
Tulikivi Corporation Proposes Dividend on A Shares and K Shares for the Year 2023, Payable on 15 October 2024 Tulikivi Corporation at its Annual General Meeting to be held on 25 April 2024, proposed a dividend of EUR 0.01 per share be paid on A shares and EUR 0.0083 per share be paid on K shares for the year 2023. After taking the proposed dividend into account, the company’s distributable assets are EUR 3,679,203.29. The remainder of the assets will remain in the company’s equity. The dividend will be paid to shareholders who are registered in the shareholders’ register of the company, maintained by Euroclear Finland Ltd, on the record date for dividend payment, 29 April 2024. According to the proposal, the dividend payment date would be 15 October 2024. Reported Earnings • Mar 03
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.062 (down from €0.081 in FY 2022). Revenue: €45.3m (flat on FY 2022). Net income: €3.70m (down 23% from FY 2022). Profit margin: 8.2% (down from 11% in FY 2022). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is expected to decline by 8.3% p.a. on average during the next 3 years, while revenues in the Building industry in Europe are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be €0.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 11% per annum. Earnings is also forecast to decline by 24% per annum over the same time period. Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €49.7m to €46.6m. EPS estimate also fell from €0.08 per share to €0.07 per share. Net income forecast to shrink 47% next year vs 12% growth forecast for Building industry in Finland . Consensus price target down from €0.55 to €0.40. Share price fell 3.5% to €0.41 over the past week. Reported Earnings • Nov 05
Third quarter 2023 earnings: EPS in line with expectations, revenues disappoint Third quarter 2023 results: EPS: €0.017 (down from €0.018 in 3Q 2022). Revenue: €9.10m (down 9.9% from 3Q 2022). Net income: €1.00m (down 9.1% from 3Q 2022). Profit margin: 11% (in line with 3Q 2022). Revenue is expected to decline by 9.6% p.a. on average during the next 3 years, while revenues in the Building industry in Europe are expected to grow by 4.7%. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Announcement • Nov 04
Tulikivi Corporation Provides Earnings Guidance for the Full Year 2023 Tulikivi Corporation provided earnings guidance for the full year 2023. for the year, the company expects net sales to increase and comparable operating profit is expected to improve on 2022. Buying Opportunity • Sep 18
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €0.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 9.6% per annum. Earnings is also forecast to decline by 21% per annum over the same time period. Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: €0.03 (vs €0.023 in 2Q 2022) Second quarter 2023 results: EPS: €0.03 (up from €0.023 in 2Q 2022). Revenue: €13.3m (up 7.3% from 2Q 2022). Net income: €1.60m (up 14% from 2Q 2022). Profit margin: 12% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Announcement • Aug 19
Tulikivi Corporation Provides Financial Guidance for 2023 Tulikivi Corporation provided financial guidance for 2023. Net sales are expected to increase in 2023, and the comparable operating profit is expected to improve on 2022. Buying Opportunity • May 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be €0.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 4.5% per annum. Earnings is also forecast to decline by 14% per annum over the same time period. Buying Opportunity • Mar 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €0.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 4.4% per annum. Earnings is also forecast to decline by 14% per annum over the same time period. Reported Earnings • Mar 07
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €0.08 (up from €0.028 in FY 2021). Revenue: €45.3m (up 33% from FY 2021). Net income: €4.80m (up 190% from FY 2021). Profit margin: 11% (up from 4.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Building industry in Europe are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to €0.72 Up from €0.50, the current price target is provided by 1 analyst. New target price is 15% above last closing price of €0.63. Stock is up 29% over the past year. The company is forecast to post earnings per share of €0.07 for next year compared to €0.028 last year. Reported Earnings • Nov 06
Third quarter 2022 earnings: Revenues exceed analyst expectations Third quarter 2022 results: Revenue: €10.2m (up 21% from 3Q 2021). Net income: €1.10m (up 57% from 3Q 2021). Profit margin: 11% (up from 8.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Building industry in Europe. Reported Earnings • Aug 21
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: €0.023 (up from €0.013 in 2Q 2021). Revenue: €12.4m (up 31% from 2Q 2021). Net income: €1.40m (up 75% from 2Q 2021). Profit margin: 11% (up from 8.4% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) also surpassed analyst estimates by 50%. Over the next year, revenue is forecast to grow 14%, compared to a 11% growth forecast for the Building industry in Finland. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 74% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 19
Consensus EPS estimates increase by 50% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €38.7m to €41.5m. EPS estimate increased from €0.04 to €0.06 per share. Net income forecast to grow 102% next year vs 14% growth forecast for Building industry in Finland. Consensus price target up from €0.50 to €0.70. Share price was steady at €0.78 over the past week. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Director Tarmo Tuominen was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 27
Price target decreased to €0.45 Down from €1.08, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €0.46. Stock is up 37% over the past year. The company is forecast to post earnings per share of €0.04 for next year compared to €0.028 last year. Reported Earnings • Mar 06
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: €0.03 (up from €0.004 in FY 2020). Revenue: €33.5m (up 14% from FY 2020). Net income: €1.70m (up €1.46m from FY 2020). Profit margin: 5.1% (up from 0.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.3%. The fair value is estimated to be €0.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Nov 07
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €8.50m (up 21% from 3Q 2020). Net income: €700.0k (up 133% from 3Q 2020). Profit margin: 8.2% (up from 4.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS €0.013 (vs €0.005 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €9.50m (up 27% from 2Q 2020). Net income: €800.0k (up 167% from 2Q 2020). Profit margin: 8.4% (up from 4.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year whereas the company’s share price has increased by 63% per year.