Tulikivi (HLSE:TULAV) - Share price, News & Analysis

Q: What is the Fair Price of TULAV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TULAV (€0.57) is trading below our estimate of [[fair value]] (€0.91)

TULAV fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	3/6
Past Performance	5/6
Financial Health	4/6
Dividends	0/6

TULAV Stock Overview

Tulikivi Corporation manufactures and sells fireplaces, sauna heaters, and interior decoration products in Finland, the United States, and rest of Europe.

Rewards

Trading at 38% below our estimate of its fair value

Earnings are forecast to grow 9.97% per year

Earnings grew by 165.1% over the past year

Risk Analysis

Has a high level of debt

Does not have a meaningful market cap (€34M)

Tulikivi Competitors

Uponor Oyj

HLSE:UPONOR

€1.1b

Reka Industrial Oyj

HLSE:REKA

€22.4m

Glaston Oyj Abp

HLSE:GLA1V

€77.7m

Exel Composites Oyj

HLSE:EXL1V

€79.7m

Price History & Performance

Summary of all time highs, changes and price drops for Tulikivi
Historical stock prices
Current Share Price	€0.57
52 Week High	€0.73
52 Week Low	€0.38
Beta	1.74
1 Month Change	21.15%
3 Month Change	23.26%
1 Year Change	6.18%
3 Year Change	297.90%
5 Year Change	182.09%
Change since IPO	-64.81%

Recent News & Updates

Aug 04

What Tulikivi Corporation's (HEL:TULAV) 26% Share Price Gain Is Not Telling You

Tulikivi Corporation ( HEL:TULAV ) shareholders have had their patience rewarded with a 26% share price jump in the...

Jul 12

Returns On Capital Are Showing Encouraging Signs At Tulikivi (HEL:TULAV)

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two...

Apr 05

Is Tulikivi (HEL:TULAV) A Risky Investment?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Shareholder Returns

	TULAV	FI Building	FI Market
7D	6.0%	-1.3%	-1.1%
1Y	6.2%	-23.8%	-20.2%

Return vs Industry: TULAV exceeded the Finnish Building industry which returned -23.8% over the past year.

Return vs Market: TULAV exceeded the Finnish Market which returned -20.2% over the past year.

Price Volatility

Is TULAV's price volatile compared to industry and market?
TULAV volatility
TULAV Average Weekly Movement	5.7%
Building Industry Average Movement	5.9%
Market Average Movement	5.0%
10% most volatile stocks in FI Market	9.0%
10% least volatile stocks in FI Market	3.4%

Stable Share Price: TULAV is not significantly more volatile than the rest of Finnish stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: TULAV's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1893	200	Heikki Vauhkonen	https://www.tulikivi.com

Tulikivi Corporation manufactures and sells fireplaces, sauna heaters, and interior decoration products in Finland, the United States, and rest of Europe. The company offers heat-retaining soapstone and ceramic fireplaces, soapstone and ceramic fireplaces with bake oven, bake ovens and cookstoves, and convection fireplaces; and senso fireplace controllers, pellet fireplaces, and color fireplaces. It also provides electric, wood-fired, and smoke sauna heaters; communal saunas; control units; and sauna stones.

Tulikivi Fundamentals Summary

How do Tulikivi's earnings and revenue compare to its market cap?
TULAV fundamental statistics
Market Cap	€33.88m
Earnings (TTM)	€1.95m
Revenue (TTM)	€35.97m

17.3x

P/E Ratio

0.9x

P/S Ratio

Is TULAV overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TULAV income statement (TTM)
Revenue	€35.97m
Cost of Revenue	€8.17m
Gross Profit	€27.80m
Other Expenses	€25.85m
Earnings	€1.95m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 19, 2022

Earnings per share (EPS)	0.033
Gross Margin	77.30%
Net Profit Margin	5.43%
Debt/Equity Ratio	130.9%

How did TULAV perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is TULAV undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TULAV?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TULAV. This is calculated by dividing TULAV's market cap by their current preferred multiple.
What is TULAV's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€33.88m

TULAV key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.3x
Enterprise Value/EBITDA	9.1x
PEG Ratio	1.7x

Price to Earnings Ratio vs Peers

How does TULAV's PE Ratio compare to its peers?

TULAV PE Ratio vs Peers

The above table shows the PE ratio for TULAV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	23.8x
UPONOR Uponor Oyj	11x	-2.7%	€1.1b
REKA Reka Industrial Oyj	22.7x	9.7%	€22.4m
GLA1V Glaston Oyj Abp	25.8x	32.9%	€77.7m
EXL1V Exel Composites Oyj	35.7x	16.4%	€79.7m
TULAV Tulikivi	17.3x	10.0%	€33.9m

Price-To-Earnings vs Peers: TULAV is good value based on its Price-To-Earnings Ratio (17.3x) compared to the peer average (23.8x).

Price to Earnings Ratio vs Industry

How does TULAV's PE Ratio compare vs other companies in the European Building Industry?

Price-To-Earnings vs Industry: TULAV is expensive based on its Price-To-Earnings Ratio (17.3x) compared to the European Building industry average (14.6x)

Price to Earnings Ratio vs Fair Ratio

What is TULAV's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TULAV PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	17.3x
Fair PE Ratio	14.2x

Price-To-Earnings vs Fair Ratio: TULAV is expensive based on its Price-To-Earnings Ratio (17.3x) compared to the estimated Fair Price-To-Earnings Ratio (14.2x).

Share Price vs Fair Value

What is the Fair Price of TULAV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TULAV (€0.57) is trading below our estimate of fair value (€0.91)

Significantly Below Fair Value: TULAV is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Tulikivi forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

10.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TULAV's forecast earnings growth (10% per year) is above the savings rate (0.2%).

Earnings vs Market: TULAV's earnings (10% per year) are forecast to grow faster than the Finnish market (8.8% per year).

High Growth Earnings: TULAV's earnings are forecast to grow, but not significantly.

Revenue vs Market: TULAV's revenue (1.8% per year) is forecast to grow faster than the Finnish market (1.7% per year).

High Growth Revenue: TULAV's revenue (1.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if TULAV's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Tulikivi performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

48.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TULAV has high quality earnings.

Growing Profit Margin: TULAV's current net profit margins (5.4%) are higher than last year (2.4%).

Past Earnings Growth Analysis

Earnings Trend: TULAV has become profitable over the past 5 years, growing earnings by 48.1% per year.

Accelerating Growth: TULAV's earnings growth over the past year (165.1%) exceeds its 5-year average (48.1% per year).

Earnings vs Industry: TULAV earnings growth over the past year (165.1%) exceeded the Building industry 35.3%.

Return on Equity

High ROE: Whilst TULAV's Return on Equity (20.14%) is high, this metric is skewed due to their high level of debt.

Discover strong past performing companies

Financial Health

How is Tulikivi's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: TULAV's short term assets (€12.5M) exceed its short term liabilities (€11.1M).

Long Term Liabilities: TULAV's short term assets (€12.5M) do not cover its long term liabilities (€13.0M).

Debt to Equity History and Analysis

Debt Level: TULAV's net debt to equity ratio (118.6%) is considered high.

Reducing Debt: TULAV's debt to equity ratio has reduced from 143.3% to 130.9% over the past 5 years.

Debt Coverage: TULAV's debt is well covered by operating cash flow (28.7%).

Interest Coverage: TULAV's interest payments on its debt are well covered by EBIT (12.5x coverage).

Balance Sheet

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Dividend

What is Tulikivi current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

1.18%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate TULAV's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TULAV's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TULAV's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TULAV's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: TULAV is not paying a notable dividend for the Finnish market.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as TULAV has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

9.0yrs

Average management tenure

CEO

Heikki Vauhkonen (52 yo)

9yrs

Tenure

€257,000

Compensation

Mr. Heikki Vauhkonen, LLB, BBA has been the Managing Director of Tulikivi Corporation since August 23, 2013 and has been its Member of Management Group 2001. Mr. Vauhkonen served as Managing Director of Tu...

CEO Compensation Analysis

Compensation vs Market: Heikki's total compensation ($USD261.02K) is about average for companies of similar size in the Finnish market ($USD285.40K).

Compensation vs Earnings: Heikki's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: TULAV's management team is seasoned and experienced (9 years average tenure).

Board Members

Experienced Board: TULAV's board of directors are considered experienced (4.8 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/07 00:00
End of Day Share Price	2022/08/05 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31