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Tulikivi Corporation (TULAV) Fair Value & Analysis

Industrials · FI · Market cap €32.0M

TC Tulikivi Corporation TULAV · HE
Price€0.5240
Fair Value€0.2200
Upside-58.0%
Quality41/100
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Weak Growth
Loss-making · -4.2% net margin
Low debt · generates free cash flow
Trails peers (1/13)
Narrow moat 14/100
Evidence: Medium Range €0.1400 – €0.3300 Share as image

Fair value as of: Jul 17, 2026

From 12 valuation models · updated 24 days ago

Share price −1.9% over the past month.

Below-average quality, and screening another 58% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€0.3300). The favourable scenario is already priced in.
  • Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (€0.1400 to €0.3300) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€0.8619 €0.3141 Fair Value €0.2200 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range €0.3141 – €0.8619 · fair‑value band €0.1400 – €0.3300 · the €0.5240 price screens above the €0.2200 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

Tulikivi Corporation (TULAV) currently trades at €0.5240, while our model-based Fair Value estimate is €0.2200, implying the stock looks roughly 58.0% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Tulikivi Corporation generated revenue of €30.8M at a net margin of -4.2%. Revenue grew 4.8% year over year. It earns a return on equity of -7.7%. Net debt stands at €11.3M. Fundamentals as of Jul 17, 2026

Our scenario range runs from €0.1400 (bear case) to €0.3300 (bull case); at €0.5240, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -33% fair-value upside, at -58%, TULAV screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (€0.0100 to €0.3400). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF €0.0100 €0.0500 80
Rev-Margin DCF €0.0400 €0.1100 74
Gordon GGM €0.0800 €0.0800 €0.0900 70
All 12 models by family
DCF Models
FCF DCF €0.0100 €0.0500 38
5Y Revenue Exit €0.0400 €0.1100 39
5Y EBITDA Exit €0.0800 €0.2000 €0.3600 41
10Y Revenue Exit €0.0100 €0.0500 36
10Y EBITDA Exit €0.0300 €0.1000 €0.1700 37
Dividend Discount
Gordon GGM €0.0800 €0.0800 €0.0900 70
DDM Multi-Stage €0.0800 €0.0900 €0.1100 61
Multiples
EV/EBITDA €0.2200 €0.3400 €0.4600 54
EV/Revenue €0.0100 €0.0700 €0.1300 43
Asset-Based
NCAV (Graham) €0.1600 €0.2200 €0.3300 50
Growth DCF
Growth DCF €0.0100 €0.0500 80
Rev-Margin DCF €0.0400 €0.1100 74

Widest divergence: Asset-Based (€0.2200) versus Growth DCF (€0.0100). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €30.8M
Revenue growth (YoY) +4.8%
Net margin -4.2%
Return on equity -7.7%
Free cash flow €800K FY2025
Operating margin -13.9%
More key figures
EPS (TTM) €-0.0300
EPS growth (YoY) -25.0%
Net debt €11.3M FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 41 · Market factors (momentum, volatility) 53

Profitability 19
Margins and returns on capital today
Quality Growth 2
Are margins and returns improving?
Cashflow 23
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 49
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Tulikivi Corporation manufactures and sells fireplaces, sauna heaters, and interior stone products in Finland, the United States, and rest of Europe. It offers heat-retaining and convection fireplaces; electric sauna and wood burning heaters; sauna control panel and smoke sauna heaters; and soapstone tiles.

Full company description

Tulikivi Corporation manufactures and sells fireplaces, sauna heaters, and interior stone products in Finland, the United States, and rest of Europe. It offers heat-retaining and convection fireplaces; electric sauna and wood burning heaters; sauna control panel and smoke sauna heaters; and soapstone tiles. The company was founded in 1893 and is headquartered in Juuka, Finland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tulikivi Corporation reported revenue of €29.5M in FY2025 versus €33.5M in FY2021, a compound −3.1%/yr. Reported net income was −€1.1M in FY2025.

Growth Quality 23/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€29.5M
Latest YoY
−11.4%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−12.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.2%
Avg. growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.8%
Revenue −3.1%/yr
FY21 €33.5M
FY22 €44.3M
FY23 €45.3M
FY24 €33.3M
FY25 €29.5M
Net income
FY21 €1.7M
FY22 €4.8M
FY23 €3.8M
FY24 €1.2M
FY25 −€1.1M

TULAV screens 58% overvalued. Compare with Trane Technologies plc →

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Cite: Fair Value Calculator (2026). "Tulikivi Corporation Fair Value". https://www.fairvalue-calculator.com/stock/TULAV

Peer Group

Building Products & Equipment · 247 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 41 · Bottom 25%
Fair Value upside −58% · Bottom 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -4% · Bottom 25%
Operating margin (TTM) -14% · Bottom 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.44× · Higher than 75% of peers

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/B 2.18× · Pricier than median
P/S (TTM) 1.20× · Pricier than median
P/FCF 46.3× · Pricier than 75% of peers
PEG 21.81× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 3
FUTURE 24 · sector 9
PAST 0 · sector 23
HEALTH 78 · sector 94
DIVIDEND 0 · sector 28

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $469.98 $212.34 -55%
Johnson Controls International plc JCI $142.81 $45.65 -68%
Carrier Global Corporation CARR $68.61 $17.35 -75%
Compagnie de Saint-Gobain S.A SGO €76.62 €101.60 +33%
Geberit AG GEBN CHF 523.20 CHF 307.66 -41%
Lennox International Inc LII $543.93 $363.09 -33%
Kingspan Group KRX €87.30 €70.76 -19%
Masco Corporation MAS $78.04 $54.36 -30%
PT Impack Pratama Industri Tbk, IMPC 1,420 IDR 179.76 IDR -87%
NIBE Industrier AB NIBEB kr 36.03 kr 25.37 -30%

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Frequently asked questions

Is Tulikivi Corporation (TULAV) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of €0.2200 versus a price of €0.5240, about −58% (overvalued).
What is the fair value of TULAV?
Our model-based fair value for Tulikivi Corporation is €0.2200 (as of Jul 17, 2026), built from audited fundamentals. The current price is €0.5240.
What is the quality score of TULAV?
Tulikivi Corporation has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Tulikivi Corporation (TULAV)?
Tulikivi Corporation reported trailing-twelve-month revenue of about €30.8M (latest available figure, as of Jul 17, 2026).
What is the net profit margin of TULAV?
The net profit margin of Tulikivi Corporation is about -4.2%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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