Loading...

You're on the old version of Simply Wall St. We will no longer be supporting this site, so we recommend you switch to our brand new platform.

Tulikivi

HLSE:TULAV
Snowflake Description

Mediocre balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TULAV
HLSE
€7M
Market Cap
  1. Home
  2. FI
  3. Capital Goods
Company description

Tulikivi Corporation manufactures and sells fireplaces, sauna heaters, and interior decoration products in Finland, the United States, and rest of Europe. The last earnings update was 10 days ago. More info.


Add to Portfolio Compare Print
  • Tulikivi has significant price volatility in the past 3 months.
TULAV Share Price and Events
7 Day Returns
1.4%
HLSE:TULAV
-0.8%
Europe Building
1.8%
FI Market
1 Year Returns
-16.7%
HLSE:TULAV
-15.2%
Europe Building
-21.6%
FI Market
TULAV Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tulikivi (TULAV) 1.4% -18.5% -29.7% -16.7% -52% -48.1%
Europe Building -0.8% -19.2% -26% -15.2% -17.5% -3.1%
FI Market 1.8% -14.9% -22.1% -21.6% -14.1% -16.9%
1 Year Return vs Industry and Market
  • TULAV underperformed the Building industry which returned -15.2% over the past year.
  • TULAV outperformed the Market in Finland which returned -21.6% over the past year.
Price Volatility
TULAV
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Tulikivi undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tulikivi to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tulikivi.

HLSE:TULAV Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 11.8%
Perpetual Growth Rate 10-Year FI Government Bond Rate -0.1%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for HLSE:TULAV
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FI Govt Bond Rate -0.1%
Equity Risk Premium S&P Global 5.9%
Building Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.051 (1 + (1- 20%) (260.16%))
2.499
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.11% + (2 * 5.94%)
11.77%

Discounted Cash Flow Calculation for HLSE:TULAV using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tulikivi is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

HLSE:TULAV DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 11.77%)
2020 0.42 Est @ -0.85% 0.37
2021 0.41 Est @ -0.63% 0.33
2022 0.41 Est @ -0.47% 0.29
2023 0.41 Est @ -0.36% 0.26
2024 0.41 Est @ -0.29% 0.23
2025 0.41 Est @ -0.23% 0.21
2026 0.41 Est @ -0.2% 0.19
2027 0.41 Est @ -0.17% 0.17
2028 0.40 Est @ -0.15% 0.15
2029 0.40 Est @ -0.14% 0.13
Present value of next 10 years cash flows €2.00
HLSE:TULAV DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €0.40 × (1 + -0.11%) ÷ (11.77% – -0.11%)
€3.40
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €3.40 ÷ (1 + 11.77%)10
€1.12
HLSE:TULAV Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €2.00 + €1.12
€3.12
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €3.12 / 59.75
€0.05
HLSE:TULAV Discount to Share Price
Calculation Result
Value per share (EUR) From above. €0.05
Current discount Discount to share price of €0.11
= -1 x (€0.11 - €0.05) / €0.05
-110.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Tulikivi is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tulikivi's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tulikivi's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
HLSE:TULAV PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €-0.03
HLSE:TULAV Share Price ** HLSE (2020-04-06) in EUR €0.11
Europe Building Industry PE Ratio Median Figure of 63 Publicly-Listed Building Companies 14.04x
Finland Market PE Ratio Median Figure of 103 Publicly-Listed Companies 15.7x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tulikivi.

HLSE:TULAV PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= HLSE:TULAV Share Price ÷ EPS (both in EUR)

= 0.11 ÷ -0.03

-4x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tulikivi is loss making, we can't compare its value to the Europe Building industry average.
  • Tulikivi is loss making, we can't compare the value of its earnings to the Finland market.
Price based on expected Growth
Does Tulikivi's expected growth come at a high price?
Raw Data
HLSE:TULAV PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Building Industry PEG Ratio Median Figure of 33 Publicly-Listed Building Companies 1.09x
Finland Market PEG Ratio Median Figure of 90 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Tulikivi, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tulikivi's assets?
Raw Data
HLSE:TULAV PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €0.13
HLSE:TULAV Share Price * HLSE (2020-04-06) in EUR €0.11
Europe Building Industry PB Ratio Median Figure of 78 Publicly-Listed Building Companies 1.12x
Finland Market PB Ratio Median Figure of 138 Publicly-Listed Companies 1.66x
HLSE:TULAV PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= HLSE:TULAV Share Price ÷ Book Value per Share (both in EUR)

= 0.11 ÷ 0.13

0.85x

* Primary Listing of Tulikivi.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tulikivi is good value based on assets compared to the Europe Building industry average.
X
Value checks
We assess Tulikivi's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Building industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Building industry average (and greater than 0)? (1 check)
  5. Tulikivi has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Tulikivi expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Tulikivi has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.8%
Expected Building industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tulikivi expected to grow at an attractive rate?
  • Unable to compare Tulikivi's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Tulikivi's earnings growth to the Finland market average as no estimate data is available.
  • Unable to compare Tulikivi's revenue growth to the Finland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
HLSE:TULAV Future Growth Rates Data Sources
Data Point Source Value (per year)
Europe Building Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
Europe Building Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
Finland Market Earnings Growth Rate Market Cap Weighted Average 9.1%
Finland Market Revenue Growth Rate Market Cap Weighted Average 2.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
HLSE:TULAV Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
HLSE:TULAV Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 29 2 -2
2019-09-30 29 -2
2019-06-30 29 1 -2
2019-03-31 29 1 -2
2018-12-31 29 2 -2
2018-09-30 29 2 -1
2018-06-30 30 2 -1
2018-03-31 30 2 -1
2017-12-31 30 2 -1
2017-09-30 30 3 -1
2017-06-30 31 3 -2
2017-03-31 31 3 -2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Tulikivi is high growth as no earnings estimate data is available.
  • Unable to determine if Tulikivi is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
HLSE:TULAV Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Tulikivi Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

HLSE:TULAV Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 -0.03
2019-09-30
2019-06-30 -0.03
2019-03-31 -0.03
2018-12-31 -0.03
2018-09-30 -0.02
2018-06-30 -0.01
2018-03-31 -0.02
2017-12-31 -0.02
2017-09-30 -0.02
2017-06-30 -0.03
2017-03-31 -0.03

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Tulikivi will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Take a look at our analysis of TULAV’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. Tulikivi's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Capital Goods companies here
  3. Tulikivi's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Tulikivi's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tulikivi has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Tulikivi performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tulikivi's growth in the last year to its industry (Building).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tulikivi does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Tulikivi's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Tulikivi's 1-year growth to the Europe Building industry average as it is not currently profitable.
Earnings and Revenue History
Tulikivi's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tulikivi Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

HLSE:TULAV Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 29.09 -1.64 15.39
2019-09-30 29.08 -1.60 15.91
2019-06-30 28.58 -2.00 16.01
2019-03-31 28.78 -1.90 15.91
2018-12-31 29.08 -1.80 15.91
2018-09-30 29.32 -1.34 16.48
2018-06-30 30.02 -0.74 16.58
2018-03-31 30.12 -0.94 16.78
2017-12-31 30.02 -1.24 17.28
2017-09-30 30.03 -1.33 17.92
2017-06-30 30.73 -1.53 18.22
2017-03-31 30.93 -1.73 18.72
2016-12-31 31.23 -2.13 18.62
2016-09-30 31.58 -2.08 19.53
2016-06-30 32.08 -1.98 19.53
2016-03-31 32.68 -2.68 19.43
2015-12-31 32.48 -3.88 19.93
2015-09-30 33.91 -3.93 21.81
2015-06-30 35.31 -3.93 22.61
2015-03-31 37.41 -3.83 23.71
2014-12-31 39.61 -2.63 24.11
2014-09-30 40.70 -4.21 18.47
2014-06-30 43.10 -4.41 19.57
2014-03-31 43.00 -4.41 19.87
2013-12-31 43.90 -4.41 20.77
2013-09-30 46.25 -2.33 28.39
2013-06-30 47.35 -2.03 28.79

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Tulikivi has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Tulikivi has efficiently used its assets last year compared to the Europe Building industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Tulikivi improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Tulikivi's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Building industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tulikivi has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Tulikivi's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tulikivi's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tulikivi is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Tulikivi's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tulikivi's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tulikivi Company Filings, last reported 3 months ago.

HLSE:TULAV Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 7.72 15.58 1.16
2019-09-30 8.50 15.40 0.60
2019-06-30 8.50 15.40 0.60
2019-03-31 8.50 15.40 0.60
2018-12-31 9.31 15.38 0.80
2018-09-30 10.00 15.40 0.70
2018-06-30 10.50 15.40 0.50
2018-03-31 10.30 15.50 0.40
2017-12-31 11.16 15.67 0.57
2017-09-30 11.40 15.80 0.50
2017-06-30 11.30 16.00 0.60
2017-03-31 11.30 16.20 0.50
2016-12-31 12.40 16.39 0.89
2016-09-30 12.70 15.80 0.70
2016-06-30 12.80 15.80 0.50
2016-03-31 12.90 15.80 0.70
2015-12-31 14.41 17.77 1.43
2015-09-30 14.70 9.80 1.40
2015-06-30 14.60 11.00 1.10
2015-03-31 15.50 12.40 0.70
2014-12-31 18.16 19.98 3.67
2014-09-30 18.50 15.30 2.40
2014-06-30 18.50 19.70 2.60
2014-03-31 19.30 20.60 4.90
2013-12-31 20.78 23.03 10.70
2013-09-30 15.60 26.00 4.60
2013-06-30 15.90 27.10 4.30
  • Tulikivi's level of debt (201.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (109.7% vs 201.9% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Tulikivi has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Tulikivi has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -35.4% per year.
X
Financial health checks
We assess Tulikivi's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tulikivi has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Tulikivi dividends.
If you bought €2,000 of Tulikivi shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Tulikivi's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Tulikivi's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
HLSE:TULAV Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Europe Building Industry Average Dividend Yield Market Cap Weighted Average of 46 Stocks 3.5%
Finland Market Average Dividend Yield Market Cap Weighted Average of 95 Stocks 5%
Finland Minimum Threshold Dividend Yield 10th Percentile 2.1%
Finland Bottom 25% Dividend Yield 25th Percentile 3.2%
Finland Top 25% Dividend Yield 75th Percentile 6.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

HLSE:TULAV Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2013-02-08 0.000 0.000
2012-10-26 0.000 0.000
2012-08-08 0.000 0.000
2012-04-24 0.000 0.000
2011-02-16 0.025 2.964
2010-02-11 0.025 1.902

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Tulikivi has not reported any payouts.
  • Unable to verify if Tulikivi's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Tulikivi's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Tulikivi has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Tulikivi's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 2.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tulikivi afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tulikivi has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Tulikivi's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Heikki Vauhkonen
COMPENSATION €246,650
AGE 49
TENURE AS CEO 6.7 years
CEO Bio

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 Tulikivi Corporation from April 2007 to April 15, 2013 and it Member of the Management Team from August 1, 2005 to April 15, 2013. He served as Marketing Director of the Tulikivi Group heater business unit. He served as Marketing Director of Fireplace Business of Tulikivi Corporation from 2002 to May 28, 2007 and served as its Deputy Managing Director from July 21, 2006 to May 28, 2007. He served as Vice President of Tulikivi U.S., Inc. from joining in 1997 to 2001. Mr. Vauhkonen has been Chairman of the Board of Stone Pole Oy since 2007. He has been Chairman of the Finnish Stone Research Foundation since 2015. He served as Chairman of Tulikivi Corporation from April 16, 2013 to August 22, 2013 and previously served as its Vice Chairman from April 13, 2007 to May 28, 2007. He serves as Director of Tulikivi Corporation. He has been Member of the Board of North Karelian Chamber of Commerce since 2010 He has been a Member of the Supervisory Board of Fennia since 2011. He has been a Member of the Board of Directors of Rakennustuoteteollisuus RTT ry since 2012. He has been a Directors of Suomen Lähienergialiittory since 2015. Mr. Vauhkonen served as an Executive Director of Tulikivi Corporation from 2001 to April 15, 2013. He holds a Bachelor of Law and BBA Degrees.

CEO Compensation
  • Heikki's compensation has increased whilst company is loss making.
  • Heikki's remuneration is about average for companies of similar size in Finland.
Management Team Tenure

Average tenure and age of the Tulikivi management team in years:

6.7
Average Tenure
52
Average Age
  • The average tenure for the Tulikivi management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Heikki Vauhkonen

TITLE
MD & Director
COMPENSATION
€247K
AGE
49
TENURE
6.7 yrs

Markku Rönkkö

TITLE
Secretary & Independent Director
COMPENSATION
€37K
AGE
68

Jouko Toivanen

TITLE
Director of Finance & Administration
AGE
52
TENURE
6.7 yrs

Markku Prättälä

TITLE
Sales Director of Finland
AGE
52
TENURE
5.3 yrs
Board of Directors Tenure

Average tenure and age of the Tulikivi board of directors in years:

5
Average Tenure
53.5
Average Age
  • The tenure for the Tulikivi board of directors is about average.
Board of Directors

Jyrki Tähtinen

TITLE
Independent Chairman
COMPENSATION
€73K
AGE
58
TENURE
5 yrs

Heikki Vauhkonen

TITLE
MD & Director
COMPENSATION
€247K
AGE
49
TENURE
19.3 yrs

Markku Rönkkö

TITLE
Secretary & Independent Director
COMPENSATION
€37K
AGE
68
TENURE
11.3 yrs

Reijo Svanborg

TITLE
Independent Director
COMPENSATION
€21K
AGE
76
TENURE
5 yrs

Jaakko Aspara

TITLE
Independent Director
COMPENSATION
€19K
AGE
38
TENURE
4 yrs

Liudmila Niemi

TITLE
Independent Director
AGE
47
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Tulikivi's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tulikivi has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does Tulikivi (HEL:TULAV) Have A Healthy Balance Sheet?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. … HLSE:TULAV Historical Debt, August 20th 2019 How Strong Is Tulikivi's Balance Sheet? … The latest balance sheet data shows that Tulikivi had liabilities of €25.7m due within a year, and liabilities of €1.60m falling due after that.

Simply Wall St -

Does The Tulikivi Corporation (HEL:TULAV) Share Price Fall With The Market?

Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … This is above 1, so historically its share price has been influenced by the broader volatility of the stock market. … What this means for you: Since Tulikivi has a reasonably high beta, it's worth considering why it is so heavily influenced by broader market sentiment.

Simply Wall St -

Volatility 101: Should Tulikivi (HEL:TULAV) Shares Have Dropped 48%?

Check out our latest analysis for Tulikivi Given that Tulikivi didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. … Generally speaking, companies without profits are expected to grow revenue every year, and at a good clip. … Unfortunately, though, it makes sense given the lack of either profits or revenue growth.

Simply Wall St -

How Much Of Tulikivi Corporation (HEL:TULAV) Do Insiders Own?

If you want to know who really controls Tulikivi Corporation (HEL:TULAV), then you'll have to look at the makeup of its share registry. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … institutions are noticeable on the share registry

Simply Wall St -

Does Market Volatility Impact Tulikivi Corporation's (HEL:TULAV) Share Price?

Some stocks mimic the volatility of the market quite closely, while others demonstrate muted, exagerrated or uncorrelated price movements. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

How Much Of Tulikivi Corporation (HEL:TULAV) Do Insiders Own?

Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … Tulikivi is a smaller company with a market capitalization of €6.8m, so it may still be flying under the radar of many institutional investors. … institutions are noticeable on the share registry.

Simply Wall St -

Does Tulikivi Corporation (HEL:TULAV) Have A Particularly Volatile Share Price?

If you're interested in Tulikivi Corporation (HEL:TULAV), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility).

Simply Wall St -

How Financially Strong Is Tulikivi Corporation (HEL:TULAV)?

Investors are always looking for growth in small-cap stocks like Tulikivi Corporation (HEL:TULAV), with a market cap of €10m. … However, an important fact which most ignore is: how financially healthy is the business? … the current state of its operations and pathway to profitability.

Simply Wall St -

Can Tulikivi Corporation (HEL:TULAV) Improve Your Portfolio Returns?

Broadly speaking, there are two types of risk you should consider when investing in stocks such as TULAV. … The second type is market risk, one that you cannot diversify away, since it arises from macroeconomic factors which directly affects all the stocks in the market. … A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one.

Simply Wall St -

How Financially Strong Is Tulikivi Corporation (HEL:TULAV)?

Tulikivi Corporation (HEL:TULAV) is a small-cap stock with a market capitalization of €9.53m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health.

Simply Wall St -

Company Info

Description

Tulikivi Corporation manufactures and sells fireplaces, sauna heaters, and interior decoration products in Finland, the United States, and rest of Europe. The company offers Karelia, heat retaining soapstone and ceramic fireplaces, soapstone and ceramic fireplaces with bakeoven, bakeovens and cookstoves, and convection fireplaces, as well as green products, such as pellet, air-heating, water-heating, and fireplace control systems. It also provides electric and wood burning sauna heaters clad with soapstone, other natural stone, ceramic tiles or cast stone, or with a metal finish; sauna heaters for smoke saunas and commercial saunas; and sauna accessories, including sauna stones, heater lights, glass covers, soapstone interior design products and tiles, and electric sauna heater control units under the Tulikivi brand. In addition, the company offers interior products, such as countertops; tiling for rooms; and stone products for kitchens, bathrooms, floors, walls, and stairs, as well as paving stone collection comprising products for paths, borders, patios, walls, plinths, stone fences, steps and landings, planting pits, furniture, and barbecues. Tulikivi Corporation was founded in 1893 and is headquartered in Juuka, Finland.

Details
Name: Tulikivi Corporation
TULAV
Exchange: HLSE
Founded: 1893
€6,572,174
59,747,043
Website: http://www.tulikivi.com
Address: Tulikivi Corporation
Kuhnustantie 10,
Juuka,
North Karelia, 83900,
Finland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
HLSE TULAV Series A Shares OMX Nordic Exchange Helsinki FI EUR 01. Apr 1992
BST TUZA Series A Shares Boerse-Stuttgart DE EUR 01. Apr 1992
LSE 0GCJ Series A Shares London Stock Exchange GB EUR 01. Apr 1992
Number of employees
Current staff
Staff numbers
235
Tulikivi employees.
Industry
Building Products
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 21:38
End of day share price update: 2020/04/06 00:00
Last earnings filing: 2020/03/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.