Tulikivi Oyj (TULAV.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+335.8%

€2.09

vs €0.48 price

Levered DCF

€1.39

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.36

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-24.65×	20.3×	7.52×	7.43×	17.26×	96.25×	-6.11×	-3.6×
P/B	1.6×	1.28×	1.56×	2.48×	2.98×	2.91×	1.3×	0.7×
P/S	0.92×	0.72×	0.61×	0.81×	0.85×	0.79×	0.35×	0.23×
EV / EBITDA	20.19×	7.03×	4.51×	6.2×	8.31×	10.7×	15.32×	23.67×
Gross margin	18.6%	81.1%	76.4%	66.6%	70.6%	70.7%	69.5%	67.8%
Operating margin	-1.9%	6.3%	11.8%	10.6%	8.0%	4.0%	-2.9%	-3.6%
Net margin	-3.7%	3.5%	8.1%	10.9%	4.9%	0.8%	-5.7%	-6.3%
Current ratio	1.17×	1.52×	1.62×	1.3×	1.12×	1.11×	1.06×	0.46×
Debt / equity	0.69×	0.62×	0.73×	0.82×	1.59×	2.05×	2.22×	1.65×
Interest coverage	-0.83×	2.6×	6.99×	7.9×	4.21×	1.63×	-1.04×	-1.38×
Dividend yield	2.0%	2.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-50.0%	49.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-6.5%	6.3%	20.8%	33.4%	17.3%	3.0%	-21.3%	-19.3%
Return on invested capital	-1.6%	5.5%	13.2%	15.9%	8.5%	3.0%	-3.2%	-4.0%
Return on assets	-3.1%	3.2%	9.7%	12.3%	4.9%	0.7%	-4.8%	-5.2%
Free cash flow yield	3.0%	5.4%	14.1%	12.0%	5.7%	7.5%	5.9%	7.7%
Earnings yield	-4.1%	4.9%	13.3%	13.5%	5.8%	1.0%	-16.4%	-27.7%
Enterprise value	€38.4M	€34.9M	€38.9M	€43.9M	€42.7M	€37.9M	€26M	€21.1M
Net debt / EBITDA	5.92×	2.19×	1.23×	1.14×	2.76×	4.2×	9.4×	16.38×
Cash conversion cycle (days)	66	488	261	171	212	204	175	156