Company Overview
Tulikivi is a Finnish-based multinational company that specializes in the production and distribution of lithium and specialty minerals. With its headquarters in Helsinki, Finland, Tulikivi has established itself as a leading player in the global market for these essential materials.
The company's primary mission is to provide high-quality lithium and specialty minerals to various industries, including energy storage, electronics, and construction. At the heart of Tulikivi's success are its core values: innovation, sustainability, and customer satisfaction. By prioritizing these principles, Tulikivi aims to become a trusted partner for businesses and individuals seeking reliable access to critical mineral resources.
Key Products/Services
Tulikivi's product portfolio includes:
- Lithium carbonate and lithium hydroxide, essential components in energy storage applications
- Specialty minerals such as talc, kaolin, and dolomite, used in various industrial processes
- Customized solutions for specific customer needs, including bespoke mineral blends and processing services
The benefits of Tulikivi's products and services include:
- High-quality materials with consistent purity and consistency
- Expertise in processing and blending minerals to meet specific customer requirements
- Reliable supply chain management to ensure timely delivery of products
Tulikivi operates globally, with a presence in Finland, Europe, North America, and other regions. The company has established strategic partnerships with key players in the industry, ensuring access to critical mineral resources and expertise.
The company's production facilities are equipped with state-of-the-art technology, enabling efficient processing and blending of minerals. Tulikivi's logistics network ensures timely delivery of products to customers worldwide.
Innovation and Sustainability
Tulikivi is committed to innovation and sustainability, with a focus on reducing its environmental impact and promoting responsible mineral sourcing practices.
The company has invested in research and development initiatives, aiming to improve the efficiency and sustainability of its operations. Tulikivi also collaborates with industry partners and stakeholders to promote best practices in mineral sourcing and processing.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 59.9 | 59.9 | 59.9 | 59.9 | 59.9 | 59.9 | 59.9 |
| Target Valuation (MEur) | 56.1 | 63.4 | 49.7 | 29.2 | 18.6 | 18.8 | 18.8 |
| Targer Price | 0.94 | 1.06 | 0.83 | 0.49 | 0.31 | 0.31 | 0.31 |
| Potential, % | 56.3 | 123.2 | 106.2 | -1.0 | -41.7 | -41.1 | -41.1 |
| Recommendation | Buy | Buy | Buy | Hold | Sell | Sell | Sell |
| MCAP (MEur) | 35.9 | 28.4 | 24.1 | 29.5 | 31.9 | 31.9 | 31.9 |
| Price | 0.6 | 0.47 | 0.4 | 0.49 | 0.53 | 0.53 | 0.53 |
| EV | 46.0 | 39.0 | 35.0 | 41.0 | 44.0 | 42.0 | 41.0 |
| P/S | 0.81 | 0.63 | 0.72 | 1.0 | 1.23 | 1.26 | 1.25 |
| EV/S | 1.05 | 0.86 | 1.05 | 1.39 | 1.69 | 1.68 | 1.59 |
| EV/EBIT | 9.87 | 7.08 | 16.63 | -81.51 | -21.16 | -69.53 | 115.74 |
| P/E | 7.33 | 7.47 | 20.06 | -24.6 | -13.85 | -66.36 | 113.75 |
| P/B | 2.49 | 1.57 | 1.29 | 1.74 | 2.15 | 2.22 | 2.18 |
| P/OCF | 5.7 | 5.79 | 6.69 | 10.18 | 30.92 | 10.65 | 9.1 |
| EV/OCF | 7.36 | 7.95 | 9.7 | 14.05 | 42.52 | 14.18 | 11.57 |
| P/FCF | 8.16 | 17.74 | 18.51 | 36.9 | -55.88 | 22.91 | 16.76 |
| EV/FCF | 10.54 | 24.34 | 26.86 | 50.94 | -76.84 | 30.51 | 21.32 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 44.3 | 45.3 | 33.4 | 29.4 | 25.9 | 25.2 | 25.5 |
| Rev. Growth, % | 10.7 | 2.3 | -26.3 | -12.0 | -11.9 | -2.7 | 1.2 |
| Ebit | 4.7 | 5.5 | 2.1 | -0.5 | -2.1 | -0.6 | 0.4 |
| Ebit Growth, % | 74.1 | 17.0 | -61.8 | -123.8 | -320.0 | 71.4 | 166.7 |
| Ebit, % | 10.6 | 12.1 | 6.3 | -1.7 | -8.1 | -2.4 | 1.6 |
| Profit | 4.9 | 3.8 | 1.2 | -1.2 | -2.3 | -0.5 | 0.3 |
| EPS | 0.08 | 0.06 | 0.02 | -0.02 | -0.04 | -0.01 | 0.01 |
| Profit Growth, % | 226.7 | -22.4 | -68.4 | -200.0 | -91.7 | 78.3 | 160.0 |
| Profit, % | 11.1 | 8.4 | 3.6 | -4.1 | -8.9 | -2.0 | 1.2 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 8.7 | 9.6 | 9.5 | 9.0 | 7.8 | 7.3 | 7.0 |
| Acc. Receivable | 2.8 | 2.1 | 2.2 | 1.8 | 2.1 | 1.8 | 2.1 |
| Cash | 3.7 | 2.7 | 0.7 | 0.5 | 1.3 | 2.7 | 4.6 |
| Equity | 14.4 | 18.1 | 18.7 | 17.0 | 14.8 | 14.3 | 14.6 |
| ROE, % | 34.0 | 21.0 | 6.4 | -7.1 | -15.5 | -3.5 | 2.1 |
| ROCE, % | 16.5 | 17.5 | 6.9 | -1.7 | -7.5 | -2.2 | 1.4 |
| Net Debt | 10.5 | 10.6 | 10.8 | 11.2 | 11.9 | 10.6 | 8.7 |
| Gearing, % | 72.7 | 58.4 | 58.0 | 66.1 | 80.7 | 73.8 | 59.3 |
| Equity ratio, % | 36.6 | 46.8 | 51.0 | 47.9 | 43.2 | 43.0 | 44.5 |
| Acc. Payable | 10.5 | 7.4 | 6.6 | 6.5 | 6.7 | 6.6 | 6.8 |
| Total Assets | 39.3 | 38.7 | 36.7 | 35.5 | 34.2 | 33.3 | 32.8 |
| ROA, % | 12.5 | 9.8 | 3.3 | -3.4 | -6.7 | -1.5 | 0.9 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 6.3 | 4.9 | 3.6 | 2.9 | 1.0 | 3.0 | 3.5 |
| Investment Cash Flow | -1.9 | -3.3 | -2.3 | -2.1 | -1.6 | -1.6 | -1.6 |
| Free Cash Flow | 4.4 | 1.6 | 1.3 | 0.8 | -0.6 | 1.4 | 1.9 |
| OCF/CAPEX | 3.32 | 1.48 | 1.57 | 1.38 | 0.64 | 1.87 | 2.19 |
| Financial Cash Flow | -1.8 | -2.6 | -3.3 | -1.0 | 1.4 | 0.0 | 0.0 |
Disclaimer
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