Thomas has made a new company report after Tulikivi’s negative outlook. 
Tulikivi’s negative profit warning was not a significant surprise, but it makes the recovery of demand seem shakier than before. We have lowered our forecasts, especially for the current year. We still assume that the bottom of the fireplace market demand is behind us and we see Tulikivi having the prerequisites for significant earnings growth as the market recovers. We revise our target price to 0.40 euros (previously 0.42 eur) driven by forecast changes and reiterate our reduce recommendation.