Here is a company report on Tulikivi from Thomas based on the Q3 results 
Tulikivi defended its Q3 profitability by adjusting its costs effectively, even though the demand recovery fell short of our expectations and revenue missed our forecast. We estimate that the lighter cost structure is partly permanent. However, an earnings turnaround still relies on a demand recovery, which has been delayed once again and is pushing the balance sheet over the covenant limit. In our view, the stock’s current valuation does not fully reflect the elevated risk profile stemming from weakened profitability. We reiterate our Sell recommendation and lower our target price to EUR 0.36 (previously EUR 0.38).