Declared Dividend • 21h
Dividend reduced to €0.10 Dividend of €0.10 is 41% lower than last year. Ex-date: 26th June 2026 Payment date: 30th June 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has remained flat since 3 years ago. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. CFO & Director Laetitia De Touchet was the last director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • May 07
Kumulus Vape S.A., Annual General Meeting, Jun 11, 2026 Kumulus Vape S.A., Annual General Meeting, Jun 11, 2026. Location: 21 rue marcel merieux, corbas France Reported Earnings • Nov 04
First half 2024 earnings released First half 2024 results: Revenue: €30.1m (up 1.9% from 1H 2023). Net income: €1.23m (down 3.2% from 1H 2023). Profit margin: 4.1% (down from 4.3% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 22
First half 2024 earnings released First half 2024 results: Revenue: €30.1m (up 1.9% from 1H 2023). Net income: €1.23m (down 3.2% from 1H 2023). Profit margin: 4.1% (down from 4.3% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Germany. Upcoming Dividend • Jun 19
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.4%). Upcoming Dividend • Jun 19
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.5%). 공시 • May 15
Kumulus Vape S.A., Annual General Meeting, Jun 17, 2024 Kumulus Vape S.A., Annual General Meeting, Jun 17, 2024. Location: 21 rue marcel merieux, corbas France New Risk • Apr 14
New minor risk - Dividend sustainability The company has a short dividend paying track record. Continuous dividend paying years: 1 Dividend yield: 2.2% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (7.7% increase in shares outstanding). Market cap is less than US$100m (€20.5m market cap, or US$21.8m). Reported Earnings • Apr 12
Full year 2023 earnings released Full year 2023 results: Revenue: €60.0m (up 7.7% from FY 2022). Net income: €2.54m (up 14% from FY 2022). Profit margin: 4.2% (up from 4.0% in FY 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €8.30, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 44x in the Specialty Retail industry in Germany. Total loss to shareholders of 12% over the past year. Reported Earnings • Oct 18
First half 2023 earnings released First half 2023 results: EPS: €0.42. Revenue: €29.6m (up 19% from 1H 2022). Net income: €1.27m (up 39% from 1H 2022). Profit margin: 4.3% (up from 3.7% in 1H 2022). The increase in margin was driven by higher revenue. 공시 • Jul 28
Kumulus Vape S.A. (ENXTPA:ALVAP) acquired Delia Diffusion. Kumulus Vape S.A. (ENXTPA:ALVAP) acquired Delia Diffusion on July 27, 2023. This acquisition of the company Delia diffusion, which manages the network of specialized Cigaverte stores, is mainly financed by borrowing. The turnover of the Cigaverte network as of financial year ended on September 30, 2022 amounted to €7.8 million.
Kumulus Vape S.A. (ENXTPA:ALVAP) completed the acquisition of Delia Diffusion on July 27, 2023. New Risk • Jul 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (55% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (€24.6m market cap, or US$27.4m). Upcoming Dividend • Jun 21
Upcoming dividend of €0.10 per share at 1.2% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €9.34, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 13x in the Specialty Retail industry in Germany. Total loss to shareholders of 7.9% over the past year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €10.00, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 16x in the Online Retail industry in Germany. Reported Earnings • Sep 28
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €16.5m (up 77% from 1H 2020). Net income: €797.2k (up 164% from 1H 2020). Profit margin: 4.8% (up from 3.2% in 1H 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improved over the past week After last week's 30% share price gain to €15.00, the stock trades at a trailing P/E ratio of 43.5x. Average trailing P/E is 26x in the Online Retail industry in Germany.