New Risk • Jul 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.44m (US$9.60m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€8.44m market cap, or US$9.60m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.7% net profit margin). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €3.38, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 13x in the Specialty Retail industry in France. Total loss to shareholders of 56% over the past three years. Upcoming Dividend • Jun 19
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 26 June 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of French dividend payers (5.3%). In line with average of industry peers (3.4%). Declared Dividend • May 29
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 lower than the industry average of 6.4%. 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. Aankondiging • 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 • Apr 12
Full year 2025 earnings released Full year 2025 results: Revenue: €57.5m (down 5.2% from FY 2024). Net income: €995.0k (down 62% from FY 2024). Profit margin: 1.7% (down from 4.4% in FY 2024). The decrease in margin was driven by lower revenue. Buy Or Sell Opportunity • Mar 25
Now 27% overvalued Over the last 90 days, the stock has fallen 21% to €3.45. The fair value is estimated to be €2.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.20, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 21x in the Specialty Retail industry in France. Total loss to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €3.69, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Specialty Retail industry in France. Total loss to shareholders of 56% over the past three years. Reported Earnings • Sep 23
First half 2025 earnings released First half 2025 results: Revenue: €27.8m (down 3.6% from 1H 2024). Net income: €613.0k (down 54% from 1H 2024). Profit margin: 2.2% (down from 4.6% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Specialty Retail industry in France. Upcoming Dividend • Jun 19
Upcoming dividend of €0.17 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of French dividend payers (5.4%). Lower than average of industry peers (4.2%). Declared Dividend • May 21
Dividend increased to €0.17 Dividend of €0.17 is 13% higher than last year. Ex-date: 26th June 2025 Payment date: 30th June 2025 Dividend yield will be 3.1%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (20% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 30% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 12
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (€15.2m market cap, or US$17.1m). Reported Earnings • Apr 16
Full year 2024 earnings released Full year 2024 results: Revenue: €60.7m (up 1.0% from FY 2023). Net income: €2.64m (up 4.0% from FY 2023). Profit margin: 4.4% (up from 4.2% in FY 2023). Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Specialty Retail industry in France. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €4.93, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Specialty Retail industry in France. Total loss to shareholders of 52% over the past three years. New Risk • Dec 20
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 French stocks, typically moving 6.5% 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: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (€16.5m market cap, or US$17.1m). 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 4.7% growth forecast for the Specialty Retail industry in France. 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 21% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.08, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Specialty Retail industry in France. Total loss to shareholders of 42% over the past three years. 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 4.8% growth forecast for the Specialty Retail industry in France. 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 French dividend payers (5.6%). Lower than average of industry peers (4.0%). Aankondiging • 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 Reported Earnings • Apr 13
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 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €8.36, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 8x in the Specialty Retail industry in France. Total returns to shareholders of 36% over the past three years. 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. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Aankondiging • 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. 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 French dividend payers (5.2%). Lower than average of industry peers (5.1%). 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 27
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 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €10.20, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 9x in the Online Retail industry in France. Total returns to shareholders of 21% over the past year. 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 13
Investor sentiment improved over the past week After last week's 23% share price gain to €14.50, the stock trades at a trailing P/E ratio of 43.5x. Average trailing P/E is 12x in the Online Retail industry in France. Total returns to shareholders of 164% over the past year. Reported Earnings • Apr 26
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €22.5m (up 111% from FY 2019). Net income: €826.0k (up €748.5k from FY 2019). Profit margin: 3.7% (up from 0.7% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Feb 12
New 90-day high: €7.30 The company is up 29% from its price of €5.65 on 11 November 2020. The French market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Online Retail industry, which is up 64% over the same period. Is New 90 Day High Low • Jan 23
New 90-day high: €6.95 The company is up 72% from its price of €4.04 on 22 October 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 54% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: €6.90 The company is up 67% from its price of €4.12 on 08 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 58% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: €6.30 The company is up 27% from its price of €4.98 on 17 September 2020. The French market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Online Retail industry, which is up 51% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: €4.04 The company is down 18% from its price of €4.94 on 21 July 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is up 19% over the same period. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total profits of €328.9k, up 69% from the prior year. Total revenue was €15.2m over the last 12 months, up 75% from the prior year. Is New 90 Day High Low • Sep 26
New 90-day high: €5.95 The company is up 43% from its price of €4.16 on 26 June 2020. The French market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 10.0% over the same period.