Kumulus Vape SA (ALVAP) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Kumulus Vape SA stock €9.12, price €3.04, upside +200.0%, quality 57 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range €2.70 – €12.98 · fair‑value band €6.38 – €11.86 · the €3.04 price screens below the €9.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Kumulus Vape S.A., an e-merchant, sells and distributes vaping products and related products in France.
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The company operates two sales platforms, such as kumulusvape.fr and kmls.fr. The company offers equipment, including electronic cigarettes, boxes and batteries, puffs, and pods, as well as clearomizers, resistors, tanks, drippers, and pod cartridges; e-liquids; accessories, such as drip tips, resistive threads, cottons, resistors, tools, batteries, cases and storage, and DIY products.
Kumulus Vape S.A. was founded in 2012 and is based in Lyon, France.
Stock analysis
Kumulus Vape SA (ALVAP) currently trades at €3.04, while our model-based Fair Value estimate is €9.12, implying the stock looks roughly 67% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €15.99 per share, and 26 of the 26 models we run sit above the €3.04 price.
Bear case: the Dividend Discount group reads lowest at €3.36, and 0 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: €6.38 (bear) to €11.86 (bull), the price of €3.04 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Kumulus Vape SA reported revenue of €57.5M in FY2025 versus €34.5M in FY2021, a compound +13.6%/yr. Reported net income was €995K in FY2025, compounding −7.1%/yr from FY2021.
Key figures
Market cap €8.9M Micro · P/E ratio 7.8 · P/S ratio 0.16 · EPS (TTM) €0.3900 · Dividend yield 3.3% · Net margin 2.1% · Return on equity 6.8% · Return on assets (EBIT) 13.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 21% fair-value upside, at 200%, ALVAP screens cheaper than that median.
Fair Value models
Bear€6.38Fair Value €9.12Bull€11.86
Price €3.04 · Upside +200.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.2487 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.6%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+51.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+2.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.5%
Dividend (yield on the price)3.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.5% vs 29.5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 3%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−16.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −18.2% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Retail · 101 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Below median
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (12 months)6.8% · Above median
Return on assets3.6% · Above median
Net margin (12 months)2.1% · Below median
Operating margin (12 months)5.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)−8.3% · Bottom 25%
Dividend yield (12 months)3.3% · Above median
Balance sheet
Debt / equity0.15× · Below median
Valuation Multiplesvs Internet Retail median · lower = cheaper
P/E (12 months)7.8× · Cheapest 25%
P/B0.52× · Cheapest 25%
P/S (12 months)0.16× · Cheapest 25%
Price / free cash flow (fiscal year)7.7× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Kumulus Vape SA Fair Value". https://www.fairvalue-calculator.com/stock/ALVAP
Frequently asked questions
Is Kumulus Vape SA (ALVAP) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €9.12 versus a price of €3.04, about +200% upside (undervalued).
What is the fair value of ALVAP?
Our model-based fair value for Kumulus Vape SA is €9.12 (as of Nov 4, 2026), built from audited fundamentals. The current price: €3.04.
What is the quality score of ALVAP?
Kumulus Vape SA has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kumulus Vape SA (ALVAP)?
Our model-based price target is the fair value of €9.12 (as of Nov 4, 2026) from 26 valuation models. Cautious scenario €6.38, optimistic scenario €11.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Kumulus Vape SA stock forecast for 2026?
Our models put fair value at €9.12, about +200% upside versus a price of €3.04 (undervalued). Cautious scenario €6.38, optimistic scenario €11.86. The calculation is refreshed regularly with new filings.
What is the revenue of Kumulus Vape SA (ALVAP)?
Kumulus Vape SA reported trailing-twelve-month revenue of about €55.2M (latest available figure, as of Nov 4, 2026).
Does Kumulus Vape SA pay a dividend?
Kumulus Vape SA currently shows a dividend yield of 3.29% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Kumulus Vape SA (ALVAP) and when is the ex-dividend date?
Kumulus Vape SA pays a dividend of €0.1 per share a year, a dividend yield of 3.3%. The last ex-dividend date was Jun 26, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 25.6% of earnings. Free cash flow covers the dividend 4.25 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Kumulus Vape SA (ALVAP)?
For today's price to be fair in a discounted-cash-flow model, Kumulus Vape SA would have to grow free cash flow by -16.5 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.6 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of ALVAP use?
Our models discount Kumulus Vape SA at 9.0 %: a base by market capitalisation (nano), damped by beta 0.51, country premium for France. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Kumulus Vape SA that is -16.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Kumulus Vape SA (ALVAP) delivered so far?
Over the past 5 years revenue at Kumulus Vape SA grew +20.6 % a year. The price currently implies free-cash-flow growth of -16.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Kumulus Vape SA (ALVAP) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Kumulus Vape SA (-16.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Kumulus Vape SA (ALVAP)?
The free-cash-flow yield on the price is 13.02 %: that much free cash flow Kumulus Vape SA produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kumulus Vape SA (ALVAP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kumulus Vape SA it is €9.12 per share (as of Nov 4, 2026), against a price of €3.04. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Kumulus Vape SA stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ALVAP trades below its calculated fair value: price €3.04, fair value €9.12, a gap of about +200% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ALVAP?
No. The price is what the market pays today (€3.04); the fair value is what the company's own numbers justify (€9.12). For Kumulus Vape SA the two are €6.08 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kumulus Vape SA worth?
The market values Kumulus Vape SA at about €8.9M (market capitalisation, as of Nov 4, 2026). Per share that is €3.04; our models calculate a fair value of €9.12 per share.
What do the bullish and bearish scenarios say about ALVAP?
Our models span a range for Kumulus Vape SA: cautious scenario €6.38, base €9.12, optimistic €11.86 per share (as of Nov 4, 2026, price €3.04). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALVAP?
Kumulus Vape SA trades at a price-to-earnings ratio of 7.8 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €9.12 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings: 13.0. Other multiples: P/B 0.5, P/S 0.2, EV/EBITDA 2.0.
How solid is the balance sheet of Kumulus Vape SA (ALVAP)?
Balance-sheet figures for Kumulus Vape SA (as of Nov 4, 2026): return on equity 6.8%, debt of 0.15 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is ALVAP from its 52-week high?
Kumulus Vape SA trades at €3.04, about 30% below its 52-week high of €4.32 and 13% above the low of €2.70 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €9.12 is for.
Which stocks are comparable to Kumulus Vape SA?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, PDD Holdings, Prosus N.V, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kumulus Vape SA stock attractive at the current price?
The data as of Nov 4, 2026: price €3.04, calculated fair value €9.12 (+200%), Quality Score 57/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ALVAP calculated?
We run Kumulus Vape SA through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €9.12 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Kumulus Vape SA currently trades 67% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kumulus Vape SA (ALVAP)?
The closing price on Nov 6, 2026 was €3.04. Our model-based fair value is €9.12, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kumulus Vape SA right now?
The price is below even our cautious bear case (€6.38). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€6.38 to €11.86) leaves room in how you read the outcome.
Key figures of Kumulus Vape SA
How large is the market capitalisation of Kumulus Vape SA (ALVAP)?
The market capitalisation of Kumulus Vape SA is €8.9M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kumulus Vape SA (ALVAP)?
The price-to-sales ratio of Kumulus Vape SA is 0.16 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kumulus Vape SA (ALVAP)?
Earnings per share at Kumulus Vape SA are €0.3900 (price ÷ EPS = P/E 7.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kumulus Vape SA (ALVAP)?
The dividend yield of Kumulus Vape SA is 3.3% (payout 25.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Kumulus Vape SA (ALVAP)?
The net margin of Kumulus Vape SA is 2.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kumulus Vape SA (ALVAP)?
The return on equity (ROE) of Kumulus Vape SA is 6.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kumulus Vape SA (ALVAP)?
On an EBIT basis the return on assets of Kumulus Vape SA is 13.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kumulus Vape SA (ALVAP)?
The operating margin of Kumulus Vape SA is 5.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kumulus Vape SA (ALVAP)?
Revenue at Kumulus Vape SA is growing −8.3% versus a year earlier (3y avg +1.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kumulus Vape SA (ALVAP)?
Earnings per share at Kumulus Vape SA are growing +30.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Kumulus Vape SA (ALVAP) hold?
Kumulus Vape SA holds more cash than debt, €1.7M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 4, 2026