Kumulus Vape sells vaping hardware and e-liquids through its online retail storefronts, a business that runs thin margins, with a 16.0% gross margin and a 5.6% operating margin. The company is small, with a market capitalisation of about 9M EUR, and it trades on a trailing P/E of 7.5 with no forward estimate available. Revenue fell 8.3% over the latest period and return on equity sits at 6.8%, so the profitability is real but modest and the top line is shrinking. The reason it merits a look is the gap between a low multiple and a contracting business: the case rests on whether margins hold while sales stabilise, and that is a question for the filings and the reasons behind the decline, not a conclusion the headline numbers settle. It is not in any index, so liquidity and coverage are thin, which should be factored into any position sizing.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | €3.30 | first publication | €2.93 |
| 22 Oct 2026, 12:04 CEST | Rating | Undervalued | first publication | €2.87 |
| 22 Oct 2026, 12:04 CEST | Fair value | €9.63 | first publication | €2.87 |
Answered from Kumulus Vape S.A. fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| ALVAP.PA Kumulus Vape S.A. | €2.93 | €10 | 70% below | 7.5x | 6.8% | 52 | 49 |
| BHG.ST BHG Group AB (publ) | kr 21.72 | kr 23 | 6% below | 51.0x | 2.5% | 39 | 41 |
| JMIA Jumia Technologies AG American Depositary Shares each representing two Ordinary Shares | $5.91 | - | - | - | -216.2% | 39 | 28 |
| THG.L THG Plc | £0.39 | £0 | 27% above | - | -10.1% | 34 | 40 |
| RERE ATRenew Inc. American Depositary Shares (every three of which representing two Class A ordinary shares) | $3.77 | $6 | 35% below | 13.7x | 12.3% | 52 | 64 |
| HEPS D-Market Electronic Services & Trading American Depositary Shares | $2.79 | - | - | - | -636.5% | 30 | 46 |
| LQDT Liquidity Services Inc. Common Stock | $44.30 | $23 | 91% above | 44.0x | 15.0% | 72 | 73 |
Where ALVAP.PA ranks against its sector peers on each metric.