contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


kamux-strong-earnings-growth-and-big-investment-car-inventory

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Petri Kajaani

Thomas Westerholm

Kamux operates in the automotive industry. The company offers sales of used cars and related services within service, insurance and loan financing. Sales are made via the company's physical stores but also via the e-commerce platform. The largest operations are in the Nordic market. The company was founded in 2003 and has its headquarters in Hämeenlinna.

The issue stems from the fact that in private sales between individuals, the seller does not have the same responsibilities as car dealerships do. This is a significant advantage when dealing with cheap clunkers worth a few thousand, and this is where the car trade is shifting as people’s purchasing power weakens.  Samasta syystä taas kalliimpi auto ostetaan liikkeestä, koska oletetaan että sieltä saa varmuudella ehyen tai jos on joku vika niin se korjataan myyjän piikkiin. Osa ketjuista pyrkii tosin tätä mielikuvaa romuttamaan parhaansa mukaan… Conversely, for the same reason, more expensive cars are bought from dealerships because it is assumed that you are guaranteed to get one in good condition, or if there is a fault, it will be fixed at the seller’s expense. Though some chains are doing their best to ruin this perception…

So, I started wondering how Saka sees competition tightening specifically at the end of the year? Why?  Currently, all the major car dealerships are already investing in used cars, small dealerships are closing down, and consumer-to-consumer trade is growing. Maybe consumer-to-consumer trade is the “boogeyman” in question? Car dealerships must be able to offer cars at competitive prices and with more affordable financing so that consumer-to-consumer trade doesn’t continue its growth & prosperity.  This requires further efficiency improvements, in my opinion especially on the back-office side, if we consider Kamux… especially in Sweden and Germany.

Saka released a press release today regarding the outlook for the used car market; for some reason, I haven’t found it online yet, but regarding this year’s outlook, Saka’s points were:   The market is growing because few new cars have been/are being sold, and there is therefore strong demand for relatively new (3–5 year old) used cars.   Competition will tighten towards the end of the year.   The importance of imported cars continues to grow in order to meet domestic demand.   We predict that prices will remain stable.   The point of the release was mainly to advertise that it’s a good time to buy a used car from Saka, so perhaps it shouldn’t be taken too seriously, but the points sound quite reasonable. Stable prices and a growing market are good for used car dealers if they materialize, while tightening competition (even further) is naturally a negative.

Kamux’s share buyback has been successful so far.  The average purchase price is low, around 2.10 or so.  Now they have bought something like 600,000 shares… so the process is still ongoing.  They could buy a fair amount and cancel some of them! Treasury shares held by the company after the trades made on Jan 21, 2026: 867,911 shares.

Suddenly, this guy was “burned out” too, once he quit his job. In more recent videos, he states that with 6 days/week and long days, the rest of life goes unlived. Quarter after quarter, the targets keep growing.

At least for Kesko, car sales have been active in December too!  Let’s hope Kamux’s figures show similar growth.  If someone on the forum can see the December registrations, how was Kamux’s December? Could car sales be picking up for new cars as well during 2026…?

It’s not about the salesperson’s age. Many of those young salespeople are very good and enthusiastic, as this guy also seems to be, at least judging by the fact that his net pay was €4,100 a month. There is more arrogance among older salespeople these days, and many of them haven’t adapted to today’s online sales culture. Saka gets many things right; the best salespeople end up staying there for the long term.

Kamux

Kamux’s Q1 was again extremely strong (revenue +25% and adjusted EBIT +44%) and the figures exceeded our expectations. At the end of Q1, Kamux increased its car inventories clearly from the ...

<p>Kamux’s Q1 was again extremely strong (revenue +25% and adjusted EBIT +44%) and the figures exceeded our expectations. At the end of Q1, Kamux increased its car inventories clearly from the comparison period to prepare for the seasonally lively Q2. In our view, there is still a shortage of used cars on the market so a record-high inventory and favorable pricing environment due to the shortage generate in our opinion good preconditions for a strong Q2 for Kamux. </p> 

	2020	21e	22e
Revenue	724.0	861.5	1,047.0
growth-%	10.0 %	19.0 %	21.5 %
EBIT (adj.)	30.7	34.5	39.1
EBIT-% (adj.)	4.2 %	4.0 %	3.7 %
EPS (adj.)	0.57	0.64	0.74
Dividend	0.24	0.25	0.27
Dividend %	1.8 %	10.9 %	11.8 %
P/E (adj.)	23.8	3.6	3.1
EV/EBITDA	13.5	2.2	2.2

Kamux: Strong earnings growth and big investment in car inventory

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Key Estimate Figures13.05.2021

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