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.

On the other hand, the standard of drivers is falling and accidents are increasing .. and scrapping volumes are growing..

Yesterday evening, I took a screenshot from the Statistics Finland website regarding the number of passenger cars in use. There is a decrease in 2025 compared to the previous year of approx. -2.6%, or about 70,000 cars. The age groups reaching driving age will also shrink in the coming years, and a smaller proportion of these age groups are obtaining driver’s licenses. So, in addition to the problems abroad, one can also expect the market to shrink even in the profitable domestic market. How will Kamux tackle this challenge?

I personally suspect that this margin tax mess and/or VAT fraud scheme might also significantly affect motorhomes and campervans. The aforementioned vehicles have high unit prices and are primarily bought used by private individuals, meaning the right to VAT deduction is of no importance to the buyer. But as a pleasant rumor, I heard that Kamux might move next door to K-Auto in Seinäjoki; Kalliokoski mentioned this in connection with the Q4 interim report without revealing the exact new location. If this happens, they will secure a good business location.  According to Google, the building is new, designed for car dealerships, and next to it is Käyttöauto Oy’s massive headquarters. There are other car dealerships in the area and, for example, a large Prisma, so they will be right by the customer flows, if this indeed happens.  Of course, one store doesn’t exactly “make a summer,” as they say, but it’s always a step towards something better.  The new store in Jyväskylä is nice, by the way; I’ve visited the lot there.

Well, then you’ve already been boycotting Kamux for a while now:                   Ilta-Sanomat – 18 Jun 18              Autokauppa Kamuxille 2,6 miljoonan euron jälkiverovaatimus    Autokauppa Kamux on vastaanottanut verohallinnolta jälkiveropäätöksen, joka sisältää jälkiveroja, veronkorotuksia ja korkokuluja yhteensä noin 2,6 miljoonaa euroa, yhtiö kertoo tänään lähettämässään pörssitiedotteessa.                             Admittedly, the amount mentioned in the news story later decreased by just under a million euros, but still. Based on everything seen and general life experience, Kamux’s owners also have reason to be nervous if more extensive tax audits are conducted across the industry.

I would imagine they investigate one company at a time with their limited resources. I wonder if Kamux’s trades have already been investigated?

The ongoing investigation into aggravated tax fraud and aggravated accounting offenses prevents me, at least, from doing business with J. Rinta-Jouppi. Positive for Kamux now. This will have a larger impact on the market than the €60 million in missing tax revenue that ended up in the pockets of criminals.

On the other hand, those 3,500 cars are just over 0.5% of Finland’s entire annual used car market, and as far as I can see, it wasn’t stated anywhere that those 3,500 were within a single year. Of course, in certain segments, this may have manifested as distorted price competition, and J. Rinta-Jouppi is certainly one company that has been gaining market share recently.

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 %	14.4 %	15.6 %
P/E (adj.)	23.8	2.7	2.4
EV/EBITDA	13.5	1.7	1.7

Kamux: Strong earnings growth and big investment in car inventory

Key Estimate Figures13.05.2021

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