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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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.

Yeah, it’s probably not worth over-interpreting a single sentence found deep within the comprehensive report. The intention there is to describe the general dynamics of expenses—i.e., as volume/revenue increases, commissions inherently rise as well. Of course, Kamux does not publicly disclose its commission models in detail; someone working in the industry might know, as these are likely quite similar. But in any case, you get some base commission for every car sold, and then there are, as I understand it, both absolute and/or percentage-based commissions tied to both the sales price and the margin. I recall the company saying at some point that absolute euros carry more weight—meaning, just as @Vara-Paavi suspected, cheaper cars have a larger hardware margin in percentage terms. I don’t recall the company commenting on these in more detail than this. Salespeople certainly prefer selling more expensive (which are also usually newer) cars anyway, because it’s more likely that they can sell add-on services with them. And there are, of course, separate commissions for the sale of those add-on services.

Did I miss something, or what is the basis for the claim that this HR director doesn’t understand the car trade and prefers straight-A graduates?

I think Rauli’s comment is true regardless of which one it is based on. Unless Rauli discloses whether he knows more about the remuneration model, it is likely fruitless to continue a meaningful analysis on this. I have sold my shares this year because I believe the company’s KPIs, which I think the company could influence, have not started moving in the right direction, and I believe that the remuneration model specifically would be the key to steering them. In my previous comments, I believe I’ve mentioned tying buyers’ remuneration to realized gross margins and inventory turnover, and I would also really hope that sales incentives would primarily react to units sold (linked, for example, to gross margin, as I described) as well as the coverage of additional services sold (financing, comprehensive insurance), so that the best bonuses are awarded for a car sold with financing and insurance and the worst for just a car sold. I think Kamux’s business is so simple that building a remuneration system should, in theory, be straightforward. You get what you measure. In this (among many other things), management has failed.

According to the comment in that report, commissions increase along with revenue, so surely they must be based on sales? If they are based on margins, then they aren’t directly tied to revenue.

It depends on whether the commission is tied to the sales margin or the gross price. As I understand it, the margin percentage is higher on cheap cars and lower on expensive ones, although in absolute euros there is somewhat more margin involved. If the commission is, for example (off the top of my head), 20% of the sales margin, then in euros it might be almost irrelevant to the salesperson whether they sell expensive or cheap cars, because cheap cars have higher volume and it’s probably easier to close deals.

It’s interesting that they have clunkers worth a few thousand for sale, even considering this. If the commission is tied to the sales price, then neither the salesperson (unless the % is totally outrageous) nor the business makes any money by selling them.

Something is clearly off with Kamux’s corporate culture, as employee turnover is high from the bottom all the way to the top. I once did a car deal with Kamux, and there wasn’t much to praise regarding the staff’s performance then either. The company isn’t particularly demandingly priced in itself, if they can get their act together. So far, however, there is no proof of this yet, and regardless, a car dealer isn’t really my area of interest as an investor.

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 %	11.5 %	12.4 %
P/E (adj.)	23.8	3.4	3.0
EV/EBITDA	13.5	2.1	2.1

Kamux: Strong earnings growth and big investment in car inventory

Key Estimate Figures13.05.2021

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