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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Arttu Heikura

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.

Given that Chinese cars are quite popular judging by export figures, Kamux also needs to seriously consider its approach to them. BYP reportedly trades well on the market, but many used Chinese cars are a bit touch-and-go… Indeed, for some brands, the import organization and spare parts service are modest. Trump’s anguish over the poor export success of American cars is not unfounded.

Hedin’s Q3 figures today. Used car revenue grew by 5% and growth was seen in all markets. Profit, however, is in the red, apparently still mainly due to electric car buyback commitments and perhaps more generally due to electric car pricing.  In addition, Wetteri announced new targets yesterday, aiming to double the size of its used car business in the coming years, so competition appears to remain tough (here’s Thomas’s comment)

The management roulette continues in Sweden. This time, however, it seems to be of the person’s own volition, and the reasons have been explained in the announcement, so there’s probably no need to worry about Sweden’s Q4 development based on this. Still, it certainly doesn’t make turning things around easier when managers change once a year. Kempas started at the beginning of this year.                   Inderes              Muutos Kamuxin johtoryhmässä: Kamux Ruotsin toimitusjohtaja Johan Kempas...    Kamux Oyj | Pörssitiedote | 20.11.2025 klo 10:30:00 EETMuutos Kamuxin johtoryhmässä: Kamux Ruotsin toimitusjohtaja Johan Kempas siirtyy uusiin tehtäviin yhtiön ulkopuolelle Kamux Ruotsin toimitusjohta...

Now that Kamux is apparently starting to buy back its own shares today, one must be careful not to dump one’s own shares into the market when demand for the share slightly improves. I also looked at Kamux’s Q3 materials, interviews, etc., and this is a classic case of running aground and being in a deadlock. I have encountered the exact same thing in my own professional life. That is, someone far from the customer interface decides that the margin (usually some margin percentage or unit price) will be significantly adjusted and an overly challenging target is set. The end result is that the topline suffers, and then both the margin and operating profit in euros decrease when deals are not made due to poor price competitiveness. Fixed costs continue their course, and in Kamux’s case, there are simply more of them per completed car sale. Even in Kamux’s case, the gross margin per car had improved, but the most important thing, the bottom line, suffered badly. Now Kalliokoski explained that Kamux needs to be steered with big movements of the wheel, well, now at least the front end crashed into the inner bank. Pajuharju was accustomed to Harvia’s pricing power, but Kamux DOES NOT have similar. Used car dealers sell the same products, and their prices are easy to compare.

Yes, in Q2-Q3 the focus was specifically on profitability at the expense of volume. That did improve the gross margin, but so much volume was lost that operating profit still weakened. Indeed, there have been quite a few management changes and various inventory “adjustments” made in recent years. As I wrote in the report, Kalliokoski did not, in my opinion, offer any new ways to achieve profitable growth now.

Pursuing volume did not yield results, emphasizing profitability at the expense of volume did not yield results, turning Germany profitable did not yield results but it returned to a loss. Sweden has been at a loss, now with its head above water for a moment until returning to normal, changing the manager to a competent professional did not yield results, changing managers of international operations did not yield results, closing unprofitable dealerships did not yield results, a cooperation agreement with a leasing company did not yield results, updating the car fleet to match demand did not yield results, investing in ancillary services (Extended Warranty, Insurance) did not yield results, introducing ancillary products for sale did not yield results (Tires), investing in remote car sales did not yield results. Have all possible measures already been tried, what is left, or are there any means left? Or will we return to the starting point in implementing the measures, and repeat the same actions in the same or a different order, without results? I think Sweden has been brought to zero by shifting more of the margin from imports to Finland there, it is of course possible to do the same for Germany, and achieve a situation where all countries are slightly in the black, but that does not change the overall picture.

Wasn’t the message from the company’s management in the spring that the focus would be on profitability at the expense of volume? This is, of course, not really possible, as unprofitable trade-in cars would rot in storage. But it’s erratic behavior.

Kamux

Wetteri is a car dealer based in Finland. The company's business model includes cars from both the luxury and everyday segments. Wetteri also works with repair, maintenance and trade-ins of used cars and heavier vehicles, such as trucks. The company's customer group includes both private individuals and companies. Wetteri is headquartered in Oulu, Finland.

Any guesses how long this company will keep the lights on? Q4 is traditionally the most difficult in the automotive industry. Q3’s result was indeed grim to look at. Of course, a lot of people were laid off, which lightens the cost structure, but will even that be enough? I went through the inventory a bit, and the long-standing junk was sold off through an auction. Is there still an inventory bubble? Monsieur Parikka at least claimed that one-off items burdened Q3’s result, did he specifically mean the inventory? Or what, I can’t say.

I mentioned a few messages above that Wetteri won’t go bankrupt, but a share issue will soon be arranged there, in which the ownership stake of current owners will be significantly diluted..

The 14.5 million euro income recognition from WetteriPower deals kept Wetteri “afloat” in January-September 2025. Without it, the result would have been -16,700,000€, or over -10c/share. Also, the heavy equipment maintenance operations in Eastern Finland have been sold. Wetteri has thus sold “the raisins and also the sugar” from the bun. Since the “pent-up demand” for new cars is not materializing, it has now been decided to focus on profitability and used car sales. How will that succeed for a group that has never been able to do it? Why does almost no one besides me dare to state that Wetteri will not survive and faces bankruptcy after a restructuring attempt?!

Miksu and Thomas discussed, among other things, the company’s new strategy.                   Inderes              Wetteri: Näytöt vain puuttuvat - Inderes    Aika: 03.12.2025 klo 14.30 Wetterin strategian ensimmäinen vaihe keskittyy tuloskäänteeseen, jossa uudelleenrakennetaan kannattavaa pohjaa ja kevennetään kulurakennetta. Odotamme konkreettisia näyttöjä tuloskäänteen etenemisestä, jotta luottamus...                             Topics: 00:00 Introduction  00:19 Two-part strategy  01:08 Focus on used car trade  02:11 Roles of different business operations in the new strategy  08:14 Ambitious financial targets  11:50 Challenges in the Finnish car market  13:44 Concrete results required

Here is Thomas’s company report after the CMD  Wetteri’s Capital Markets Day presented an updated ‘Unstoppable’ strategy, aimed at enabling an earnings turnaround. Based on this, profitable growth will be sought later. We have slightly raised our growth forecasts, as the financial targets are more growth-driven than our expectations. However, our forecasts are below the targets, as Wetteri needs to provide concrete evidence of the earnings turnaround progressing for confidence in the targets to strengthen. We reiterate our target price of EUR 0.18 and our Reduce recommendation.                   Inderes              Wetteri CMD: Vaihtoautoista uusi tukijalka liiketoiminnalle - Inderes    Olemme nostaneet hieman kasvuennusteitamme taloudellisten tavoitteiden ollessa odotuksiamme kasvuvetoisemmat.

Thomas interviewed Wetteri’s CEO Pietu Parikka in connection with the CMD                    Inderes              Wetteri CMD: Suuntana tuloskäänne - Inderes    Aika: 27.11.2025 klo 15.08 Wetterin uusi strategia keskittyy tuloskäänteeseen 2025–2026, minkä mahdollistamana yhtiö tavoittelee kannattavaa kasvua vuosina 2026–2028. Panostuksia lisätään mm. vaihtoautokauppaan, jossa yhtiön on tarkoitus...                             Topics: 00:00 Introduction  00:13 Focus areas of the new strategy  00:53 Profit turnaround as the most important goal  01:22 Goal to be Finland’s most recommended multi-brand house  02:36 Investing in corporate culture  03:24 Investments in used car sales  05:50 New car sales  07:28 Developing maintenance services  09:00 Achieving revenue target  10:19 Inventory management  11:25 Profitability target

Here are Thomas’s comments on Wetteri’s new guidance for 2026.   Wetteri announced on Wednesday that it would issue new earnings guidance for 2026. The company estimates revenue will grow and adjusted operating profit will turn profitable in 2026. The guidance is in line with our current forecasts, in which we expect the company to turn profitable next year.                   Inderes              Wetteri antoi ohjeistuksen vuodelle 2026 - Inderes    Wetteri arvioi liikevaihdon kasvavan ja oikaistun liikevoiton kääntyvän voitolliseksi vuonna 2026.                             EDIT: And this one here too:                   Inderes              Wetteri julkaisi uuden strategian ja taloudelliset tavoitteet - Inderes    Strategia on kaksiosainen, joka keskittyy tuloskäänteeseen 2025–2026, minkä mahdollistamana yhtiö tavoittelee kannattavaa kasvua vuosina 2026–2028.

Wetteri

Suomen autokaupassa uusien autojen ensirekisteröinnit kääntyivät alkuvuoden vaisusta trendistä poiketen 10 %:n nousuun kesäkuussa. 

<p>Suomen autokaupassa uusien autojen ensirekister&#xf6;innit k&#xe4;&#xe4;ntyiv&#xe4;t alkuvuoden vaisusta trendist&#xe4; poiketen 10 %:n nousuun kes&#xe4;kuussa. My&#xf6;s k&#xe4;ytettyjen henkil&#xf6;autojen myynti kasvoi reippaat 7 %, mutta autoliikkeiden osalta alkuvuoden myyntiluvut ovat j&#xe4;&#xe4;neet jopa yll&#xe4;tt&#xe4;v&#xe4;n paljon muusta markkinasta myynnin painottuessa edellisvuotta vahvemmin kuluttajien v&#xe4;liseen kauppaan.</p>
<h2>Vaihtoautojen vahva veto jatkui kes&#xe4;kuussa, joskin kuluttajakaupan vet&#xe4;m&#xe4;n&#xe4;</h2>
<p><strong>K&#xe4;ytettyjen henkil&#xf6;autojen myynti Suomessa</strong></p>
<p><img src="https://content.inderes.se/assets/812fe0f3-0b8c-41f5-bb96-fc1c8657f70b" width="557" height="393"></p>
<p>Autoalan Tiedotuskeskuksen tiistaina julkaisemien tilastojen mukaan k&#xe4;ytettyjen henkil&#xf6;autojen myynti kasvoi kes&#xe4;kuussa reilut 7 % noin 52 tuhanteen autoon. Vuoden ensimm&#xe4;isen puoliskon aikana markkinakasvu on ollut vahvalla 6 %:n tasolla, joskin valtaosa t&#xe4;st&#xe4; kasvusta on syntynyt kuluttajien v&#xe4;lisell&#xe4; kaupalla. T&#xe4;m&#xe4; on seuraamiemme autotalojen, etenkin puhtaasti vaihtoautokauppaan fokusoituvan Kamuxin, kannalta negatiivista.</p>
<h2>Ensirekister&#xf6;innit ottivat kes&#xe4;kuussa harppauksen</h2>
<p><strong>Uusien henkil&#xf6;autojen ensirekister&#xf6;innit Suomessa</strong></p>
<p><img src="https://content.inderes.se/assets/3a0f3150-5a2e-4bbb-bd45-5b19ef9ce29e" width="488" height="391"></p>
<p>Suomen henkil&#xf6;autojen ensirekister&#xf6;innit kasvoivat alkuvuoden vaisusta trendist&#xe4; poiketen vahvat 10 % vertailukauden tasolta ja olivat noin 7,4 tuhatta kappaletta. Vaikka kes&#xe4;kuun luvut antavatkin aihetta liev&#xe4;lle positiivisuudelle, on tammi-kes&#xe4;kuun toteuma vahvasti miinuksella (-5 %). Autoalan uuden ennusteen mukaan autoja tultaisiin rekister&#xf6;im&#xe4;&#xe4;n 74,5 tuhatta kappaletta (1 %:n kasvu v/v) vuonna 2025, mik&#xe4; edellytt&#xe4;isi selv&#xe4;&#xe4; tasonostoa toisella vuosipuoliskolla.</p>
<h2>Vaihtokuorma-autojen myynti oli hyv&#xe4;ll&#xe4; tasolla</h2>
<p>Wetterille relevantti k&#xe4;ytettyjen kuorma-autojen markkina kasvoi kes&#xe4;kuussa 9 %, mik&#xe4; on linjassa alkuvuoden kasvun kanssa. Varovaisen kysynt&#xe4;ymp&#xe4;rist&#xf6;n keskell&#xe4; t&#xe4;m&#xe4; voi n&#xe4;hd&#xe4;ksemme kieli&#xe4; kysynn&#xe4;n siirtym&#xe4;st&#xe4; raskaassa kalustossa uudesta kalustosta vaihtoautoihin.</p>

Autokaupassa nähtiin vahva kesäkuu

Vaihtoautojen vahva veto jatkui kesäkuussa, joskin kuluttajakaupan vetämänä

Ensirekisteröinnit ottivat kesäkuussa harppauksen

Vaihtokuorma-autojen myynti oli hyvällä tasolla

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