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Research

Kamux: Strong earnings growth and big investment in car inventory

Kamux
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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.

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.

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Key Estimate Figures2021-05-13

202021e22e
Revenue724.0861.51,047.0
growth-%10.0 %19.0 %21.5 %
EBIT (adj.)30.734.539.1
EBIT-% (adj.)4.2 %4.0 %3.7 %
EPS (adj.)0.570.640.74
Dividend0.240.250.27
Dividend %1.8 %14.3 %15.4 %
P/E (adj.)23.82.72.4
EV/EBITDA13.51.71.7

Forum discussions

The competition is tough with a used car dealer next door. But maybe this is a tactical choice to try and attract customers to Kamux. Hopefully...
3/30/2026, 8:06 AM
by Salkunvartija97
2
Kamux has moved to a handsome new business premises in Seinäjoki. Kalliokoski mentioned this in connection with Q4/25. New, handsome premises...
3/30/2026, 6:21 AM
by Kunhalvallasaa
4
I guess some of it goes into bonuses… the board will decide in due course.
3/26/2026, 4:55 PM
by jetl1
3
All to be nullified? Or part of the rewards? Tokens…
3/26/2026, 4:46 PM
by Anttoni Laitinen
0
2 million is now the authorization to acquire, meaning just under 400,000 is missing, and there’s time until the 16th of April, and a week after...
3/26/2026, 3:59 PM
by jetl1
1
How many of its own shares will Kamux buy back for cancellation?
3/26/2026, 11:12 AM
by Anttoni Laitinen
0
Now that March is coming to an end, we’ll soon see Kamux become its own third-largest owner! It’s been a good time to accumulate shares, at ...
3/26/2026, 7:12 AM
by Kunhalvallasaa
10
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