https://www.inderes.fi/fi/tiedotteet/kamux-oyjn-tilinpaatostiedote-11-31122018
Q4:
Edit: News extract Kamuxin tulos parani ja osinko kasvaa | Kauppalehti
Edit2: In February, SEB was the largest seller and Finnish private investors increased their holdings (€).
I didn’t look closely at how it went, but it seemed to progress quickly on track. I’m not selling, and I might not even buy.
I bought Kamux even though my attitude towards it when it was listed was populistically negative, along the lines of “the bull market must really be coming to an end when even used car dealers are listing on the stock exchange.”
Kamux has, in my opinion, proven that it can expand internationally and grow profitably at the same time. The price tag has also improved along the way. Kamux now represents 2% of my portfolio, and I’m ready to double down if it gets cheaper.
The third quarter seems to be the best annually in this industry, so there would potentially be about half a year for further additions.
I’m feeling pretty good about this. I still need to watch the stream.
Edit: Stream watched, even more confident now.
I became familiar with them in the summer/fall when I was practicing pitch shots at the golf course. At that time, it seemed like the tide had just turned in Sweden, and now things are looking good. 7 new stores launched in H1 2019, compared to 8 new stores for the entire last year…! Management (the CEO owns 15% of the company, bought shares at over 6 €) must have some kind of confidence for the pace to accelerate like this!
18-19% of cars running on alternative fuels, meaning something other than gasoline and diesel! That’s quite a lot, surprisingly.
I might need to change my car too, so I think I’ll go sniff around Kamux again (I also took a meeting with Talenom to get to know their sales and product better) to see what the vibe is like. I already visited Volvo, and that was quite anemic.
P.S. I work in sales myself; I wouldn’t have expected that from a Volvo salesperson.
I had a similar experience with Kamux’s first listing; the company failed due to some ambiguities. And used cars didn’t really appeal to me! On the other hand, car dealerships often engage in quite uncommercial (anemic business) sales activities.
Can anyone tell me how Kamux’s pricing compares to its competitors? I mean, for example, other listed companies with the same business model. Does anyone have information from Sweden or Germany: P/E ratios, growth, etc.?
The CEO at least listed a couple of companies that had a similar operating model. I don’t remember them offhand. Watch the video and tell us too!
Looks good. Will we get the expected correction tomorrow? Good performance in a difficult market.
We estimate the stock to deliver over 20% annual total return in the coming years.
From the Aston link below, page 12. There is a compiled table. Kamux’s valuation is still slightly high compared to its peers, if I understood correctly. Less indebted, but higher P/E, P/B, and dividend %. On the other hand, if this company grows faster, then that is understandable.
The text section of the company report also discusses Kamux and the peer group a bit, meaning that ultimately even Kesko/Verkkis could be more suitable comparables than traditional automotive industry players.
Nice to see that analyst Kajaani is on the same page as myself.
TJ’s comparable companies were AAA Auto and Aramis Auto. AAA Auto is owned by Aures Holdings, a British-Polish private equity fund, and Aramis is now owned by Peugeot. Aramis was founder-owned before its sale to Peugeot. AAA Auto was publicly traded from 2007-2013 if anyone wants to dig up numbers from that far back, but more recent information on the companies is unlikely to be found.
Kamux probably lost a few hundred thousand euros due to the significant drop in Tesla prices. Kamux currently has 10 Teslas for sale in Finland. Of course, this has a negligible impact on the overall picture.
I grabbed a bit more when I got rid of Ovaro and bought a bit of Kamux instead.
My goal is to buy shares that yield a minimum of 4% dividend income for approximately 2-3 years from now.
Kamux seems to be heading in that direction, and I like it if the dividend payout ratio is such that even if there wasn’t strong growth, the dividend could immediately be thrown to around 5%.
With this formula, one could buy growing companies like Talenom, Nokia, Kamux, Vincit, Gofore, etc. On the other hand, I already have financial companies there that provide good cash flow (Evli, CapMan, Sampo + Taaleri and EQ).
Kamux looks promising but requires monitoring to ensure the strategy continues to progress.
Maybe I’m a little bothered by Intera’s large ownership, but they probably won’t sell until the listing is at a higher price.
What was the listing price again?
Good question and the answer deserves to be saved here in the thread as well.
I wouldn’t be surprised if Kamux was soon found in Inderes’ model portfolio as well.
I can’t really figure out what’s wrong with Kamux. Other than the fact that it doesn’t seem to attract widespread interest.
Soon we’ll get hints about car tax reform, and car sales will grind to a halt. At the same time, inventory value will melt away. Yesterday, I again saw news that said one shouldn’t buy a car before summer, as that’s when the future direction of car taxation will become clear. Additionally, if they decide to reintroduce a scrapping premium, sales might shift more towards new cars. Political uncertainty increases the closer we get to elections. The economic situation has been favorable, so it’s hard to see the conditions for doing business improving from here.
This is somewhat similar to the problem with Verkkis (Verkkokauppa.com). Retail companies will only succeed in the long run if costs can be driven down. This also means shrinking margins, as competition intensifies even further. Companies that act first in this change are benefiting right now, but in the longer term, all players in the industry will certainly face challenges. The only way to succeed in retail in the future is to develop service business.
