@kilpikonna has made a video about Kamux 
In 2021, Kamux made 409 euros in operating profit for every car it sold. In 2025, it made just 10 euros.
I calculated where that difference disappeared to, and what it says about the quality of the business.
Also covers the wind-down of operations in Germany, which Kamux announced on October 8, 2026, and what eleven years in Germany ultimately cost.
No investment recommendations, no target prices. All calculations and formulas
are shown in the video, and my own calculations are marked separately.
CONTENTS
00:00 Ten euros per car
00:40 Where the money actually comes from
02:08 What five years tell us
03:59 Where the earnings vanished
06:25 Was this worth it for the capital invested
08:45 Is there an economic moat
11:50 Kamux in Germany
14:20 Dividend
14:59 Scoring and that single metric
17:50 Summary / Three takeaways
WHAT IS COVERED IN THE VIDEO
· Nearly half of Kamux’s gross profit comes from financing and insurance commissions, not cars
· Operating profit dropped by 27.4 million euros in five years — how much of that is volume and how much is cost base expansion?
· ROIC calculated independently and how it differs from the company’s reported ROI?
· Why cash flow has depended more on inventory than earnings
· Does Kamux have an economic moat?
· The Germany shutdown and its 27+ million euro price tag
· Quality screen score of 19/100 and the one metric I will start tracking