olivLaw · European equity research
Kamux Oyj KAMUX.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Kamux Oyj is a Finnish retailer of used cars, operating in Finland, Sweden and Germany through its own showrooms and integrated financing and insurance services. In 2024 sales grew slightly, but profitability fell under pressure from competition and problems in Sweden, and the company is now working to rebuild its margins. Sales of cars across the group after a weak year make 2025 performance an important test of the model.
At the close of 04 Nov 2026, Kamux Oyj (KAMUX.HE) stock was 1.27 EUR (−0.47% on the day), with market capitalisation 48.8 m EUR, P/E 10.6 on diluted EPS of 0.12 EUR over the last 12 months, dividend yield 13.95%, beta 0.58, 52-week range 1.26–2.36 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.8
- weak (30–45)
- Bollinger (20, 2)
- 1.18 – 1.49
- in the lower half of the band · %B 0.29 · band width 23.0%
- SMA 50 / 200
- 1.44 / 1.65
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.6% | −1.5% | −11.1 pp | — |
| 3 months | −19.9% | −5.3% | −14.6 pp | — |
| 6 months | −22.7% | +4.7% | −27.4 pp | — |
| Year to date | −41.4% | +6.0% | −47.4 pp | — |
| 1 year | −35.4% | +8.2% | −43.6 pp | −1.4% |
| 3 years | −77.7% | +47.2% | −124.9 pp | +7.0% |
| 5 years | −90.9% | +41.8% | −132.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 16.0, median 22.0, max 23.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 968.7 m | 1.0 bn | 1.0 bn |
| Revenue YoY | unavailable | +3.4% | +0.8% |
| Net income | 10.8 m | 9.6 m | 4.6 m |
| Net income YoY | unavailable | −11.1% | −52.1% |
| Diluted EPS | 0.27 | 0.24 | 0.12 |
| Diluted EPS YoY | unavailable | −11.1% | −50.0% |
| net % | 1.1% | 1.0% | 0.5% |
| Free cash flow | 24.2 m | 24.0 m | -400.0 k |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.0 m EUR
- Financial debt
- 34.0 m EUR
- Net debt
- 31.0 m EUR
- Equity
- 109.1 m EUR
- Total assets
- 228.3 m EUR
- Debt / equity
- 0.31x
- Current ratio
- 2.13x
- ROE
- 4.2%
- ROA
- 2.1%
- FCF margin
- -0.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 968.7 m | 1.0 bn | 1.0 bn | esef· 29 Apr 2025verified |
| Operating income | 17.0 m | 15.8 m | 7.9 m | esef· 29 Apr 2025verified |
| Depreciation & amortisation | 12.4 m | 12.9 m | 14.5 m | esef· 29 Apr 2025verified |
| EBITDA | 29.4 m ≈ | 28.7 m ≈ | 22.4 m ≈ | esef· 29 Apr 2025derived |
| Pre-tax income | 15.3 m | 13.9 m | 5.3 m | esef· 29 Apr 2025verified |
| Income tax | 4.4 m | 4.3 m | 700.0 k | esef· 29 Apr 2025verified |
| Net income | 10.8 m | 9.6 m | 4.6 m | esef· 29 Apr 2025verified |
| Diluted EPS | 0.27 | 0.24 | 0.12 | esef· 29 Apr 2025verified |
| Dividend per share | 0.20 | 0.17 | 0.18 | esef· 29 Apr 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.2 m | 8.9 m | 3.0 m | esef· 29 Apr 2025verified |
| Receivables | 17.2 m | 20.8 m | 20.6 m | esef· 29 Apr 2025verified |
| Inventories | 114.1 m | 117.2 m | 131.0 m | esef· 29 Apr 2025verified |
| Current assets | 137.1 m | 147.5 m | 159.1 m | esef· 29 Apr 2025verified |
| Property, plant & equipment, net | 6.9 m | 7.1 m | 8.5 m | esef· 29 Apr 2025verified |
| Goodwill | 14.0 m | 14.0 m | 14.2 m | esef· 29 Apr 2025verified |
| Intangibles (excl. goodwill) | 5.9 m | 4.6 m | 3.7 m | esef· 29 Apr 2025verified |
| Total assets | 204.6 m | 215.7 m | 228.3 m | esef· 29 Apr 2025verified |
| Accounts payable | 29.3 m | 37.1 m | 38.9 m | esef· 29 Apr 2025verified |
| Short-term debt | 7.3 m | 7.3 m | 22.3 m | esef· 29 Apr 2025verified |
| Long-term debt | 15.5 m | 13.2 m | 11.7 m | esef· 29 Apr 2025verified |
| Current liabilities | 49.2 m | 58.4 m | 74.6 m | esef· 29 Apr 2025verified |
| Total liabilities | 96.2 m | 103.9 m | 119.2 m | esef· 29 Apr 2025verified |
| Equity | 108.4 m | 111.8 m | 109.1 m | esef· 29 Apr 2025verified |
| Shares outstanding at year end | 40.0 m | 40.0 m | 38.3 m | esef· 29 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 26.1 m | 25.2 m | 2.5 m | esef· 29 Apr 2025verified |
| Capex | 1.9 m | 1.2 m | 2.9 m | esef· 29 Apr 2025verified |
| Free cash flow | 24.2 m ≈ | 24.0 m ≈ | -400.0 k ≈ | esef· 29 Apr 2025derived |
| Investing cash flow | -3.1 m | -1.8 m | -4.1 m | esef· 29 Apr 2025verified |
| Financing cash flow | -20.2 m | -18.4 m | -5.0 m | esef· 29 Apr 2025verified |
| Dividends paid | 8.0 m | 6.0 m | 6.8 m | esef· 29 Apr 2025verified |
| Share repurchases | — | 0 | 800.0 k | esef· 29 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 48.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet29
- Valuation61
- Quality25
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.97 – 3.29 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA2.82 – 3.10 (Mid 2.84)5 companies used · median multiple 6.2x · quartiles 6.2x – 6.7xANORA.HE, ETTE.HE, HARVIA.HE, HONBS.HE, ICP1V.HE
- Peers: P/E0.97 – 2.29 (Mid 1.39)23 companies used · median multiple 11.6x · quartiles 8.1x – 19.1xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)2.41 – 3.29 (Mid 2.78)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.2% | 38 (vs peers) | 14% |
| Net margin · Quality | 0.5% | 31 (vs peers) | 9% |
| FCF conversion · Quality | -8.7% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.4x | 0 (vs peers) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 10.6x | 71 (vs peers) | 14% |
| EV/EBITDA · Valuation | 3.6x | 100 (vs peers) | 14% |
| FCF yield · Valuation | -0.8% | 0 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 15.6% | 100 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet29/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality25/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation61/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Kamux Oyj (KAMUX.HE). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.0 bn EUR in 2024; YoY growth 0.8%; net margin 0.5%; ROE 4.2%; net debt/EBITDA 1.4x.
The estimated value range is 2.41–3.10 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 2.78 EUR, the price of 1.27 EUR leaves a potential of 118.9% (value / price − 1) and a margin of safety of 54.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
- P/E (TTM): 10.6x
- EV/EBITDA: 3.6x
- Shareholder yield (distributions): 15.6%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -8.7%
- Net debt / EBITDA: 1.4x
- FCF yield: -0.8%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.6 bn | 27.0 | 8.7% | 15.3% | −14.0% | +30% / +79% |
| ELISA.HEElisa Oyj | 5.5 bn | 16.0 | 27.0% | 15.2% | +3.0% | −9% / −17% |
| KEMIRA.HEKemira Oyj | 2.4 bn | 13.4 | 10.5% | 6.6% | −6.6% | −18% / +2% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.8 | 24.1% | 9.4% | +1.2% | +1% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +171% / +80% |
| BITTI.HEBittium Oyj | 1.2 bn | 58.1 | 17.5% | 17.9% | +40.1% | +80% / +632% |
| ALMA.HEAlma Media Oyj | 1.1 bn | 21.1 | 23.0% | 16.9% | +4.6% | +8% / +55% |
| FIA1S.HEFinnair Oyj | 942.9 m | 51.2 | 2.9% | 0.6% | +1.9% | +57% / +24% |
| GRK.HEGRK Infra Oyj | 810.6 m | 18.8 | 27.8% | 4.9% | +19.7% | +56% / unavailable |
| HARVIA.HEHarvia Oyj | 762.2 m | 29.0 | 21.0% | 13.3% | +13.5% | −2% / +63% |
| ATRAV.HEAtria Oyj | 452.2 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 316.3 m | 57.5 | 1.4% | 0.8% | −4.9% | +25% / +10% |
| CAPMAN.HECapMan Oyj | 311.1 m | 23.9 | 6.8% | 20.9% | +9.4% | −5% / −17% |
| ICP1V.HEIncap Oyj | 270.2 m | 19.3 | 10.4% | 6.5% | −6.7% | +1% / +42% |
| FSECURE.HEF-Secure Oyj | 250.9 m | 11.2 | 43.4% | 15.3% | −0.4% | −15% / −20% |
| ASPO.HEAspo Oyj | 217.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +1% / +8% |
| ETTE.HEEtteplan Oyj | 177.7 m | 16.8 | 8.8% | 2.9% | +0.1% | −26% / −49% |
| DIGIA.HEDigia Oyj | 133.7 m | 10.6 | 14.5% | 5.9% | +5.5% | −15% / −10% |
| ILKKA.HEIlkka Oyj | 92.3 m | 7.9 | 6.2% | 30.8% | +22.6% | −1% / +19% |
| ESENSE.HEEnersense International Oyj | 84.9 m | 84.7 | 3.1% | 0.4% | −27.7% | +27% / +24% |
| CONSTI.HEConsti Oyj | 77.2 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 73.8 m | 8.2 | 8.2% | 5.4% | +3.1% | −17% / −6% |
| CTH1V.HEComponenta Oyj | 67.5 m | 331.0 | 0.8% | 0.2% | −4.6% | +52% / +188% |
| KAMUX.HEKamux Oyj | 48.8 m | 10.6 | 4.2% | 0.5% | +0.8% | −38% / −77% |
1- and 3-year price returns: for KAMUX.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.72 Total return -36% · Per year -36% | 1.28 Total return 10% · Per year 10% | 1.93 Total return 64% · Per year 64% |
| 3 years | 0.65 Total return -28% · Per year -11% | 1.30 Total return 31% · Per year 9% | 2.17 Total return 107% · Per year 27% |
| 5 years | 0.59 Total return -22% · Per year -5% | 1.32 Total return 52% · Per year 9% | 2.42 Total return 155% · Per year 21% |
- Exit P/E± 0.33
- Net margin± 0.23
- Annual revenue growth± 0.19
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kamux Oyj is a Finnish retailer of used cars, operating in Finland, Sweden and Germany through its own showrooms and integrated financing and insurance services. In 2024 sales grew slightly, but profitability fell under pressure from competition and problems in Sweden, and the company is now working to rebuild its margins. Sales of 1 cars across the group after a weak year make 2025 performance an important test of the model.
SWOT
Strengths
- Own showroom network and integrated financing, insurance and warranty services that diversify revenue beyond car sales.
- Presence in three markets, Finland, Sweden and Germany, which reduces dependence on a single economy.
- Experience in processing cars bought through B2B channels and in cooperation with leasing partners.
Weaknesses
- Low operating margin and falling adjusted profit, which limit the ability to absorb shocks.
- Negative results in Sweden linked to volume losses, high staff turnover and conduct problems.
- Weak cash generation in 2024, driven by higher inventory and working capital tied up in cars.
Opportunities
- If the integration of services and digital channels grows, the company could earn more stable revenue per sale.
- Partnerships such as those with mobility-as-a-service providers could open new customer segments.
- Optimising the showroom network and reducing inventory could improve efficiency and cash flow.
Threats
- Intense competition for purchases and sales could compress margins in all three countries.
- Changes in tax policy on cars or in lending conditions could affect demand.
- Uncertainty about repair costs and residual value of electric and hybrid vehicles may influence inventory prices.
Risks
- Inventory value riskhigh
Cars in stock can lose value quickly if demand or market prices shift, particularly for vehicles with newer powertrains.
- Competition riskhigh
Stronger competition for purchases and sales could reduce margins and volumes, especially in Sweden, where results were already weak.
- Financing riskmedium
If the cost of credit rises or banks restrict supply, customers may buy less and commission income could shrink.
- Tax regulation riskmedium
Changes to car legislation or taxation could directly affect demand and the company's costs.
- Reputation and conduct risklow
Past conduct problems showed that customer trust can be damaged quickly, which could reduce sales and make it harder to attract staff.
Investment thesis
What would need to be true (bull case)
- If the recovery of margins in Finland and the improvement of Swedish results are confirmed, operating profit could grow significantly from the weak 2024 level.
- Integrated services and products such as Kamux Plus can bring more predictable revenue, which would support results even in periods of lower volume.
- Reducing inventory and improving working capital could release cash and lower the need for financing.
What would break the thesis
- Operating profit and margins fell in 2024, and if the trend continues, the company could remain with low profitability.
- Problems in Sweden and staff turnover show that operational execution remains vulnerable, and recovery could take longer than expected.
- Intense competition and pressure on purchase prices could prevent a quick rebuilding of margins, especially if demand cools.
What to watch
- Development of adjusted operating profit against the outlook for 2025, which points to profit growth compared with 20242025
- Level of car inventory and the efficiency of its turnoverQ1 2026
- Operating results in Sweden after corrective measures are completed2025
- Trends in revenue from integrated services and financing penetrationnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Kamux sells used passenger cars through its own showrooms and online channels, and in 2024 the group reported revenue of 1 million euros. Its model includes integrated services such as financing, insurance and the Kamux Plus product, which extends the seller's statutory liability for defects. These are offered on a commission basis, and revenue from them is a small but growing share of the total.
At the end of 2024 the company had 1 showrooms in Finland, Sweden and Germany, after several locations were closed or moved to new premises. The network aims to offer a better buying experience, measured by the NPS indicator, which rose slightly in 2024. Alongside retail sales, the group has also built vehicle purchasing and processing activities.
Sales depend on volume and margin per car, so developments in purchase prices, inventory and processing costs directly affect the result. The company reported higher inventory and weak cash generation in 2024, which shows the model's sensitivity to working capital management.
Segments
Finland
Finland is Kamux's largest market, with revenue of 1 million euros and 1 car sales in 2024. Growth was driven by a higher average price, but adjusted operating profit fell because acquiring cheaper combustion-engine cars became harder in the second half of the year.
Sweden
Sweden was the weakest market in 2024, with sharply lower sales and a negative adjusted operating result. Conduct problems in the second half of 2023, high staff turnover and volume losses weighed on operations, and management reported that corrective measures were completed by year-end.
Germany
Germany grew in vehicles sold and reported total revenue of 1 million euros, but profitability remained negative, although it improved from the previous year. The company opened one new showroom and closed two locations, which points to a network in reconfiguration.
Market context
The used car market in the Nordic region and Germany is highly fragmented, with competitors ranging from large national dealers to private sellers. Demand was good in 2024 in all three countries, but competition intensified, especially in Sweden, where aggressive offers increased towards year-end.
The market is influenced by new car registration levels, customer financing conditions and demand for different powertrains. Sales of used electric and hybrid vehicles grew in Finland, but repair and insurance costs for these cars remain hard to estimate, which could change market prices.
Trends
- Steady demand for used carstailwind
Demand for used passenger cars remained good in Finland, Sweden and Germany in 2024, which supports the company's sales volume if the pace holds.
- Growing competitive intensityheadwind
Several players have entered used car sales aggressively, and in Sweden attractive offers pressured margins. If the pressure continues, the company could have to accept lower margins to maintain volume.
- Shift towards electric and hybrid vehiclesmixed
Sales of electric and hybrid cars rose sharply in Finland, but uncertainty about repair, insurance and residual value costs may affect market prices of these vehicles.
- Pressure from financing costsheadwind
Customer financing conditions and working capital costs influence demand and margins. According to the report, a sudden change in lending rates could reduce customers' access to financing or raise the company's cost of funds.
Competitive position
Kamux competes with chain used-car dealers, online sellers and private individuals, in a highly fragmented market where entry barriers are relatively low. In 2024 competition intensified, mainly in car purchasing, as several players that previously focused on new cars shifted their emphasis to used ones.
The company's advantage lies in its showroom network, integrated financing and insurance services, and products such as Kamux Plus, which extend the offer beyond simple sales. As a weakness, the Swedish results show that losing volume and staff can quickly reduce competitive position in a market.
- Finnish national used-car dealers
Local and regional dealers that compete directly for the same customers and the same cars at purchase.
- German online used-car sellers
Digital platforms that compete on transparent prices and home delivery.
- Swedish used-car dealers
Competitors that brought aggressive offers to Sweden towards the end of 2024.
- Individual sellers and regional chains
Part of the fragmented market that adds pressure on both purchase and selling prices.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
- Annual report 202326 Mar 2024
- Annual report 202226 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Kamux Oyj · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.