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Karnov Group AB
(KAR)
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Rating:70Outperform
Price Target:
kr88.00
▼(-9.37% Downside)
Action:Upgraded
Date:08/27/26
The score is driven by strong profitability but meaningfully weighed down by weak cash conversion and declining TTM revenue. Technicals are supportive with positive momentum and price above key short/medium-term averages, and valuation is a clear positive given the low P/E.
Positive Factors
Strong Profitability and Margins
High gross, operating, and net margins indicate pricing power and effective cost control. This profitability profile can support reinvestment, resilience, and shareholder returns even while the company works to restore top-line growth.
Negative Factors
Declining Revenue
The declining TTM revenue trend signals demand softness and an inconsistent top line. If sustained, weaker revenue would limit operating leverage, constrain reinvestment, and make current margins harder to maintain over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability and Margins
High gross, operating, and net margins indicate pricing power and effective cost control. This profitability profile can support reinvestment, resilience, and shareholder returns even while the company works to restore top-line growth.
Read all positive factors
Karnov Group AB (KAR) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr8.17B
Dividend YieldN/A
Average Volume (3M)104.36K
Price to Earnings (P/E)8.8
Beta (1Y)0.45
Revenue Growth-3.53%
EPS Growth1462.04%
CountrySE
Employees1,100
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)9.15
Shares Outstanding99,536,460
10 Day Avg. Volume88,454
30 Day Avg. Volume104,363
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)3.34
Price to Sales (P/S)4.11
P/FCF Ratio63.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr125.00Price Target Upside28.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4.09
Revenue Forecast (FY)kr2.56B
Karnov Group AB Business Overview & Revenue Model
Company Description
Karnov Group AB (publ) delivers specialized information products and services, available both online and offline, tailored for professionals in the legal, tax, accounting, environmental, and health and safety sectors. The company operates across D...
How the Company Makes Money
Karnov Group primarily makes money by selling subscriptions to its digital legal information platforms and related software tools. The core revenue model is recurring, typically billed as subscription or license fees, where customers pay for ongoi...
Karnov Group AB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.57B | 2.64B | 2.59B | 2.47B | 1.11B | 878.07M |
| Gross Profit | 1.56B | 448.30M | 2.24B | 276.60M | 639.18M | 518.41M |
| EBITDA | 1.61B | 861.40M | 547.70M | 554.10M | 313.90M | 329.37M |
| Net Income | 982.10M | 970.80M | -33.10M | 38.20M | 59.90M | 84.91M |
Balance Sheet | ||||||
| Total Assets | 6.74B | 7.38B | 7.49B | 6.93B | 7.45B | 4.52B |
| Cash, Cash Equivalents and Short-Term Investments | 182.90M | 931.80M | 402.80M | 450.60M | 671.20M | 951.47M |
| Total Debt | 2.13B | 2.17B | 2.87B | 2.44B | 2.75B | 1.31B |
| Total Liabilities | 4.17B | 4.14B | 5.12B | 4.60B | 5.13B | 2.37B |
| Stockholders Equity | 2.57B | 3.25B | 2.37B | 2.34B | 2.32B | 2.15B |
Cash Flow | ||||||
| Free Cash Flow | 150.10M | 170.60M | 147.80M | 174.00M | 182.88M | 250.81M |
| Operating Cash Flow | 375.00M | 340.20M | 315.50M | 337.00M | 275.95M | 314.16M |
| Investing Cash Flow | 842.90M | 840.30M | -601.90M | -220.90M | -1.74B | -385.45M |
| Financing Cash Flow | -1.02B | -649.10M | 235.80M | -337.70M | 1.15B | 467.64M |
Karnov Group AB Technical Analysis
Positive
97.10
Price Trends
70.80
Positive
71.29
Positive
80.43
Negative
Market Momentum
2.83
Negative
63.50
Neutral
73.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KAR, the sentiment is Positive. The current price of 97.1 is above the 20-day moving average (MA) of 74.10, above the 50-day MA of 70.80, and above the 200-day MA of 80.43, indicating a neutral trend. The MACD of 2.83 indicates Negative momentum. The RSI at 63.50 is Neutral, neither overbought nor oversold. The STOCH value of 73.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:KAR.
Karnov Group AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | kr8.17B | 8.79 | 2.68% | ― | -3.53% | 1462.04% | |
68 Neutral | kr3.59B | 37.70 | 8.93% | 2.82% | -4.13% | -71.81% | |
64 Neutral | kr3.72B | 21.84 | 8.01% | 3.43% | 6.51% | -22.98% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | kr312.18M | 17.08 | 6.98% | ― | -2.39% | ― | |
60 Neutral | kr11.60B | 14.93 | 6.19% | 4.09% | -5.02% | -15.85% | |
54 Neutral | kr1.76B | 25.13 | 2.01% | 6.60% | -14.93% | -16.66% |
* Industrials Sector Average
SE:KAR
Karnov Group AB
80.40
-36.80
-31.40%
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Karnov Group AB Corporate Events
Karnov Group extends share buyback to optimise capital structure
Aug 24, 2026
Karnov Group AB, a listed European provider of digital knowledge and workflow solutions for legal professionals, serves over 400,000 users with content from thousands of expert authors across several continental markets. With a footprint spanning ...
Karnov Group Boosts Margins and Expands AI Legal Workflow Platform in Q2 2026
Aug 20, 2026
Karnov Group reported second-quarter 2026 net sales of SEK 619 million, with 2.4% organic growth and a stronger adjusted EBITA margin of 24.8%, driven by expanding Online Legal revenue and cost-efficiency measures. Profit rose to SEK 38 million an...
Karnov Group Advances Share Buyback to Sharpen Capital Structure
Jul 20, 2026
Karnov Group AB has repurchased 45,000 series A shares on Nasdaq Stockholm between 13 and 17 July 2026 under previously announced share buyback programmes, executed independently by DNB Carnegie Investment Bank AB. The transactions, conducted in c...
Karnov boosts shareholder returns with fresh share buybacks on Nasdaq Stockholm
Jul 13, 2026
Karnov Group AB has repurchased 50,000 series A shares on Nasdaq Stockholm between 6 and 10 July 2026 under its ongoing share buyback programmes, paying a total consideration of roughly SEK 3.5 million at weighted average prices between about SEK ...
Karnov Group Adjusts Share Structure After LTIP Conversions
Jun 30, 2026
Karnov Group AB has updated its share and vote structure following conversions within its long-term incentive program, reflecting ongoing alignment of employee incentives with shareholder interests. The company now has a total of 99,683,846 shares...
Karnov Group Updates Share and Vote Structure After LTIP Conversion
Jun 30, 2026
Karnov Group AB has adjusted its share capital structure following conversions tied to its long-term incentive program. After the June 2026 changes, the company now has 99,683,846 shares outstanding, comprising 99,536,458 ordinary shares and 147,3...
Karnov Steps Up Share Buybacks to Fine-Tune Capital Structure
Jun 15, 2026
Karnov Group AB, a Nasdaq Stockholm-listed provider of legal knowledge and workflow solutions for European legal professionals, operates across six countries and supports hundreds of thousands of users with expert-authored content. Its business is...
Karnov Group steps up share buybacks to optimise capital structure
Jun 8, 2026
Karnov Group AB has repurchased 120,000 series A shares between 1 and 5 June 2026 under previously announced buyback programmes aimed at optimising its capital structure and enhancing shareholder value. The purchases, executed on Nasdaq Stockholm ...
Karnov Group Buys Back 130,000 Shares to Fine-Tune Capital Structure
Jun 1, 2026
Karnov Group AB has repurchased 130,000 of its own series A shares on Nasdaq Stockholm between 25 and 29 May 2026 under its board-approved buyback programme aimed at optimising the capital structure and enhancing shareholder value. The trades, exe...
Karnov Group Updates Share and Voting Structure After Cancellation of Repurchased Shares
May 29, 2026
Karnov Group AB has adjusted its capital structure following the cancellation of 8,418,201 previously repurchased ordinary shares, as resolved at the annual general meeting earlier in May. As of 29 May 2026, the company has 99,683,846 shares outst...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.