Karnov Group AB (SE:KAR)
:KAR
Want to see SE:KAR full AI Analyst Report?
Top Page
Karnov Group AB
(KAR)
Select Model
Select Model
Rating:68Neutral
Price Target:
kr68.00
â–¼(-29.97% Downside)
Action:Reiterated
Date:06/19/26
The score is supported by strong financial profitability with improved leverage and an attractive low P/E valuation. These positives are partially offset by weak technicals (price below key moving averages and negative MACD) and below-par cash conversion versus reported earnings.
Positive Factors
High margins and profitability rebound
Sustained high gross and operating margins and a clear earnings rebound indicate durable operating leverage in a niche content business. Strong margins create meaningful free cash generation potential, support reinvestment in product and content, and improve resilience to revenue variance over the next several months.
Negative Factors
Softening top-line / negative revenue growth
Negative revenue growth and softened top-line momentum undermine the operating leverage that drives margins. Persisting small declines can compress future scale benefits, limit reinvestment capacity, and signal slowing demand for certain products or geographies unless offset by successful upsell or pricing initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins and profitability rebound
Sustained high gross and operating margins and a clear earnings rebound indicate durable operating leverage in a niche content business. Strong margins create meaningful free cash generation potential, support reinvestment in product and content, and improve resilience to revenue variance over the next several months.
Read all positive factors
Karnov Group AB (KAR) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr6.17B
Dividend YieldN/A
Average Volume (3M)104.36K
Price to Earnings (P/E)6.9
Beta (1Y)0.36
Revenue Growth-1.40%
EPS Growth1602.22%
CountrySE
Employees1,200
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)8.83
Shares Outstanding99,457,950
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.44
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 digital legal information and research services. Its core revenue stream is recurring subscription income from law firms, corporates, and public-sector customers that pay for access to...
Karnov Group AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
76
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.60B | 2.64B | 2.59B | 2.47B | 1.11B | 878.07M |
| Gross Profit | 1.58B | 448.30M | 2.24B | 276.60M | 639.18M | 518.41M |
| EBITDA | 1.58B | 861.40M | 547.70M | 554.10M | 313.90M | 329.37M |
| Net Income | 952.10M | 970.80M | -33.10M | 38.20M | 59.90M | 84.91M |
Balance Sheet | ||||||
| Total Assets | 7.03B | 7.38B | 7.49B | 6.93B | 7.45B | 4.52B |
| Cash, Cash Equivalents and Short-Term Investments | 505.30M | 931.80M | 402.80M | 450.60M | 671.20M | 951.47M |
| Total Debt | 2.18B | 2.17B | 2.87B | 2.44B | 2.75B | 1.31B |
| Total Liabilities | 4.36B | 4.14B | 5.12B | 4.60B | 5.13B | 2.37B |
| Stockholders Equity | 2.67B | 3.25B | 2.37B | 2.34B | 2.32B | 2.15B |
Cash Flow | ||||||
| Free Cash Flow | 225.40M | 170.60M | 147.80M | 174.00M | 182.88M | 250.81M |
| Operating Cash Flow | 363.50M | 340.20M | 315.50M | 337.00M | 275.95M | 314.16M |
| Investing Cash Flow | 832.40M | 840.30M | -601.90M | -220.90M | -1.74B | -385.45M |
| Financing Cash Flow | -839.40M | -649.10M | 235.80M | -337.70M | 1.15B | 467.64M |
Karnov Group AB Technical Analysis
Negative
97.10
Price Trends
71.53
Negative
73.54
Negative
90.25
Negative
Market Momentum
-1.14
Positive
29.34
Positive
39.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KAR, the sentiment is Negative. The current price of 97.1 is above the 20-day moving average (MA) of 70.98, above the 50-day MA of 71.53, and above the 200-day MA of 90.25, indicating a bearish trend. The MACD of -1.14 indicates Positive momentum. The RSI at 29.34 is Positive, neither overbought nor oversold. The STOCH value of 39.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | kr23.60B | 36.24 | 15.97% | 1.03% | 0.50% | 10.05% | |
68 Neutral | kr6.17B | 6.89 | 2.68% | ― | -1.40% | 1602.22% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | kr12.49B | 21.73 | 9.59% | 2.09% | -4.27% | -16.12% | |
60 Neutral | kr6.77B | 23.42 | 7.10% | 1.64% | 2.99% | 7.04% | |
57 Neutral | kr2.19B | 6.88 | 14.16% | 1.91% | -8.39% | 17.05% | |
53 Neutral | kr7.80B | 34.20 | -3.67% | 1.25% | ― | ― |
* Industrials Sector Average
SE:KAR
Karnov Group AB
62.00
-37.90
-37.94%
SE:BERG.B
Bergman & Beving AB Class B
294.00
3.53
1.21%
SE:ALLIGO.B
Alligo AB Class B
134.20
24.93
22.82%
SE:VOLO
Volati AB
27.55
-61.35
-69.01%
SE:ALIG
Alimak Group AB
116.40
-23.71
-16.92%
SE:BUFAB
Bufab AB
124.00
38.13
44.40%
Karnov Group AB Corporate Events
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...
Karnov Group Steps Up Share Buybacks to Optimise Capital Structure
May 25, 2026
Karnov Group AB has repurchased 25,000 series A shares between 20 and 22 May 2026 under its share buyback programmes, paying a weighted average price of SEK 74.48 and a total consideration of about SEK 1.86 million. The programme, conducted by DNB...
Karnov launches SEK 750m share buyback to streamline capital structure
May 20, 2026
Karnov Group AB’s board has approved two share repurchase programmes for its series A ordinary shares, authorising buybacks of up to SEK 750 million in total as part of a broader effort to optimise its capital structure and enhance sharehold...
Karnov cancels 8.4 million treasury shares in capital structure move
May 13, 2026
Karnov Group AB has cancelled 8,418,201 of its own ordinary shares that were previously repurchased under mandates from extraordinary general meetings held earlier this year, following shareholder approval at the annual general meeting on 7 May 20...
Karnov Group AGM Backs New Executive LTIP, Capital Flexibility and Retains 2025 Earnings
May 7, 2026
Karnov Group AB’s annual general meeting approved the 2025 accounts, decided to retain earnings with no dividend, and granted discharge from liability to the board and CEO. Shareholders confirmed the existing chair, re-elected several direct...
Karnov boosts margins and cash flow on AI-driven legal content and cost savings
May 6, 2026
Karnov Group reported first-quarter 2026 net sales of SEK 628 million, down year-on-year due to currency and acquired-growth effects, but delivered 3.2% organic growth and 4.8% organic online growth, driven by strong performance across all markets...
Karnov boosts capital efficiency with latest share buybacks
May 4, 2026
Karnov Group AB has repurchased 105,000 of its own series A ordinary shares between 27 and 30 April 2026 under its board-approved share buyback programme aimed at optimising the capital structure and enhancing shareholder value. The buybacks, exec...
Karnov expands share buyback to fine-tune capital structure
Apr 20, 2026
Karnov Group AB, a European provider of legal knowledge and workflow solutions, supports over 400,000 professional users across six countries with expert-authored content and digital tools. The company employs about 1,100 people and its shares tra...
Karnov crosses key ownership thresholds in expanded share buyback
Apr 17, 2026
Karnov Group AB has disclosed that it repurchased 70,000 of its own Class A shares on 26 March 2026 and a further 1,000,000 Class A shares on 27 March 2026. These transactions lifted its treasury holding to 6,574,103 shares, representing 6.08 perc...
Karnov Group boosts treasury stock with latest share buyback
Apr 13, 2026
Karnov Group AB has repurchased 120,000 of its own series A shares on Nasdaq Stockholm between 7 and 10 April 2026 as part of a board-approved buyback programme aimed at optimising its capital structure and enhancing shareholder value. Following t...
Karnov deepens share buyback to tighten capital structure and boost shareholder value
Apr 6, 2026
Karnov Group AB, a Stockholm-listed provider of legal knowledge and workflow solutions, delivers digital tools and expert content to more than 400,000 legal professionals across several European markets. Backed by over 7,000 authors and a workforc...
Karnov Group Calls 2026 AGM, Proposes Incentive Schemes and Capital Changes
Mar 31, 2026
Karnov Group AB has convened its Annual General Meeting for 7 May 2026 in Stockholm, offering shareholders the option to participate via digital or paper-based postal voting, in person, or through a proxy. Shareholders must be registered with Euro...
Karnov Highlights Formative 2025 Amid Rising Legal Complexity
Mar 27, 2026
Karnov Group AB, a European provider of legal knowledge and workflow solutions, focuses on serving legal professionals who must manage increasingly complex regulations and legal frameworks. The company positions its products as essential tools tha...
Karnov Group Doubles Buyback Capacity in Capital Structure Push
Mar 25, 2026
Karnov Group AB’s board has expanded its existing share repurchase programme, doubling the ceiling on treasury holdings to 10% of total shares and raising the maximum buyback amount to SEK 750 million. As of 24 March 2026, the company had al...
Karnov Group Doubles Share Buyback Capacity to 10% After Extraordinary Meeting
Mar 20, 2026
Karnov Group AB’s extraordinary general meeting on 20 March 2026 authorised the board to expand its share buyback and transfer mandate for series A ordinary shares. The company can now hold up to 10% of its own shares, doubling the previous ...
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.