Karnov Group AB (SE:KAR)
:KAR
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Karnov Group AB
(KAR)
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Rating:60Neutral
Price Target:
kr76.00
â–¼(-21.73% Downside)
Action:Reiterated
Date:05/09/26
The score is supported primarily by strong profitability and a significantly improved leverage position, but is held back by weak cash conversion and softened top-line momentum. Technicals remain mixed-to-weak due to the stock trading well below longer-term moving averages, and valuation is constrained by a relatively high P/E with no dividend yield.
Positive Factors
Profitability & margins
The clear rebound from a 2024 loss to strong TTM and 2025 earnings and high operating and net margins implies durable operating leverage. Sustainable margins support reinvestment capacity, pricing power in professional markets, and resilience through cycles.
Negative Factors
Weak cash conversion
Profits are not converting into cash at the same pace, likely due to working capital, tax or timing items. Persistent weak cash conversion constrains organic reinvestment, raises financing needs for growth, and weakens the reliability of reported earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & margins
The clear rebound from a 2024 loss to strong TTM and 2025 earnings and high operating and net margins implies durable operating leverage. Sustainable margins support reinvestment capacity, pricing power in professional markets, and resilience through cycles.
Read all positive factors
Karnov Group AB (KAR) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.54B
Dividend YieldN/A
Average Volume (3M)104.36K
Price to Earnings (P/E)32.1
Beta (1Y)0.37
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 Target
kr115.00Price Target Upside18.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4.17
Revenue Forecast (FY)kr2.56B
Karnov Group AB Business Overview & Revenue Model
Company Description
Karnov Group AB (publ) provides online and offline information products and services for professionals in the areas of legal, tax and accounting, environmental, and health and safety in Denmark, Norway, Sweden, and other European countries. The co...
How the Company Makes Money
Karnov Group primarily makes money by selling access to its legal and regulatory information products as recurring subscriptions, typically delivered through digital platforms used for legal research and professional decision support. Revenue is g...
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 | 2.32B | 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
Positive
97.10
Price Trends
71.71
Positive
79.82
Negative
94.84
Negative
Market Momentum
0.43
Negative
57.31
Neutral
73.78
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 71.11, above the 50-day MA of 71.71, and above the 200-day MA of 94.84, indicating a neutral trend. The MACD of 0.43 indicates Negative momentum. The RSI at 57.31 is Neutral, neither overbought nor oversold. The STOCH value of 73.78 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 | kr22.12B | 24.07 | 15.97% | 1.03% | 0.50% | 10.05% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | kr11.76B | 19.26 | 9.59% | 2.09% | -4.27% | -16.12% | |
60 Neutral | kr7.54B | 32.10 | 2.68% | ― | -1.40% | 1602.22% | |
60 Neutral | kr7.13B | 36.87 | 7.10% | 1.64% | 2.99% | 7.04% | |
53 Neutral | kr7.86B | 31.51 | -3.67% | 1.25% | ― | ― | |
50 Neutral | kr6.73B | 38.78 | 14.16% | 1.91% | -8.39% | 17.05% |
* Industrials Sector Average
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Karnov Group AB Corporate Events
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 ...
Karnov Group Reshapes Board and Forms New Technology Committee
Mar 9, 2026
Karnov Group’s nomination committee has proposed a six‑member board with the re‑election of Magnus Mandersson as chair, alongside Ulf Bonnevier, Ted Keith and Lone Møller Olsen, while adding Long Path Partners’ operati...
Karnov ramps up share buybacks to fine-tune capital structure
Feb 23, 2026
Karnov Group AB has repurchased 1,073,095 series A shares between 16 and 20 February 2026 as part of a board-approved buyback programme aimed at optimising its capital structure and enhancing shareholder value. Executed on Nasdaq Stockholm by DNB ...
Karnov Seeks Expanded Share Buyback Mandate at March EGM
Feb 20, 2026
Karnov Group has called an extraordinary general meeting for 20 March 2026 in Stockholm, allowing shareholders to participate in person, by proxy, or via postal voting, reflecting continued use of flexible governance mechanisms. Shareholders will ...
Karnov launches SEK 500m share buyback after completing prior programme
Feb 12, 2026
Karnov Group AB has completed its previously announced share repurchase programme of series A ordinary shares and is launching a new programme of up to SEK 500 million to further optimise its capital structure. The board, acting under an extraordi...
Karnov boosts 2025 profit and margins after EHS divestment and AI-driven growth
Feb 11, 2026
Karnov Group reported a solid finish to 2025, with fourth-quarter organic growth of 3.8% and a higher adjusted EBITA margin of 25.9%, driven by strong 10% organic growth in its Region North legal information operations and an uplift in AI package ...
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.