Karnov Group AB (SE:KAR)
:KAR
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Karnov Group AB
(KAR)
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Rating:54Neutral
Price Target:
kr70.00
▼(-27.91% Downside)
Action:ReiteratedDate:02/18/26
Overall score is held back primarily by weak technical momentum and uneven financial quality (volatile profitability and poor cash conversion), partially offset by a low P/E valuation and some balance-sheet improvement in 2025.
Positive Factors
Recurring subscription business model
Karnov's core revenue is recurring subscriptions to digital legal research platforms for law firms, corporate legal and public-sector customers. That creates durable, high-retention revenue streams, predictable renewal cycles and opportunities to cross-sell content and tools across Nordic professional customers.
Negative Factors
Weak cash conversion
Reported earnings have not translated consistently into cash: operating cash flow lagging net income and a sharp FCF decline limit internal funding for product development, acquisitions or debt reduction. Persistent weak cash conversion increases reliance on external financing or equity for strategic needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring subscription business model
Karnov's core revenue is recurring subscriptions to digital legal research platforms for law firms, corporate legal and public-sector customers. That creates durable, high-retention revenue streams, predictable renewal cycles and opportunities to cross-sell content and tools across Nordic professional customers.
Read all positive factors
Karnov Group AB (KAR) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.17B
Dividend YieldN/A
Average Volume (3M)104.36K
Price to Earnings (P/E)11.2
Beta (1Y)0.30
Revenue Growth1.86%
EPS GrowthN/A
CountrySE
Employees1,200
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)4.45
Shares Outstanding107,876,144
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)4.22
Revenue Forecast (FY)kr2.58B
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 generates revenue through a combination of subscription fees, licensing agreements, and sales of information products. The company primarily relies on its subscription model, where customers pay for access to its digital platforms and...
Karnov Group AB Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
57
Neutral
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.64B | 2.59B | 2.47B | 1.11B | 878.07M |
| Gross Profit | 448.30M | 2.24B | 276.60M | 639.18M | 518.41M |
| EBITDA | 861.40M | 547.70M | 554.10M | 313.90M | 329.37M |
| Net Income | 970.80M | -33.10M | 38.20M | 59.90M | 84.91M |
Balance Sheet | |||||
| Total Assets | 7.38B | 7.49B | 6.93B | 7.45B | 4.52B |
| Cash, Cash Equivalents and Short-Term Investments | 931.80M | 402.80M | 450.60M | 671.20M | 951.47M |
| Total Debt | 2.32B | 2.87B | 2.44B | 2.75B | 1.31B |
| Total Liabilities | 4.14B | 5.12B | 4.60B | 5.13B | 2.37B |
| Stockholders Equity | 3.25B | 2.37B | 2.34B | 2.32B | 2.15B |
Cash Flow | |||||
| Free Cash Flow | 170.60M | 147.80M | 174.00M | 182.88M | 250.81M |
| Operating Cash Flow | 340.20M | 315.50M | 337.00M | 275.95M | 314.16M |
| Investing Cash Flow | 840.30M | -601.90M | -220.90M | -1.74B | -385.45M |
| Financing Cash Flow | -649.10M | 235.80M | -337.70M | 1.15B | 467.64M |
Karnov Group AB Technical Analysis
Positive
97.10
Price Trends
72.23
Positive
86.09
Negative
99.94
Negative
Market Momentum
0.07
Negative
60.92
Neutral
70.20
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 71.30, above the 50-day MA of 72.23, and below the 200-day MA of 99.94, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 60.92 is Neutral, neither overbought nor oversold. The STOCH value of 70.20 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 | kr22.19B | 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 | kr11.41B | 19.26 | 9.59% | 2.09% | -4.27% | -16.12% | |
60 Neutral | kr7.15B | ― | 7.10% | 1.64% | 2.99% | 7.04% | |
55 Neutral | kr6.51B | 47.20 | 14.16% | 1.91% | 7.04% | 14.35% | |
54 Neutral | kr7.17B | 11.18 | 2.68% | ― | 1.86% | ― | |
45 Neutral | kr8.19B | 37.27 | -3.67% | 1.25% | 2.85% | -133.46% |
* Industrials Sector Average
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Karnov Group AB Corporate Events
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 ...
Karnov Group Expands Share Buyback to Optimise Capital Structure
Feb 2, 2026
Karnov Group AB has repurchased 55,698 of its own series A shares on Nasdaq Stockholm between 26 and 30 January 2026 as part of an ongoing share buyback programme aimed at optimising its capital structure and enhancing shareholder value. The trans...
Karnov Steps Up Capital Management with New Share Buybacks
Jan 26, 2026
Karnov Group AB has repurchased 50,193 series A shares on Nasdaq Stockholm between 19 and 23 January 2026 under its ongoing share buyback programme, aimed at optimising its capital structure and enhancing shareholder value. Executed independently ...
Karnov Group Continues Share Buyback to Optimise Capital Structure
Jan 19, 2026
Karnov Group AB has repurchased 39,346 series A ordinary shares on Nasdaq Stockholm between 12 and 16 January 2026 as part of a previously announced share buyback programme aimed at optimising its capital structure and enhancing shareholder value....
Karnov Group Launches SEK 500 Million Share Buyback to Optimise Capital Structure
Jan 9, 2026
Karnov Group AB’s board has launched a share buyback programme of up to SEK 500 million in ordinary series A shares, authorised by an extraordinary general meeting held on 8 January 2026, with the stated aim of optimising the company’s...
Karnov Group Wins Mandate for Share Buybacks to Optimise Capital Structure
Jan 8, 2026
Karnov Group AB has received shareholder approval at an extraordinary general meeting to authorise its board to both acquire and transfer up to 5% of the company’s series A ordinary shares. The move, allowing buybacks and disposals on Nasdaq...
Karnov Group AB Calls for Extraordinary General Meeting
Dec 1, 2025
Karnov Group AB has announced an extraordinary general meeting (EGM) scheduled for January 8, 2026, in Stockholm, Sweden. Shareholders can participate in person, through a proxy, or via postal voting. The agenda includes the election of a chairman...
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.