olivLaw · European equity research
Karnov Group AB (publ) KAR.ST
Sweden · Nasdaq Stockholm · ISIN SE0012323715 · Vertical: Listed companies from Sweden
At the close of 06 Nov 2026, Karnov Group AB (publ) (KAR.ST) stock was 81.50 SEK (−1.81% on the day), with market capitalisation 8.8 bn SEK, P/E 9.1 on diluted EPS of 8.98 SEK over the last 12 months, beta 0.47, 52-week range 62.00–110.20 SEK.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.1
- neutral
- Bollinger (20, 2)
- 78.37 – 84.73
- in the lower half of the band · %B 0.49 · band width 7.8%
- SMA 50 / 200
- 78.74 / 74.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.33 / 1.46
- MACD below 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 | +7.8% | −0.2% | +8.0 pp | — |
| 3 months | +11.5% | −5.4% | +16.9 pp | — |
| 6 months | +13.2% | +4.4% | +8.8 pp | — |
| Year to date | −19.0% | +6.5% | −25.4 pp | — |
| 1 year | −27.7% | +10.0% | −37.7 pp | −7.6% |
| 3 years | +73.6% | +48.6% | +25.0 pp | +12.3% |
| 5 years | +46.8% | +41.4% | +5.4 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 2-quarter history (min 11.2, median 87.2, max 163.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.5 bn | 2.6 bn | 2.6 bn |
| Revenue YoY | unavailable | +4.8% | +1.9% |
| Net income | 38.2 m | -33.1 m | 970.8 m |
| Net income YoY | unavailable | −186.6% | unavailable |
| Diluted EPS | 0.34 | -0.31 | 8.98 |
| Diluted EPS YoY | unavailable | −191.2% | unavailable |
| net % | 1.5% | -1.3% | 36.8% |
| Free cash flow | 329.8 m | 311.1 m | 332.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 931.8 m SEK
- Financial debt
- 135.2 m SEK
- Net debt
- -796.6 m SEK
- Equity
- 3.2 bn SEK
- Total assets
- 7.4 bn SEK
- Debt / equity
- 0.04x
- Current ratio
- 0.86x
- ROE
- 34.6%
- ROA
- 13.1%
- FCF margin
- 12.6%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.5 bn | 2.6 bn | 2.6 bn | esef· 26 Oct 2026verified |
| Operating income | 156.2 m | 146.0 m | 1.1 bn | esef· 26 Oct 2026verified |
| Interest expense | 151.9 m | 195.7 m | 137.2 m | esef· 26 Oct 2026verified |
| Pre-tax income | 34.4 m | -33.5 m | 1.0 bn | esef· 26 Oct 2026verified |
| Income tax | -2.5 m | -400.0 k | 58.8 m | esef· 26 Oct 2026verified |
| Net income | 38.2 m | -33.1 m | 970.8 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.34 | -0.31 | 8.98 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 108.1 m | 108.1 m | 108.1 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 450.6 m | 402.8 m | 931.8 m | esef· 26 Oct 2026verified |
| Inventories | 18.7 m | 18.8 m | 18.3 m | esef· 26 Oct 2026verified |
| Current assets | 975.9 m | 1.0 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 41.2 m | 37.4 m | 25.2 m | esef· 26 Oct 2026verified |
| Goodwill | 3.3 bn | 3.6 bn | 3.4 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 2.2 bn | 2.4 bn | 2.0 bn | esef· 26 Oct 2026verified |
| Total assets | 6.9 bn | 7.5 bn | 7.4 bn | esef· 26 Oct 2026verified |
| Short-term debt | 83.2 m | 114.9 m | 135.2 m | esef· 26 Oct 2026verified |
| Current liabilities | 1.8 bn | 1.9 bn | 1.8 bn | esef· 26 Oct 2026verified |
| Equity | 2.3 bn | 2.4 bn | 3.2 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 112.4 m | 106.8 m | 107.9 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 337.0 m | 315.5 m | 340.2 m | esef· 26 Oct 2026verified |
| Capex | 7.2 m | 4.4 m | 7.3 m | esef· 26 Oct 2026verified |
| Free cash flow | 329.8 m ≈ | 311.1 m ≈ | 332.9 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -220.9 m | -601.9 m | 840.3 m | esef· 26 Oct 2026verified |
| Financing cash flow | -337.7 m | 235.8 m | -649.1 m | esef· 26 Oct 2026verified |
≈ 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 8.8 bn SEK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 46.7% | 100 (vs peers) | 20% |
| Net margin · Quality | 36.8% | 100 (vs peers) | 12% |
| FCF conversion · Quality | 34.3% | 6 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.2x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.9x | 5 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 9.1x | 88 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.8% | 47 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet62/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation70/100 · 2/3 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
Karnov Group AB (publ) (KAR.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.6 bn SEK in 2025; YoY growth 1.9%; net margin 36.8%; ROE 34.6%.
The estimated value range is 93.62–182.52 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 133.58 SEK, the price of 81.50 SEK leaves a potential of 63.9% (value / price − 1) and a margin of safety of 39.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 46.7%
- Net margin: 36.8%
- Interest coverage: 8.2x
- P/E (TTM): 9.1x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 34.3%
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · 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 | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 219.9 bn | 26.6 | 19.4% | 11.9% | +4.1% | +19% / +36% |
| BOL.STBoliden Ab | 141.8 bn | 15.1 | 13.3% | 10.1% | +4.8% | +11% / +80% |
| CAST.STCastellum Aktiebolag | 66.4 bn | 70.8 | 1.2% | 9.8% | −2.6% | +26% / +6% |
| AAK.STAak Ab (publ) | 47.4 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 43.3 bn | 59.6 | 19.5% | 32.5% | +21.3% | +18% / +58% |
| ASKER.STAsker Healthcare Group AB | 30.0 bn | 60.9 | 9.8% | 2.9% | +11.7% | −17% / unavailable |
| BRAV.STBravida Holding AB | 29.3 bn | 23.8 | 13.7% | 4.4% | −4.9% | +79% / +118% |
| ALLEI.STAlleima AB | 22.7 bn | 33.9 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.5 bn | — | -21.0% | — | unavailable | +19% / +19% |
| AQ.STAQ Group AB | 19.9 bn | 29.5 | 14.9% | 7.5% | +6.0% | +15% / +121% |
| ATT.STAttendo AB (publ) | 19.5 bn | 24.1 | 15.1% | 4.3% | +0.1% | +55% / +276% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.9 bn | 16.9 | 2.9% | 23.9% | −2.0% | −34% / −45% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.2 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.6 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 10.8 bn | 47.4 | 31.3% | 3.2% | +10.1% | +16% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +57% / +44% |
| KAR.STKarnov Group AB (publ) | 8.8 bn | 9.1 | 34.6% | 36.8% | +1.9% | −20% / +49% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.0 | 15.1% | 6.9% | −7.4% | +34% / +107% |
| CEVI.STCellaVision AB | 4.7 bn | 31.0 | 18.0% | 20.2% | +4.9% | +21% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.1 | 13.0% | 2.2% | +16.7% | +1% / +24% |
| ACTI.STActive Biotech AB (publ) | 4.5 bn | — | -84.5% | — | unavailable | −38% / −79% |
| BHG.STBHG Group AB | 4.4 bn | 30.4 | 2.5% | 1.4% | +6.2% | −20% / +108% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.2 | 4.1% | 10.1% | +24.9% | −9% / +86% |
1- and 3-year price returns: for KAR.ST 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 (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 47.00 Total return -42% · Per year -42% | 83.20 Total return 2% · Per year 2% | 125.47 Total return 54% · Per year 54% |
| 3 years | 43.22 Total return -47% · Per year -19% | 86.32 Total return 6% · Per year 2% | 143.27 Total return 76% · Per year 21% |
| 5 years | 39.75 Total return -51% · Per year -13% | 89.56 Total return 10% · Per year 2% | 163.60 Total return 101% · Per year 15% |
- Exit P/E± 21.58
- Net margin± 15.11
- Annual revenue growth± 12.72
- Annual dilution± 1.27
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.