Karnov Group Valuation
Is 0A39 undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
4/6Valuation Score 4/6
Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast
Share Price vs Fair Value
What is the Fair Price of 0A39 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: 0A39 (SEK80.2) is trading below our estimate of fair value (SEK179.4)
Significantly Below Fair Value: 0A39 is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for 0A39?
Key metric: As 0A39 is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.
| What is 0A39's PS Ratio? | |
|---|---|
| PS Ratio | 3.4x |
| Sales | SEK 2.54b |
| Market Cap | SEK 8.66b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 4.4x |
| Enterprise Value/EBITDA | 29.6x |
| PEG Ratio | 42.7x |
Price to Sales Ratio vs Peers
How does 0A39's PS Ratio compare to its peers?
| Company | Forward PS | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 10.1x | ||
MONY MONY Group | 2.4x | 5.2% | UK£1.1b |
TRST Trustpilot Group | 7.9x | 15.9% | UK£1.2b |
BCG Baltic Classifieds Group | 27.4x | 12.5% | UK£1.7b |
OTMP OnTheMarket | 2.7x | 11.8% | UK£93.1m |
0A39 Karnov Group | 3.4x | 4.8% | SEK 8.7b |
Price-To-Sales vs Peers: 0A39 is good value based on its Price-To-Sales Ratio (3.4x) compared to the peer average (10.1x).
Price to Sales Ratio vs Industry
How does 0A39's PS Ratio compare vs other companies in the European Interactive Media and Services Industry?
| 7 Companies | Price / Sales | Estimated Growth | Market Cap |
|---|---|---|---|
| 7 Companies | Estimated Growth | Market Cap | |
|---|---|---|---|
Price-To-Sales vs Industry: 0A39 is expensive based on its Price-To-Sales Ratio (3.4x) compared to the European Interactive Media and Services industry average (1.6x).
Price to Sales Ratio vs Fair Ratio
What is 0A39's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
| Fair Ratio | |
|---|---|
| Current PS Ratio | 3.4x |
| Fair PS Ratio | 1.5x |
Price-To-Sales vs Fair Ratio: 0A39 is expensive based on its Price-To-Sales Ratio (3.4x) compared to the estimated Fair Price-To-Sales Ratio (1.5x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | SEK 80.20 | SEK 96.67 +20.5% | 2.4% | SEK 100.00 | SEK 95.00 | n/a | 3 |
| Nov ’25 | SEK 78.10 | SEK 86.67 +11.0% | 17.8% | SEK 100.00 | SEK 65.00 | n/a | 3 |
| Oct ’25 | SEK 82.30 | SEK 86.67 +5.3% | 17.8% | SEK 100.00 | SEK 65.00 | n/a | 3 |
| Sep ’25 | SEK 79.80 | SEK 82.50 +3.4% | 21.2% | SEK 100.00 | SEK 65.00 | n/a | 2 |
| Aug ’25 | SEK 77.60 | SEK 82.50 +6.3% | 21.2% | SEK 100.00 | SEK 65.00 | n/a | 2 |
| Jul ’25 | SEK 71.63 | SEK 74.50 +4.0% | 12.8% | SEK 84.00 | SEK 65.00 | n/a | 2 |
| Jun ’25 | SEK 86.76 | SEK 74.50 -14.1% | 12.8% | SEK 84.00 | SEK 65.00 | n/a | 2 |
| May ’25 | SEK 66.30 | SEK 75.00 +13.1% | 10.9% | SEK 85.00 | SEK 65.00 | n/a | 3 |
| Apr ’25 | SEK 66.10 | SEK 75.00 +13.5% | 10.9% | SEK 85.00 | SEK 65.00 | n/a | 3 |
| Mar ’25 | SEK 64.27 | SEK 70.67 +10.0% | 19.6% | SEK 85.00 | SEK 52.00 | n/a | 3 |
| Feb ’25 | SEK 53.97 | SEK 64.00 +18.6% | 14.7% | SEK 75.00 | SEK 52.00 | n/a | 3 |
| Jan ’25 | SEK 55.50 | SEK 62.33 +12.3% | 15.3% | SEK 75.00 | SEK 52.00 | n/a | 3 |
| Dec ’24 | SEK 55.40 | SEK 62.33 +12.5% | 15.3% | SEK 75.00 | SEK 52.00 | n/a | 3 |
| Nov ’24 | SEK 48.05 | SEK 62.33 +29.7% | 15.3% | SEK 75.00 | SEK 52.00 | SEK 78.10 | 3 |
| Oct ’24 | SEK 48.30 | SEK 60.67 +25.6% | 12.1% | SEK 70.00 | SEK 52.00 | SEK 82.30 | 3 |
| Sep ’24 | SEK 44.75 | SEK 63.00 +40.8% | 7.9% | SEK 70.00 | SEK 59.00 | SEK 79.80 | 3 |
| Aug ’24 | SEK 49.95 | SEK 68.67 +37.5% | 10.1% | SEK 75.00 | SEK 59.00 | SEK 77.60 | 3 |
| Jul ’24 | SEK 49.20 | SEK 70.33 +43.0% | 6.6% | SEK 75.00 | SEK 64.00 | SEK 71.63 | 3 |
| Jun ’24 | SEK 52.90 | SEK 70.33 +33.0% | 6.6% | SEK 75.00 | SEK 64.00 | SEK 86.76 | 3 |
| May ’24 | SEK 54.80 | SEK 71.33 +30.2% | 4.6% | SEK 75.00 | SEK 67.00 | SEK 66.30 | 3 |
| Apr ’24 | SEK 54.10 | SEK 71.33 +31.9% | 4.6% | SEK 75.00 | SEK 67.00 | SEK 66.10 | 3 |
| Mar ’24 | SEK 54.30 | SEK 74.67 +37.5% | 10.2% | SEK 85.00 | SEK 67.00 | SEK 64.27 | 3 |
| Feb ’24 | SEK 60.10 | SEK 74.67 +24.2% | 10.2% | SEK 85.00 | SEK 67.00 | SEK 53.97 | 3 |
| Jan ’24 | SEK 58.40 | SEK 74.00 +26.7% | 11.2% | SEK 85.00 | SEK 65.00 | SEK 55.50 | 3 |
| Dec ’23 | SEK 56.80 | SEK 74.00 +30.3% | 11.2% | SEK 85.00 | SEK 65.00 | SEK 55.40 | 3 |
| Nov ’23 | SEK 59.22 | SEK 74.00 +24.9% | 11.2% | SEK 85.00 | SEK 65.00 | SEK 48.05 | 3 |
Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.
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