Karnov Group AB (publ)

LSE:0A39 Stock Report

Market Cap: SEK 6.6b

Karnov Group Valuation

Is 0A39 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: 0A39 (SEK68.2) is trading below our estimate of future cash flow value (SEK141.08)

Significantly Below Future Cash Flow Value: 0A39 is trading below future cash flow 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 profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0A39. This is calculated by dividing 0A39's market cap by their current earnings.
What is 0A39's PE Ratio?
PE Ratio6.9x
EarningsSEK 952.10m
Market CapSEK 6.60b

Price to Earnings Ratio vs Peers

How does 0A39's PE Ratio compare to its peers?

The above table shows the PE ratio for 0A39 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average68x
BCG Baltic Classifieds Group
17.7x8.38%UK£767.0m
MONY MONY Group
12.2x7.04%UK£992.9m
TRST Trustpilot Group
175.7x48.76%UK£1.0b
BBSN Brave Bison Group
66.5xn/aUK£100.5m
0A39 Karnov Group
6.9x-28.99%SEK 6.6b

Price-To-Earnings vs Peers: 0A39 is good value based on its Price-To-Earnings Ratio (6.9x) compared to the peer average (68x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does 0A39's PE Ratio compare vs other companies in the European Interactive Media and Services Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
0A39 6.9xIndustry Avg. 19.1xNo. of Companies7PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0A39 is good value based on its Price-To-Earnings Ratio (6.9x) compared to the Global Interactive Media and Services industry average (19.3x).

Price to Earnings Ratio vs Fair Ratio

What is 0A39's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0A39 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.9x
Fair PE Ratio7.9x

Price-To-Earnings vs Fair Ratio: 0A39 is good value based on its Price-To-Earnings Ratio (6.9x) compared to the estimated Fair Price-To-Earnings Ratio (7.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0A39 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 68.20
SEK 108.33
+58.85%
11.51%SEK 125.00SEK 95.00n/a3
Jul ’27SEK 70.70
SEK 106.67
+50.87%
12.30%SEK 125.00SEK 95.00n/a3
Jun ’27SEK 71.10
SEK 106.67
+50.02%
12.30%SEK 125.00SEK 95.00n/a3
May ’27SEK 67.00
SEK 103.33
+54.23%
8.22%SEK 115.00SEK 95.00n/a3
Apr ’27SEK 72.90
SEK 103.33
+41.75%
8.22%SEK 115.00SEK 95.00n/a3
Mar ’27SEK 74.80
SEK 103.33
+38.15%
8.22%SEK 115.00SEK 95.00n/a3
Feb ’27SEK 97.90
SEK 127.33
+30.06%
2.59%SEK 132.00SEK 125.00n/a3
Jan ’27SEK 100.60
SEK 128.50
+27.73%
2.72%SEK 132.00SEK 125.00n/a2
Dec ’26SEK 102.60
SEK 128.50
+25.24%
2.72%SEK 132.00SEK 125.00n/a2
Nov ’26SEK 110.50
SEK 127.00
+14.93%
1.70%SEK 130.00SEK 125.00n/a3
Oct ’26SEK 111.60
SEK 123.67
+10.81%
5.13%SEK 130.00SEK 115.00n/a3
Sep ’26SEK 118.20
SEK 123.67
+4.62%
5.13%SEK 130.00SEK 115.00n/a3
Aug ’26SEK 119.00
SEK 110.33
-7.28%
3.34%SEK 115.00SEK 106.00n/a3
Jul ’26SEK 108.00
SEK 106.67
-1.23%
7.97%SEK 115.00SEK 95.00SEK 70.703
Jun ’26SEK 93.45
SEK 106.67
+14.14%
7.97%SEK 115.00SEK 95.00SEK 71.103
May ’26SEK 90.80
SEK 108.33
+19.31%
5.76%SEK 115.00SEK 100.00SEK 67.003
Apr ’26SEK 87.50
SEK 108.33
+23.81%
5.76%SEK 115.00SEK 100.00SEK 72.903
Mar ’26SEK 89.00
SEK 106.67
+19.85%
7.97%SEK 115.00SEK 95.00SEK 74.803
Feb ’26SEK 90.20
SEK 96.67
+7.17%
2.44%SEK 100.00SEK 95.00SEK 97.903
Jan ’26SEK 81.80
SEK 96.67
+18.17%
2.44%SEK 100.00SEK 95.00SEK 100.603
Dec ’25SEK 81.40
SEK 96.67
+18.76%
2.44%SEK 100.00SEK 95.00SEK 102.603
Nov ’25SEK 78.10
SEK 86.67
+10.97%
17.83%SEK 100.00SEK 65.00SEK 110.503
Oct ’25SEK 82.30
SEK 86.67
+5.31%
17.83%SEK 100.00SEK 65.00SEK 111.603
Sep ’25SEK 79.80
SEK 82.50
+3.38%
21.21%SEK 100.00SEK 65.00SEK 118.202
Aug ’25SEK 77.60
SEK 82.50
+6.31%
21.21%SEK 100.00SEK 65.00SEK 119.002
Jul ’25SEK 71.63
SEK 74.50
+4.01%
12.75%SEK 84.00SEK 65.00SEK 108.002
SEK 107.86
Fair Value
36.8% undervalued intrinsic discount
3
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/08 05:21
End of Day Share Price 2026/07/08 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Karnov Group AB (publ) is covered by 3 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Simon JonssonBerenberg
Mikael LaséenDNB Carnegie
Thomas NilssonNordea Markets