Karnov Group AB (publ)

OM:KAR Stock Report

Market Cap: SEK 6.9b

Karnov Group Management

Management criteria checks 3/4

Karnov Group's CEO is Pontus Bodelsson, appointed in May 2021, has a tenure of 5.08 years. total yearly compensation is SEK15.90M, comprised of 87.4% salary and 12.6% bonuses, including company stock and options. directly owns 0.096% of the company’s shares, worth SEK6.57M. The average tenure of the management team and the board of directors is 4.2 years and 5.5 years respectively.

Key information

Pontus Bodelsson

Chief executive officer

SEK 15.9m

Total compensation

CEO salary percentage87.42%
CEO tenure5.1yrs
CEO ownership0.1%
Management average tenure4.2yrs
Board average tenure5.5yrs

Recent management updates

Recent updates

Narrative Update • Jun 06

KAR: Expanded Buybacks And Higher P/E Assumptions Will Support Future Upside

Analysts have adjusted the Karnov Group price target to SEK106.67 from SEK103.33, reflecting updated views on fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News On March 25, 2026, Karnov Group announced a change in its equity buyback plan terms, with the buyback authority set to SEK 750 million.
New Narrative • May 13

Slow AI Adoption And Margin Pressure Will Test Legal Content Strength Over Time

Catalysts About Karnov Group Karnov Group provides subscription based legal information and AI supported workflow tools to legal professionals in European civil law markets. What are the underlying business or industry changes driving this perspective?
Analysis Article • May 10

Earnings Update: Karnov Group AB (publ) (STO:KAR) Just Reported Its First-Quarter Results And Analysts Are Updating Their Forecasts

Investors in Karnov Group AB (publ) ( STO:KAR ) had a good week, as its shares rose 7.6% to close at kr72.00 following...
Narrative Update • Apr 29

KAR: Expanded Share Buybacks Will Support Future AI Legal Upside

Analysts have kept their SEK 103.33 price target for Karnov Group broadly unchanged, reflecting small adjustments to assumptions on discount rate, revenue growth, profit margin and future P/E that largely offset one another in their updated models. What's in the News On March 25, 2026, Karnov Group increased its equity buyback authorization to SEK 750 million, updating the terms of its existing share repurchase framework (Key Developments).
Narrative Update • Apr 11

KAR: Expanded Share Buybacks Will Support Future AI Legal Upside

Analysts have nudged their price target for Karnov Group slightly, reflecting small adjustments to inputs such as discount rate, revenue growth, profit margin and assumed future P/E, while keeping the fair value estimate unchanged at SEK 103.33. What's in the News Karnov Group increased its equity buyback authorization to SEK 750 million on March 25, 2026, expanding the size of its existing share repurchase framework (Key Developments).
Narrative Update • Mar 28

KAR: Share Repurchases Will Support Future AI Legal Upside

Analysts have kept their SEK price target for Karnov Group broadly in line with previous levels, making small adjustments based on slightly updated assumptions for the discount rate, long term revenue growth, profit margin and future P/E multiple. What's in the News Karnov Group increased its equity buyback authorization to SEK 750 million on March 25, 2026, adjusting the scope of its existing repurchase framework (company announcement).
Narrative Update • Mar 13

KAR: Share Repurchases And Capital Structure Will Support Future AI Legal Upside

Analysts have kept their SEK fair value estimate for Karnov Group broadly unchanged, with only marginal tweaks to assumptions such as the discount rate and future P/E. Together, these adjustments leave their overall price target effectively stable.
Narrative Update • Feb 27

KAR: Share Repurchases And Capital Structure Shift Will Support AI Legal Upside

Analysts have reduced their SEK 115 price target on Karnov Group to around SEK 103, citing updated assumptions that combine slightly lower profit margin expectations with revised views on growth and valuation multiples. What's in the News Karnov Group has called a special shareholders meeting for January 8, 2026, in Stockholm to vote on authorizing the board to acquire and transfer ordinary shares of series A in the company (Key Developments).
New Narrative • Feb 13

AI Adoption And Proprietary Content Will Define A Stronger Future Trajectory

Catalysts About Karnov Group Karnov Group provides content driven legal information and AI supported workflow solutions for legal and public sector professionals across Europe. What are the underlying business or industry changes driving this perspective?
Narrative Update • Feb 12

KAR: Share Repurchases Will Support AI Legal Expansion Upside

The updated analyst price target for Karnov Group has shifted from SEK129 to SEK115, as analysts now apply a slightly higher discount rate, assume more modest revenue growth and profit margins, and use a higher future P/E multiple in their valuation work. What's in the News Karnov Group AB started a share repurchase program on January 12, 2026, with authorization to buy back up to 5,393,807 series A shares.
Narrative Update • Nov 13

KAR: AI Legal Expansion Will Drive Upside With European Rollout Ahead

Analysts have raised their price target for Karnov Group from €123.67 to €129.00, citing adjusted growth and profitability forecasts in their latest evaluation. What's in the News Karnov Group has launched the next generation of KAILA, its AI-based legal research solution.
Narrative Update • Aug 23

Adoption Of AI Solutions By Law Firms In Denmark And Sweden Will Expand Product Value And Customer Base

The upward revision in Karnov Group's price target reflects improvements in both revenue growth forecasts and net profit margin, resulting in a new consensus target of SEK123.67. Valuation Changes Summary of Valuation Changes for Karnov Group The Consensus Analyst Price Target has risen from SEK115.67 to SEK123.67.
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New Narrative • Feb 09

New AI-supported Legal Services Will Launch Across All Markets To Deliver Greater Customer Value

Expansion of AI-supported services and new products is anticipated to enhance customer value and boost subscription-based sales, driving revenue growth.
Analysis Article • May 04

Subdued Growth No Barrier To Karnov Group AB (publ) (STO:KAR) With Shares Advancing 31%

Despite an already strong run, Karnov Group AB (publ) ( STO:KAR ) shares have been powering on, with a gain of 31% in...
Analysis Article • May 02

Here's Why Karnov Group AB (publ)'s (STO:KAR) CEO Compensation Is The Least Of Shareholders' Concerns

Key Insights Karnov Group's Annual General Meeting to take place on 8th of May Salary of kr12.3m is part of CEO Pontus...
Analysis Article • Feb 15

There's Reason For Concern Over Karnov Group AB (publ)'s (STO:KAR) Price

When close to half the companies in the Interactive Media and Services industry in Sweden have price-to-sales ratios...
Analysis Article • Nov 11

Is There An Opportunity With Karnov Group AB (publ)'s (STO:KAR) 40% Undervaluation?

Key Insights Using the 2 Stage Free Cash Flow to Equity, Karnov Group fair value estimate is kr87.98 Karnov Group's...
Analysis Article • Jun 03

Karnov Group (STO:KAR) Could Be Struggling To Allocate Capital

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...

CEO Compensation Analysis

How has Pontus Bodelsson's remuneration changed compared to Karnov Group's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

SEK 952m

Dec 31 2025SEK 16mSEK 14m

SEK 971m

Sep 30 2025n/an/a

SEK 119m

Jun 30 2025n/an/a

SEK 63m

Mar 31 2025n/an/a

SEK 56m

Dec 31 2024SEK 16mSEK 14m

-SEK 33m

Sep 30 2024n/an/a

SEK 2m

Jun 30 2024n/an/a

SEK 35m

Mar 31 2024n/an/a

SEK 8m

Dec 31 2023SEK 14mSEK 12m

SEK 38m

Sep 30 2023n/an/a

SEK 300k

Jun 30 2023n/an/a

SEK 29m

Mar 31 2023n/an/a

SEK 54m

Dec 31 2022SEK 10mSEK 8m

SEK 60m

Sep 30 2022n/an/a

SEK 74m

Jun 30 2022n/an/a

SEK 48m

Mar 31 2022n/an/a

SEK 69m

Dec 31 2021SEK 6mSEK 2m

SEK 85m

Compensation vs Market: Pontus's total compensation ($USD1.69M) is above average for companies of similar size in the Swedish market ($USD826.00K).

Compensation vs Earnings: Pontus's compensation has been consistent with company performance over the past year.

CEO

Pontus Bodelsson (59 yo)

5.1yrs
Tenure
SEK 15,900,000
Compensation

Mr. Pontus Bodelsson is Director of Wihlborgs Fastigheter AB (publ) from April 22, 2026. Mr. Bodelsson serves as President and Chief Executive Officer at Karnov Group AB (publ) since May 8, 2021. He joined...

Leadership Team

NamePositionTenureCompensationOwnership
Pontus Bodelsson
Group CEO & President5.1yrsSEK 15.90m0.096%
SEK 6.6m
Magnus Hansson
Chief Financial Officer3yrsno data0.023%
SEK 1.6m
Mariano Blanchard
Group Chief Technology Officer1.4yrsno datano data
Erik Berggren
Head of Investor Relations & Board Secretaryno datano datano data
Charlotte Arup
Group Chief Human Resources Officer8.5yrsno data0.025%
SEK 1.7m
Anne Hansen
Chief Product Officer13.7yrsno data0.61%
SEK 41.8m
Alexandra Aquist
Chief Revenue Officer & CEO of Region North (Denmark and Sweden) and Country Manager of Spainless than a yearno data0.0048%
SEK 328.4k
Niels Hansen
Chief Strategic Development Officer3.3yrsno data0.020%
SEK 1.4m
Jonathan Minzari
Chief Emerging Ventures and M&A Officer5.4yrsno data0.0070%
SEK 484.4k
Iga Kurowska
Head of Innovation - South Regionno datano datano data
Selcuk Unlu
Head of Business Development - Region Northno datano datano data
Caroline Wiroth
Head of Group Sustainabilityno datano datano data
4.2yrs
Average Tenure
54yo
Average Age

Experienced Management: KAR's management team is considered experienced (4.2 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Magnus Mandersson
Independent Chairman8.3yrsSEK 1.78m0.18%
SEK 12.4m
Tyson Greer
Directorless than a yearno datano data
Ulf Bonnevier
Independent Director8.3yrsSEK 535.00k0.028%
SEK 1.9m
Lone Olsen
Independent Director8.3yrsSEK 650.00k0.012%
SEK 846.5k
Lars-Peter Laurin
Directorless than a yearno datano data
Edward Keith
Director2.7yrsno datano data
5.5yrs
Average Tenure
62yo
Average Age

Experienced Board: KAR's board of directors are considered experienced (5.5 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/12 23:33
End of Day Share Price 2026/06/12 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