Karnov Group AB (publ)

OM:KAR Stock Report

Market Cap: SEK 8.9b

Karnov Group Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 KAR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KAR (SEK82.3) is trading below our estimate of fair value (SEK188.16)

Significantly Below Fair Value: KAR is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KAR?

Key metric: As KAR is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for KAR. This is calculated by dividing KAR's market cap by their current revenue.
What is KAR's PS Ratio?
PS Ratio3.5x
SalesSEK 2.54b
Market CapSEK 8.88b

Price to Sales Ratio vs Peers

How does KAR's PS Ratio compare to its peers?

The above table shows the PS ratio for KAR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.1x
BETCO Better Collective
1.7x7.5%SEK 6.9b
ACAST Acast
1.5x15.2%SEK 2.8b
HEM Hemnet Group
24.6x19.5%SEK 32.1b
READ Readly International
0.7xn/aSEK 530.7m
KAR Karnov Group
3.5x4.4%SEK 8.9b

Price-To-Sales vs Peers: KAR is good value based on its Price-To-Sales Ratio (3.5x) compared to the peer average (7.1x).

Price to Sales Ratio vs Industry

How does KAR's PS Ratio compare vs other companies in the European Interactive Media and Services Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
KAR 3.5xIndustry Avg. 1.5xNo. of Companies14PS0246810+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: KAR is expensive based on its Price-To-Sales Ratio (3.5x) compared to the European Interactive Media and Services industry average (1.5x).

Price to Sales Ratio vs Fair Ratio

What is KAR'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.

KAR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.5x
Fair PS Ratio1.2x

Price-To-Sales vs Fair Ratio: KAR is expensive based on its Price-To-Sales Ratio (3.5x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

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 KAR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 82.30
SEK 96.67
+17.5%
2.4%SEK 100.00SEK 95.00n/a3
Dec ’25SEK 81.20
SEK 96.67
+19.0%
2.4%SEK 100.00SEK 95.00n/a3
Nov ’25SEK 78.70
SEK 86.67
+10.1%
17.8%SEK 100.00SEK 65.00n/a3
Oct ’25SEK 82.30
SEK 86.67
+5.3%
17.8%SEK 100.00SEK 65.00n/a3
Sep ’25SEK 79.00
SEK 82.50
+4.4%
21.2%SEK 100.00SEK 65.00n/a2
Aug ’25SEK 78.20
SEK 82.50
+5.5%
21.2%SEK 100.00SEK 65.00n/a2
Jul ’25SEK 72.00
SEK 74.50
+3.5%
12.8%SEK 84.00SEK 65.00n/a2
Jun ’25SEK 86.90
SEK 74.50
-14.3%
12.8%SEK 84.00SEK 65.00n/a2
May ’25SEK 66.40
SEK 75.00
+13.0%
10.9%SEK 85.00SEK 65.00n/a3
Apr ’25SEK 66.10
SEK 75.00
+13.5%
10.9%SEK 85.00SEK 65.00n/a3
Mar ’25SEK 64.60
SEK 70.67
+9.4%
19.6%SEK 85.00SEK 52.00n/a3
Feb ’25SEK 53.50
SEK 64.00
+19.6%
14.7%SEK 75.00SEK 52.00n/a3
Jan ’25SEK 55.50
SEK 62.33
+12.3%
15.3%SEK 75.00SEK 52.00SEK 82.303
Dec ’24SEK 55.40
SEK 62.33
+12.5%
15.3%SEK 75.00SEK 52.00SEK 81.203
Nov ’24SEK 47.15
SEK 62.33
+32.2%
15.3%SEK 75.00SEK 52.00SEK 78.703
Oct ’24SEK 48.30
SEK 60.67
+25.6%
12.1%SEK 70.00SEK 52.00SEK 82.303
Sep ’24SEK 45.25
SEK 63.00
+39.2%
7.9%SEK 70.00SEK 59.00SEK 79.003
Aug ’24SEK 49.20
SEK 68.67
+39.6%
10.1%SEK 75.00SEK 59.00SEK 78.203
Jul ’24SEK 49.20
SEK 70.33
+43.0%
6.6%SEK 75.00SEK 64.00SEK 72.003
Jun ’24SEK 52.90
SEK 70.33
+33.0%
6.6%SEK 75.00SEK 64.00SEK 86.903
May ’24SEK 55.50
SEK 71.33
+28.5%
4.6%SEK 75.00SEK 67.00SEK 66.403
Apr ’24SEK 54.10
SEK 71.33
+31.9%
4.6%SEK 75.00SEK 67.00SEK 66.103
Mar ’24SEK 54.30
SEK 74.67
+37.5%
10.2%SEK 85.00SEK 67.00SEK 64.603
Feb ’24SEK 60.10
SEK 74.67
+24.2%
10.2%SEK 85.00SEK 67.00SEK 53.503
Jan ’24SEK 58.40
SEK 74.00
+26.7%
11.2%SEK 85.00SEK 65.00SEK 55.503

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/01 05:31
End of Day Share Price 2024/12/30 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

Karnov Group AB (publ) is covered by 4 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
Erik MobergBerenberg
Simon JonssonBerenberg
Daniel OvinNordea Markets