Karnov Group AB (publ)

OM:KAR Stock Report

Market Cap: SEK 7.3b

Karnov Group Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 KAR 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: KAR (SEK74.4) is trading below our estimate of future cash flow value (SEK140.57)

Significantly Below Future Cash Flow Value: KAR 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 KAR?

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

The above table shows the Price to Earnings ratio for KAR. This is calculated by dividing KAR's market cap by their current earnings.
What is KAR's PE Ratio?
PE Ratio7.6x
EarningsSEK 952.10m
Market CapSEK 7.25b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for KAR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average72.5x
HEM Hemnet Group
19.2x18.40%SEK 8.9b
STORY B Storytel
17x10.79%SEK 8.2b
PDX Paradox Interactive
158.6x43.27%SEK 14.0b
KVIX Kvix
95.4xn/aSEK 56.6m
KAR Karnov Group
7.6x-29.01%SEK 7.3b

Price-To-Earnings vs Peers: KAR is good value based on its Price-To-Earnings Ratio (7.6x) compared to the peer average (42.5x).

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KAR 7.6xIndustry Avg. 19.6xNo. of Companies6PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KAR is good value based on its Price-To-Earnings Ratio (7.6x) compared to the Global Interactive Media and Services industry average (19.6x).

Price to Earnings Ratio vs Fair Ratio

What is KAR'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.

KAR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.6x
Fair PE Ratio5.7x

Price-To-Earnings vs Fair Ratio: KAR is expensive based on its Price-To-Earnings Ratio (7.6x) compared to the estimated Fair Price-To-Earnings Ratio (5.7x).

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 74.40
SEK 106.67
+43.37%
12.30%SEK 125.00SEK 95.00n/a3
May ’27SEK 66.90
SEK 103.33
+54.46%
8.22%SEK 115.00SEK 95.00n/a3
Apr ’27SEK 73.10
SEK 103.33
+41.36%
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 102.80
SEK 128.50
+25.00%
2.72%SEK 132.00SEK 125.00n/a2
Nov ’26SEK 112.80
SEK 127.00
+12.59%
1.70%SEK 130.00SEK 125.00n/a3
Oct ’26SEK 112.00
SEK 123.67
+10.42%
5.13%SEK 130.00SEK 115.00n/a3
Sep ’26SEK 116.00
SEK 123.67
+6.61%
5.13%SEK 130.00SEK 115.00n/a3
Aug ’26SEK 118.00
SEK 110.33
-6.50%
3.34%SEK 115.00SEK 106.00n/a3
Jul ’26SEK 106.00
SEK 106.67
+0.63%
7.97%SEK 115.00SEK 95.00n/a3
Jun ’26SEK 94.00
SEK 106.67
+13.48%
7.97%SEK 115.00SEK 95.00n/a3
May ’26SEK 90.80
SEK 108.33
+19.31%
5.76%SEK 115.00SEK 100.00SEK 66.903
Apr ’26SEK 88.70
SEK 108.33
+22.13%
5.76%SEK 115.00SEK 100.00SEK 73.103
Mar ’26SEK 89.00
SEK 106.67
+19.85%
7.97%SEK 115.00SEK 95.00SEK 74.803
Feb ’26SEK 89.70
SEK 96.67
+7.77%
2.44%SEK 100.00SEK 95.00SEK 97.903
Jan ’26SEK 82.30
SEK 96.67
+17.46%
2.44%SEK 100.00SEK 95.00SEK 100.603
Dec ’25SEK 81.20
SEK 96.67
+19.05%
2.44%SEK 100.00SEK 95.00SEK 102.803
Nov ’25SEK 78.70
SEK 86.67
+10.12%
17.83%SEK 100.00SEK 65.00SEK 112.803
Oct ’25SEK 82.30
SEK 86.67
+5.31%
17.83%SEK 100.00SEK 65.00SEK 112.003
Sep ’25SEK 79.00
SEK 82.50
+4.43%
21.21%SEK 100.00SEK 65.00SEK 116.002
Aug ’25SEK 78.20
SEK 82.50
+5.50%
21.21%SEK 100.00SEK 65.00SEK 118.002
Jul ’25SEK 72.00
SEK 74.50
+3.47%
12.75%SEK 84.00SEK 65.00SEK 106.002
Jun ’25SEK 86.90
SEK 74.50
-14.27%
12.75%SEK 84.00SEK 65.00SEK 94.002
May ’25SEK 66.40
SEK 75.00
+12.95%
10.89%SEK 85.00SEK 65.00SEK 90.803
SEK 106.67
Fair Value
30.3% 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 Analysis2026/05/24 05:00
End of Day Share Price 2026/05/22 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