Karnov Group AB (publ)

OM:KAR Stock Report

Market Cap: SEK 11.0b

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-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings 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.

SEK 185.1
Fair Value
44.7% undervalued intrinsic discount
3
Number of Analysts

Below Fair Value: KAR (SEK102.4) is trading below our estimate of fair value (SEK185.1)

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 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 Ratio92.9x
EarningsSEK 118.90m
Market CapSEK 11.05b

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 Average35.6x
HEM Hemnet Group
31.5x22.01%SEK 17.0b
BETCO Better Collective
22.5x40.58%SEK 6.3b
ALPCOT B Alpcot Holding
60.7x66.75%SEK 203.0m
PDX Paradox Interactive
27.5x20.30%SEK 17.5b
KAR Karnov Group
92.9x49.71%SEK 11.0b

Price-To-Earnings vs Peers: KAR is expensive based on its Price-To-Earnings Ratio (92.9x) compared to the peer average (35.6x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
KAR 92.9xIndustry Avg. 21.3xNo. of Companies6PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KAR is expensive based on its Price-To-Earnings Ratio (92.9x) compared to the Global Interactive Media and Services industry average (22.1x).

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 Ratio92.9x
Fair PE Ratio37.9x

Price-To-Earnings vs Fair Ratio: KAR is expensive based on its Price-To-Earnings Ratio (92.9x) compared to the estimated Fair Price-To-Earnings Ratio (37.9x).

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 KAR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 102.40
SEK 129.00
+25.98%
2.28%SEK 132.00SEK 125.00n/a3
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 100.00n/a3
Apr ’26SEK 88.70
SEK 108.33
+22.13%
5.76%SEK 115.00SEK 100.00n/a3
Mar ’26SEK 89.00
SEK 106.67
+19.85%
7.97%SEK 115.00SEK 95.00n/a3
Feb ’26SEK 89.70
SEK 96.67
+7.77%
2.44%SEK 100.00SEK 95.00n/a3
Jan ’26SEK 82.30
SEK 96.67
+17.46%
2.44%SEK 100.00SEK 95.00n/a3
Dec ’25SEK 81.20
SEK 96.67
+19.05%
2.44%SEK 100.00SEK 95.00n/a3
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
Apr ’25SEK 66.10
SEK 75.00
+13.46%
10.89%SEK 85.00SEK 65.00SEK 88.703
Mar ’25SEK 64.60
SEK 70.67
+9.39%
19.55%SEK 85.00SEK 52.00SEK 89.003
Feb ’25SEK 53.50
SEK 64.00
+19.63%
14.71%SEK 75.00SEK 52.00SEK 89.703
Jan ’25SEK 55.50
SEK 62.33
+12.31%
15.29%SEK 75.00SEK 52.00SEK 82.303
Dec ’24SEK 55.40
SEK 62.33
+12.52%
15.29%SEK 75.00SEK 52.00SEK 81.203
Nov ’24SEK 47.15
SEK 62.33
+32.20%
15.29%SEK 75.00SEK 52.00SEK 78.703
SEK 129
Fair Value
20.6% 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 Analysis2025/11/17 05:27
End of Day Share Price 2025/11/17 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

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 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
Mikael LaséenDNB Carnegie