Karnov Group AB (KAR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Karnov Group AB stock SEK 66.53, price SEK 81.50, that is 18.4% below the price, quality 64 out of 100. Rating: overvalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range kr 40.10 – kr 126.60 · fair‑value band kr 45.01 – kr 129.24 · the kr 81.50 price screens above the kr 66.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Karnov Group AB (publ) provides information and workflow solutions in Denmark, Sweden, Norway, France, Spain, and Portugal.
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It offers research, business valuation tools, international guides and workflow solutions, and literature; legal research solutions, continued legal education, and compliance workflow solutions.
The company provides its products under the Karnov, Norstedts Juridik, Aranzadi LA LEY, Lamy Liaisons, Notisum, Echoline, BELLA Intelligence, DIBkunnskap, and Nørskov Miljø brand names. It serves practitioners, corporate, and public sector markets.
Karnov Group AB (publ) was founded in 1867 and is headquartered in Stockholm, Sweden.
Stock analysis
Karnov Group AB (KAR) currently trades at kr 81.50, while our model-based Fair Value estimate is kr 66.53, 18% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 269.52 per share, and 12 of the 22 models we run sit above the kr 81.50 price.
Bear case: the Economic Profit group reads lowest at kr 60.98, and 10 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 45.01 (bear) to kr 129.24 (bull), the price of kr 81.50 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Karnov Group AB reported revenue of 2.6B SEK in FY2025 versus 878M SEK in FY2021, a compound +31.7%/yr. Reported net income was 971M SEK in FY2025, compounding +83.9%/yr from FY2021.
Key figures
Market cap 8.4B SEK (≈ $853M) Small · P/E ratio 8.9 · P/S ratio 3.29 · EPS (TTM) kr 9.11 · Net margin 38.3% · Return on equity 39.5% · Return on assets (EBIT) 2.8% (5-year average) · Operating margin 11.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 76 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 31% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −15% fair-value upside, at −18%, KAR screens richer than that median.
Fair Value models
Bearkr 45.01Fair Value kr 66.53Bullkr 129.24
Price kr 81.50 · Downside -18.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 7.79 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+1.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.9%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.6%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−21.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−21.2%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.17% → 17%
2025 sits 1,879% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+29.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +27.0% a year for the price and +1.1% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Business Services · 229 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside−18.4% · Below median
Profitability
Return on equity (12 months)39.5% · Top 25%
Return on assets13.2% · Top 25%
Net margin (12 months)38.3% · Top 25%
Operating margin (12 months)11.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)−4.7% · Bottom 25%
Balance sheet
Debt / equity0.56× · Highest 25%
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
P/E (12 months)8.9× · Cheapest 25%
P/B2.60× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Karnov Group AB Fair Value". https://www.fairvalue-calculator.com/stock/KAR.ST
Frequently asked questions
Is Karnov Group AB (KAR) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of kr 66.53 versus a price of kr 81.50, about 18% lower (overvalued).
What is the fair value of KAR?
Our model-based fair value for Karnov Group AB is kr 66.53 (as of Nov 6, 2026), built from audited fundamentals. The current price: kr 81.50.
What is the quality score of KAR?
Karnov Group AB has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Karnov Group AB (KAR)?
Our model-based price target is the fair value of kr 66.53 (as of Nov 6, 2026) from 22 valuation models. Cautious scenario kr 45.01, optimistic scenario kr 129.24. It is a calculation from audited fundamentals, not an analyst target.
What is the Karnov Group AB stock forecast for 2026?
Our models put fair value at kr 66.53, about 18% lower versus a price of kr 81.50 (overvalued). Cautious scenario kr 45.01, optimistic scenario kr 129.24. The calculation is refreshed regularly with new filings.
What is the revenue of Karnov Group AB (KAR)?
Karnov Group AB reported trailing-twelve-month revenue of about 2.6B SEK (latest available figure, as of Nov 6, 2026).
What growth is priced into Karnov Group AB (KAR)?
For today's price to be fair in a discounted-cash-flow model, Karnov Group AB would have to grow free cash flow by +29.5 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +27.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of KAR use?
Our models discount Karnov Group AB at 9.9 %: a base by market capitalisation (small), damped by beta 0.59, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Karnov Group AB that is +29.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has Karnov Group AB (KAR) delivered so far?
Over the past 5 years revenue at Karnov Group AB grew +27.9 % a year. The price currently implies free-cash-flow growth of +29.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Karnov Group AB (KAR) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Karnov Group AB (+29.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Karnov Group AB (KAR)?
The free-cash-flow yield on the price is 2.02 %: that much free cash flow Karnov Group AB produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Karnov Group AB (KAR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Karnov Group AB it is kr 66.53 per share (as of Nov 6, 2026), against a price of kr 81.50. It is the blended result of 22 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Karnov Group AB stock overvalued or undervalued in 2026?
As of Nov 6, 2026, KAR trades above its calculated fair value: price kr 81.50, fair value kr 66.53, a gap of about −18% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KAR?
No. The price is what the market pays today (kr 81.50); the fair value is what the company's own numbers justify (kr 66.53). For Karnov Group AB the two are kr 14.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is Karnov Group AB worth?
The market values Karnov Group AB at about 8.4B SEK (market capitalisation, as of Nov 6, 2026). Per share that is kr 81.50; our models calculate a fair value of kr 66.53 per share.
What do the bullish and bearish scenarios say about KAR?
Our models span a range for Karnov Group AB: cautious scenario kr 45.01, base kr 66.53, optimistic kr 129.24 per share (as of Nov 6, 2026, price kr 81.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KAR?
Karnov Group AB trades at a price-to-earnings ratio of 8.9 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 66.53 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 16.3 (reported for FY2025: 9.1). Median P/E at fiscal year-end, 6 fiscal years (2019 to 2025), reported earnings, FY2025 ex one-offs: 91.5. Other multiples: P/B 2.6, P/S 3.3, EV/EBITDA 7.0.
How solid is the balance sheet of Karnov Group AB (KAR)?
Balance-sheet figures for Karnov Group AB (as of Nov 6, 2026): return on equity 39.5%, debt of 0.56 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is KAR from its 52-week high?
Karnov Group AB trades at kr 81.50, about 28% below its 52-week high of kr 112.80 and 31% above the low of kr 62.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 66.53 is for.
Which stocks are comparable to Karnov Group AB?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Karnov Group AB stock attractive at the current price?
The data as of Nov 6, 2026: price kr 81.50, calculated fair value kr 66.53 (−18%), Quality Score 64/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KAR calculated?
We run Karnov Group AB through 22 models from 6 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 66.53 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Karnov Group AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Karnov Group AB (KAR)?
The closing price on Nov 6, 2026 was kr 81.50. Our model-based fair value is kr 66.53, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Karnov Group AB right now?
The model range is unusually wide (kr 45.01 to kr 129.24). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Karnov Group AB
How large is the market capitalisation of Karnov Group AB (KAR)?
The market capitalisation of Karnov Group AB is 8.4B SEK (≈ $853M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Karnov Group AB (KAR)?
The price-to-sales ratio of Karnov Group AB is 3.29 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Karnov Group AB (KAR)?
Earnings per share at Karnov Group AB are kr 9.11 (price ÷ EPS = P/E 8.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Karnov Group AB (KAR)?
The net margin of Karnov Group AB is 38.3% (last twelve months), excl. one-off gain FY2025 20.5%. How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Karnov Group AB (KAR)?
The return on equity (ROE) of Karnov Group AB is 39.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Karnov Group AB (KAR)?
On an EBIT basis the return on assets of Karnov Group AB is 2.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Karnov Group AB (KAR)?
The operating margin of Karnov Group AB is 11.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Karnov Group AB (KAR)?
Revenue at Karnov Group AB is growing −4.7% versus a year earlier (3y avg +33.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Karnov Group AB (KAR)?
Earnings per share at Karnov Group AB are growing +429% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Karnov Group AB (KAR) carry?
The net debt of Karnov Group AB is 1.4B SEK (fiscal year 2025, ≈ 8.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026