Karnell Group (KARNEL-B) Fair Value & Analysis
Industrials · SE · Market cap 5.1B SEK
Fair value as of: Jul 17, 2026
From 24 valuation models · updated 4 days ago
Share price +9.4% over the past month.
Price vs Fair Value (12 months)
12‑month range kr 56.00 – kr 91.00 · fair‑value band kr 38.19 – kr 63.66 · the kr 90.40 price screens above the kr 50.92 fair value. As of Jul 17, 2026.
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Karnell Group (KARNEL-B) currently trades at kr 90.40, while our model-based Fair Value estimate is kr 50.92, implying the stock looks roughly 43.7% overvalued today. We read business quality at 60/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Karnell Group generated revenue of 1.8B SEK at a net margin of 8.3%. Revenue grew 27.3% year over year. It earns a return on equity of 12.3%. Net debt stands at 458M SEK. Fundamentals as of Jul 17, 2026
Our scenario range runs from kr 38.19 (bear case) to kr 63.66 (bull case); at kr 90.40, the current price sits above that range. The share trades near its 52-week high and 67% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -10% fair-value upside, at -44%, KARNEL-B screens richer than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 17, 2026. TTM = trailing twelve months.
About the company
Karnell Group AB (publ) is a private equity firm specializing investments in add-on acquisitions, expansion and small and medium-sized companies. The firm seeks to invest in B2B industrial technology companies. The firm does not invest in general distributors or systems that are dependent on third-party suppliers. The firm focuses on companies based in the Nordic region. The firm seeks to invest between SEK50 million ($4.71 million) and SEK150 million ($14.14 million) in companies with a turnover between SEK50 million ($4.71 million) and SEK350 million ($33.01 million). The firm seeks to invest in companies having EBITA more than SEK10 million ($1.05 million) and an EBITA margin above 10 percent. The firm prefers to make majority investments and take clear ownership in its portfolio companies. The firm prefers to invest from its own balance sheet with an evergreen ownership horizon. Karnell Group AB (publ) is based in Stockholm, Sweden.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Karnell Group reported revenue of kr 1.7B in FY2025 versus kr 422M in FY2021, a compound +41.6%/yr. Reported net income was kr 142M in FY2025, compounding +95.6%/yr from FY2021.
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.