Karnov Group AB (publ) (KAR.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+39.0%

SEK 113.69

vs SEK 81.80 price

Levered DCF

SEK 66.55

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.1

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.18×	-265.48×	158.57×	104.29×	77.01×	58.33×	1,709.68×	-85.19×
P/B	3.34×	3.74×	2.57×	2.71×	3.05×	3.76×	2.93×	7.13×
P/S	4.11×	3.42×	2.42×	5.66×	7.47×	7.53×	5.91×	6.05×
EV / EBITDA	14.03×	20.71×	14.41×	26.69×	20.99×	19.68×	25.48×	34.85×
Gross margin	17.0%	86.5%	11.2%	57.4%	59.0%	58.7%	52.7%	52.2%
Operating margin	17.0%	5.6%	6.3%	7.1%	13.2%	17.0%	8.1%	8.8%
Net margin	36.8%	-1.3%	1.5%	5.4%	9.7%	13.0%	0.3%	-7.1%
Current ratio	0.86×	0.53×	0.54×	0.7×	1.41×	1.12×	0.46×	0.47×
Debt / equity	0.67×	1.21×	1.04×	1.19×	0.61×	0.84×	0.67×	2.85×
Interest coverage	3.27×	0.75×	1.03×	2.28×	5.79×	5.25×	0.91×	0.79×
Dividend yield	0.0%	0.0%	0.0%	0.0%	1.5%	0.8%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	115.2%	44.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	29.9%	-1.4%	1.6%	2.6%	4.0%	6.5%	0.2%	-8.4%
Return on invested capital	7.3%	2.5%	3.0%	1.4%	2.6%	3.6%	2.3%	2.4%
Return on assets	13.1%	-0.4%	0.6%	0.8%	1.9%	2.7%	0.1%	-1.5%
Free cash flow yield	1.6%	1.7%	2.9%	2.9%	3.8%	5.1%	0.3%	2.0%
Earnings yield	8.9%	-0.4%	0.6%	1.0%	1.3%	1.7%	0.1%	-1.2%
Enterprise value	SEK 12.1B	SEK 11.3B	SEK 8B	SEK 8.4B	SEK 6.9B	SEK 6.6B	SEK 5.5B	SEK 5.9B
Net debt / EBITDA	1.43×	4.51×	3.59×	6.62×	1.09×	2.23×	4.56×	9.1×
Cash conversion cycle (days)	59	-24	47	45	68	68	95	67