Karnell Group AB ser. B (KARNEL-B.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

-122.3%

-SEK 19.45

vs SEK 87.10 price

Levered DCF

SEK 150.77

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.01

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	27.23×	26.81×	28.38×	43.3×	175×
P/B	3.12×	1.79×	2.83×	2.82×	3.95×
P/S	2.27×	1.48×	1.99×	1.89×	3.94×
EV / EBITDA	13.23×	10.12×	12.65×	16.57×	27.89×
Gross margin	29.5%	28.8%	34.3%	31.2%	34.0%
Operating margin	12.2%	10.7%	12.0%	10.9%	8.2%
Net margin	8.3%	5.5%	7.0%	4.3%	2.3%
Current ratio	2.02×	2.08×	2.08×	1.79×	2.37×
Debt / equity	0.42×	0.51×	0.57×	0.71×	0.61×
Interest coverage	5.83×	4.07×	4.74×	5.07×	3.27×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	11.5%	6.7%	10.0%	6.5%	2.3%
Return on invested capital	8.4%	5.2%	6.7%	5.6%	3.1%
Return on assets	6.4%	3.5%	4.8%	3.0%	1.2%
Free cash flow yield	4.2%	5.8%	4.8%	1.0%	0.6%
Earnings yield	3.7%	3.7%	3.5%	2.3%	0.6%
Enterprise value	SEK 4.3B	SEK 2.4B	SEK 2.4B	SEK 1.9B	SEK 1.7B
Net debt / EBITDA	1.41×	1.32×	1.31×	2.33×	0.14×
Cash conversion cycle (days)	127	136	161	140	118