Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Karnov Group AB is a leading European provider of mission-critical information and workflow solutions for professionals in legal, tax, accounting, and environmental, health, and safety sectors. It delivers high-quality content through state-of-the-art platforms, enabling over 500,000 users to access in-depth knowledge from 7,000 specialists, supporting faster and better decision-making. The company offers online and offline solutions tailored to the complex needs of law firms, corporates, public authorities, accounting firms, tax specialists, and more, with a focus on making legal information accessible, debatable, and shareable. Notable brands include Karnov, Norstedts Juridik, Aranzadi LA LEY, Lamy Liaisons, DIBkunnskap, Notisum, and Echoline, establishing it as Scandinavia's largest supplier in these fields while extending reach internationally. Founded in 1837 and headquartered in Stockholm, Sweden, Karnov Group AB operates offices across Sweden, Denmark, Norway, France, Spain, and Portugal, employing around 1,300 people to drive innovation in professional information services.
kr 64.80
+kr 0.00 (+0.00%)
Live · 08:35 PM · Twelve Data
Margins and capital returns are both well above average: 42.52% operating margin, ROIC at 19.87%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue growth slowed to 1.9%, essentially flat. This is a business that needs a catalyst.
Net debt of kr 1.24B represents 7.2x FCF, leverage limits flexibility.
7.4x earnings, 37.7x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
kr 2.60B
▲ +1.9% YoY
Net Income (TTM)
kr 952M
▲ +3032.9% YoY
Op. Margin
43.38%
▲ +36.9pp YoY
ROIC
19.87%
▲ +17.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
kr 186M
▲ +15.4% YoY
Op. Cash Flow (TTM)
kr 1.16B
▲ +61.8% YoY
Net Debt
kr 1.24B
Cash & Equiv.
kr 932M
3Y CAGR: +33.4%
3Y CAGR: -2.3%
Continue Research
At a P/E of 7.4 and a price-to-free-cash-flow of 37.7, Karnov Group AB (KAR.XSTO) trades above a two-stage DCF intrinsic value of about SEK 18.38 per share, so at SEK 64.80 the stock looks overvalued (71.6% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Karnov Group AB scores 60/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about SEK 18.38 per share for KAR.XSTO, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around SEK 13.79. At today's SEK 64.80, that puts the stock about 71.6% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Karnov Group AB scores 60 out of 100 on Intrinsiqq's quality score, passing 4 of 8 checks, which makes it a solid business on these measures. Recent fundamentals include a 43.4% operating margin and a 19.9% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full check-by-check breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. KAR.XSTO currently trades above its estimated intrinsic value and scores 60/100 on quality (solid). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.