Karnov Group sells legal information and research databases, along with the case-law, legislation and commentary subscriptions that Nordic lawyers, courts and public bodies rely on for daily work. The subscription base is sticky because the content is embedded in legal workflows, and a gross margin of 44.4% reflects the software-like economics of that recurring revenue. The near-term question is whether the business can return to growth, since revenue fell 4.7% and the forward P/E of 49.3 sits far above the trailing 8.9, implying the market expects earnings to reset sharply before any recovery. An 11.3% operating margin and a 39.5% ROE show the franchise is profitable, but the gap between trailing and forward multiples means the earnings base needs to be verified before the stock merits a deeper look.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 11:04 CEST | Rating | Undervalued | first publication | kr 80.90 |
| 23 Oct 2026, 11:04 CEST | Fair value | kr 95.65 | first publication | kr 80.90 |
| 23 Oct 2026, 01:52 CEST | ACCE price target | kr 88.00 | first publication | kr 80.90 |
Answered from Karnov Group AB (publ) fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| KAR.ST Karnov Group AB (publ) | kr 82.50 | kr 96 | 14% below | 9.1x | 39.5% | 84 | 60 |
| COOR.ST Coor Service Management Holding AB | kr 48.92 | kr 55 | 11% below | 17.4x | 18.1% | 44 | 52 |
| TH Target Hospitality Corp. Common Stock | $13.96 | - | - | - | -9.8% | 39 | 49 |
| CMPR Cimpress plc Ordinary Shares (Ireland) | $82.27 | $110 | 25% below | 21.2x | 0.0% | 37 | 54 |
| ALHG.PA Louis Hachette Group S.A. | €1.75 | - | - | 89.3x | 4.2% | 36 | 44 |
| TIC TIC Solutions Inc. Common Stock | $9.55 | - | - | - | -7.1% | 35 | 49 |
| CBZ CBIZ Inc. Common Stock | $54.89 | $50 | 9% above | 23.1x | 6.5% | 43 | 51 |
Where KAR.ST ranks against its sector peers on each metric.