Karnov Group AB (publ)

KAR.ST

Specialty Business Services · Industrials

Also trades as: 0A39.L

Price

kr 84.00

+4.00 (+5.00%)

Market Cap

kr 8.08B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Mixed

Stability

Strong

Valuation

Good

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Share count rising — dilution

+10.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 98.3M (2021) → 108.1M (2025)

Winston Score History

The full picture

Karnov Group is a Scandinavian company that provides legal and tax information to professionals like lawyers, accountants, and judges. It owns well-known legal databases and reference tools used daily in courtrooms, law firms, and government offices across Sweden, Denmark, Norway, and France. The company is one of the leading providers of legal and regulatory information in the Nordic region.

Karnov makes most of its money through subscriptions, meaning customers pay a recurring fee each year to access its online databases and software tools. This model creates steady, predictable revenue and makes it hard for customers to switch once they rely on Karnov's content in their daily work — that loyalty is a key competitive advantage. The main growth driver is expanding its digital platform and growing in France following acquisitions there, while the main risk is competition from larger global legal information providers like Wolters Kluwer or RELX, which have far greater resources.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

47.7%

Healthy — 47.7% gross margin

Profit after running costs

Operating Margin

15.1%

Healthy — 15.1% operating margin

Return on the money invested

ROCE

24.2%

Exceptional — 24.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

-1.4%

Shrinking sales (-1.4% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

38%

Weak — only 38% of profit becomes cash

Spare cash per sale

FCF Margin

7.2%

Modest free cash flow (7.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.74

Moderate — manageable debt (0.74)

Covers its interest

Interest Cover

8.83x

Comfortably covers interest (8.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.5x

Attractive valuation — P/E 9.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-6.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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