SEN Asset Management’s first M&A pitch is live: Karnov Group (Nasdaq Stockholm: KAR), a Nordic legal, tax and accounting information provider.

Greenoaks/Long Path bid SEK 84/share in May 2024 (28% premium), but acceptance never reached the 90% threshold and the offer lapsed. The consortium kept its 20.3% stake. Fundamentals have since improved: EBITA margin up to 28.6%, net debt down to 1.8x EBITDA, and roughly 10% of shares repurchased in 2026.

Our thesis isn’t built on organic DCF upside (base case SEK 75, close to today’s price). It’s the probability of a renewed bid at or above the 2024 level, given the consortium’s continued stake and stronger fundamentals.

Analysis by Carl-Fredrik Ekström. Full pitch in the PDF below.