Vend Marketplaces ASA (VEND.OL) Model Update

研报英文原文证据摘录

Vend Marketplaces ASA (VEND.OL) Model Update

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27 Jul 2026 10:38:21 ET │ 14 pages

Vend Marketplaces ASA (VEND.OL)

Model Update

CITI'S TAKE

Neutral We update Vend estimates post 2Q, cutting FY26 revenues and EBITDA c.

-1% factoring in the softer than expected 2Q result in Mobility. We make Price (24 Jul 26 17:30) NKr225.00

minor (<1%) changes to FY27–28 estimates. FY26 EPS increases 6% as we Target price NKr247.00↓

factor in the reported equity investment valuation adjustment. We remain from NKr250.00

broadly in line with the company’s 2026 guidance, expecting around +6% Expected share price return 9.8%

Mobility growth and performance across other segments consistent with Expected dividend yield 1.2%

medium-term targets. Cost-saving guidance has been raised to NOK

Expected total return 11.0% 150m from NOK 100m, driven by efficiencies achieved in Q2 and

Market Cap NKr47,455M workforce reorganisation, although management retains flexibility to

reinvest in growth initiatives such as marketing. Our target price is US$4,953M

marginally reduced to NOK 248. Looking ahead, we think focus will remain

on signs of recovery in Blocket (Sweden), with key indicators including

stronger car listing volumes, improved dealer spending, and better

Doyinsola OjoAC

Mobility revenue trends. We reiterate a Neutral rating. +44-20-7986-4112

doyinsola.ojo@citi.com

Changes to forecasts - We update Vend estimates post 2Q, cutting FY26 revenues

and EBITDA c. -1% factoring in the softer than expected 2Q result in Mobility. We

make small changes to FY27/28 estimates (<1%) as we assume the increased

marketing spend in 2026 drops out from 2027 onwards. Our FY26 EPS increases

+6% as we factor in the equity investment value adjustment across 1H. We are in-