Vend Marketplaces ASA

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Vend Marketplaces ASA

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Vend Marketplaces ASA Equities

NorwayWe see scope for earnings downgrades with

valuation not fully reflecting the risk. Sell Publishing

12-month rating Sell *

Prior : Neutral

12m price target NKr207.00We transfer coverage of Vend Marketplaces with a Sell rating

Prior : NKr250.00

Vend's 2Q26 revenue and EBITDA missed expectations, and despite the upgraded cost

savings guide, we see scope for earnings downgrades: 1) in our view, the intensifying Price (23 Jul 2026) NKr230.00

competition in Swedish Mobility could continue to pressure ARPA growth for longer RIC: VEND.OL BBG: VEND NO

than expected, with some risks arising from the planned replatforming of Bilbasen in

2027; 2) we think the volume pressure in Jobs may continue as AI adoption by Trading data and key metrics

corporates may potentially weigh on their hiring demand; and 3) there are other factors 52-wk range NKr415.00-226.20

which could potentially weigh on 2H26/2027 growth, including tougher ARPA Market cap. NKr49.7b/US$5.17b

comparatives in Norwegian Real Estate and more challenging Recommerce GMV base in Shares o/s 216m (ORD)

Finland and Denmark, as well as FX in 2H26. With regards to cost savings, we now Free float 70%

assume cNOK 220m in 2026, ahead of the guidance of NOK 150m and slightly ahead of Avg. daily volume ('000) 726

1H26, but expect the cost base to slowly resume growth in 2027. Taken together, we Avg. daily value (m) NKr176.7

believe the risk/reward is skewed to the downside as we see the scope for earnings Common s/h equity (12/26E) NKr15.8b

downgrades and potential for multiples to decline, with current valuation not fully P/BV (12/26E) 2.9x

reflecting this risk, in our view.