Rankings Software, cloud & internet Vend Marketplaces
Vend Marketplaces
74
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs peers and own history−5
- AI disruption−5
- Moat (Blocket migration)−4
Strengths
- Net cash+2
- Pricing power+2
- Raised guidance+1
How the score is built
From 100 to 74, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 221.60 NOK
- Median analyst target
- 275.00 NOK
- Upside to median
- +24.1%
- Analysts
- 15
- Target range
- 149.00 – 365.00 NOK
- 52-week change
- −37%
- P/E (trailing)
- n/a
- Forward P/E
- 24.9
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−10 of −30
- −4Moat (Blocket migration)Blocket's move to the FINN platform in November 2025 caused a sharp drop in traffic and private car listings (−35% right after the switch, still −9% in Q2) and lost customers to Tradera. In April 2026 the company had to lower its revenue outlook for Mobility, and the Mobility EBITDA margin fell from 57% to 53%.
- −3Quality of growthGroup revenue is flat (NOK 1,696m in Q2, +2% at constant currency) and 6.34bn TTM vs 6.39bn in 2024. The four verticals are growing 10%, but largely through price increases (ARPA), while volume in Jobs and cars in Sweden is falling.
- −3MarginAn EBITDA margin of 40% in Q2 and an operating margin of 28% TTM are a clear improvement from 13–16% in 2023–2024, but still far below the best classifieds platforms (60–70%), and part of the lift comes from cost cuts (about 100 FTEs).
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Multiples vs peers and own historyForward P/E 25.3 (27.6 on the 2026 estimate) vs 39.4 in 2025; EV/EBITDA 20 according to stockanalysis, about 13–14x after deducting the Adevinta stake and using the company's EBITDA. The stock has fallen 38% in a year, but the price is still in line with international classifieds platforms with higher margins and growth.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−11 of −35
- −5AI disruptionFears that AI assistants and search will bypass classifieds portals have pressed the stock (−38% over 52 weeks); concern about AI weighs on sentiment. Vend has set up an AI unit (April 2026), but the business model has not been tested against AI-based search.
- −3The Adevinta stakeThe illiquid 14% stake in PE-owned Adevinta (Aurelia) was written down by a net NOK 5.8bn in Q1 2026 to 7.2bn because of 25% lower peer multiples. The stake is about 17% of market value, with no control over exit or timing.
- −2MacroWeaker volume in Jobs and a sluggish Swedish car market; Mobility Sweden is still challenged after the migration, while growth in Norway is carried by price increases.
- −1GovernanceThe Tinius Foundation via Blommenholm, which bought the media business from the company, remains the dominant shareholder; the A/B share structure and the sale to a related party give minority shareholders limited influence.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Net cashNet cash of about NOK 2bn after Q2 and debt/equity of only 0.16; interest cover 9x.
- +2Pricing powerReal Estate: revenue +14% and EBITDA +24% (58% margin); Mobility Norway: classifieds revenue +17%, driven by ARPA. It shows FINN can raise prices.
- +1Raised guidanceThe 2026 cost-savings target has been raised from NOK 100m to 150m, and EBITDA rose 16% to NOK 674m in Q2.
Caveats
What the score does not capture, or where the data is weak.
Formerly Schibsted ASA: the media were sold to the Tinius Trust via Blommenholm (agreed 2024, completed 2025), and the marketplace company (FINN, Blocket, DBA, Tori, Oikotie) was renamed Vend Marketplaces. Tickers now VEND (A) and VENDB (B); the stockanalysis path quote/osl/SCHB redirects to VEND. Historical multiples before 2025 are distorted by media and the Adevinta stake and are not used. The TTM net loss (−NOK 7.5bn) is due to a non-cash impairment of the Adevinta stake. The EV calculation deducts the Adevinta stake (NOK 7.2bn). Competition from Hjem.no (Norwegian property portal) has not been examined.
Also in Software, cloud & internet
The highest scores in the same industry.
