olivLaw · European equity research
Vend Marketplaces Asa VEND.OL
Norway · Euronext Oslo Børs · ISIN NO0010736879 · Vertical: Listed companies from Norway
At the close of 06 Nov 2026, Vend Marketplaces Asa (VEND.OL) stock was 230.40 NOK (−1.96% on the day), with market capitalisation 49.9 bn NOK, beta 0.29, 52-week range 187.90–336.80 NOK.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.9
- strong (55–70)
- Bollinger (20, 2)
- 207.22 – 233.52
- in the upper half of the band · %B 0.88 · band width 11.9%
- SMA 50 / 200
- 223.07 / 241.14
- mixed trend
- MACD (12, 26, 9)
- 2.84 / 0.59
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +22.2% | −0.2% | +22.4 pp | — |
| 3 months | −6.3% | −5.4% | −0.9 pp | — |
| 6 months | −6.2% | +4.4% | −10.6 pp | — |
| Year to date | −17.7% | +6.5% | −24.2 pp | — |
| 1 year | unavailable | +10.0% | unavailable | −4.7% |
| 3 years | +5.7% | +48.6% | −42.9 pp | +12.7% |
| 5 years | −40.5% | +41.4% | −82.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7.6 bn | 6.4 bn | 6.3 bn |
| Revenue YoY | unavailable | −16.2% | −1.1% |
| Net income | 14.1 bn | 13.0 bn | -184.0 m |
| Net income YoY | unavailable | −8.2% | −101.4% |
| Diluted EPS | 61.77 | 55.99 | -0.85 |
| Diluted EPS YoY | unavailable | −9.4% | −101.5% |
| net % | 185.4% | 202.9% | -2.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.5 bn NOK
- Financial debt
- 2.2 bn NOK
- Net debt
- -209.0 m NOK
- Equity
- 24.5 bn NOK
- Total assets
- 30.9 bn NOK
- Debt / equity
- 0.09x
- Current ratio
- 1.78x
- ROE
- -0.6%
- ROA
- -0.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.6 bn | 6.4 bn | 6.3 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 493.0 m | 628.0 m | 595.0 m | esef· 21 Oct 2026verified |
| Gross profit | 7.1 bn ≈ | 5.8 bn ≈ | 5.7 bn ≈ | esef· 21 Oct 2026derived |
| Operating income | 887.0 m | -824.0 m | 1.2 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 607.0 m | 623.0 m | 549.0 m | esef· 21 Oct 2026verified |
| EBITDA | 1.5 bn ≈ | -201.0 m ≈ | 1.8 bn ≈ | esef· 21 Oct 2026derived |
| Interest expense | 622.0 m | 556.0 m | 2.0 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 1.8 bn | 4.9 bn | -396.0 m | esef· 21 Oct 2026verified |
| Income tax | 205.0 m | 163.0 m | 283.0 m | esef· 21 Oct 2026verified |
| Net income | 14.1 bn | 13.0 bn | -184.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 61.77 | 55.99 | -0.85 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.3 bn | 5.5 bn | 2.5 bn | esef· 21 Oct 2026verified |
| Receivables | 2.2 bn | 1.3 bn | 776.0 m | esef· 21 Oct 2026verified |
| Current assets | 3.7 bn | 8.2 bn | 5.2 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 580.0 m | 184.0 m | 36.0 m | esef· 21 Oct 2026verified |
| Total assets | 56.2 bn | 40.1 bn | 30.9 bn | esef· 21 Oct 2026verified |
| Short-term debt | 780.0 m | 0 | 322.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 4.9 bn | 3.0 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Current liabilities | 5.2 bn | 2.7 bn | 2.9 bn | esef· 21 Oct 2026verified |
| Equity | 42.4 bn | 32.5 bn | 24.5 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 228.0 m | 230.8 m | 216.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.7 bn | 1.4 bn | 1.8 bn | esef· 21 Oct 2026verified |
| Investing cash flow | -700.0 m | 27.2 bn | 3.9 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -3.5 bn | -24.4 bn | -8.8 bn | esef· 21 Oct 2026verified |
| Share repurchases | 1.5 bn | 987.0 m | 6.9 bn | esef· 21 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 49.9 bn NOK
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.8% | 36 (vs peers) | 19% |
| Net margin · Quality | -2.9% | 32 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.1x | 70 (vs peers) | 19% |
| Interest coverage · Balance sheet | 0.6x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 28.0x | 0 (vs peers) | 19% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 13.8% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet51/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality35/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VEND MARKETPLACES ASA (VEND.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.3 bn NOK in 2025; YoY growth -1.1%; net margin -2.9%; ROE -0.6%; net debt/EBITDA -0.1x.
The estimated value range is 67.36–83.49 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 74.54 NOK, the price of 230.40 NOK leaves a potential of -67.6% (value / price − 1) and a margin of safety of -209.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.1x
- Current ratio: 1.8x
- Shareholder yield (distributions): 13.8%
What contradicts it
- Interest coverage: 0.6x
- EV/EBITDA: 28.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| VEND.OLVend Marketplaces Asa | 49.9 bn | — | -0.6% | -2.9% | −1.1% | −18% / −8% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for VEND.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.