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Nordic online classifieds operator (formerly Schibsted) running FINN.no, Blocket, Tori and Bilbasen marketplaces for cars, homes, jobs and goods.
Nordic online classifieds operator (formerly Schibsted) running FINN.no, Blocket, Tori and Bilbasen marketplaces for cars, homes, jobs and goods.
Charges professional sellers such as car dealers, estate agents and employers for listings and visibility packages, which brings in a large share of the money, and adds display advertising and fees from private sellers. Its leading position in each Nordic country makes it the first stop for buyers, so professionals pay for reach.
In one line: The Nordics' Craigslist/AutoTrader combined across four countries.
Moat: wide (network effects, brand, scale). Dominant #1 online classifieds brand in each Nordic country with strong buyer/seller network effects.
Headquarters: Oslo, Norway · Founded: 1996 · Employees: 1,568
Size Vend Marketplaces (VEND.OL) is a Norway Information Technology company (Internet Software/Services) with a market value of $5.11B, the 20th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 230.40 on 6 Nov 2026.
Performance Over six months the shares fell 4.5%, against +7.2% for the median peer and +2.7% for the Norway market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue fell 13.7% over the last twelve months (peer median +9.1%); the operating margin is 28.7% (peer median 21.6%).
Valuation It trades at 35.2× forward earnings against a peer median of 29.2× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is -13%, so the hurdle is +24 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.0 points above its cost of capital (6.6% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 6.39B | NOK 6.32B | NOK 6.38B | NOK 7.62B | NOK 15.2B |
| Revenue growth | — | -1% | -16% | -50% | — |
| Gross profit | NOK 2.33B | NOK 3.35B | NOK 2.99B | NOK 3.85B | NOK 5.59B |
| EBITDA | NOK 2.39B | NOK 2.13B | NOK 1.63B | NOK 1.59B | NOK 2.35B |
| Net income | -NOK 3.26B | -NOK 482M | NOK 4.13B | NOK 1.56B | -NOK 22.6B |
| Free cash flow | NOK 1.83B | NOK 1.25B | NOK 668M | NOK 661M | NOK 1.49B |
| Capital expenditure | NOK 499M | NOK 571M | NOK 772M | NOK 1.05B | NOK 1.05B |
| Total debt | NOK 2.74B | NOK 2.85B | NOK 3.88B | NOK 7.89B | NOK 8.43B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Vend Marketplaces VEND.OL | $5.11B | -4% | -14% | 29% | 35.2× | 10.7% |
| REA REA.AX | $15.9B | +2% | +4% | 48% | 31.3× | 19.3% |
| Rightmove RMV.L | $5.38B | +35% | +7% | 66% | 18.1× | 11.6% |
| Autotrader AUTO.L | $5.68B | +12% | +4% | 62% | 14.3× | -0.7% |
| Scout24 G24.DE | $6.99B | +19% | +16% | 49% | 22.3× | 10.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VEND.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.1% | +8.8% | 5th highest of 21 |
| 6-month return | -4.5% | +7.2% | 8th lowest of 20 |
| Distance from 52-week high | -34.2% | -25.7% | 7th lowest of 21 |
| Revenue growth (TTM) | -13.7% | +9.1% | 2nd lowest of 21 |
| Operating margin | 28.7% | 21.6% | 9th highest of 21 |
| Forward P/E | 35.2× | 29.2× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 10.7% | 17.7% | 6th least demanding of 16 |
| Growth delivered (Del g) | -13.2% | +12.4% | lowest of 16 |
| Hurdle (Req g minus delivered) | +23.9 pp | -2.2 pp | 4th most demanding of 16 |
| ROIC minus cost of capital | +1.0 pp | -3.4 pp | 7th highest of 16 |
| EV / EBITDA | 19.7× | 15.1× | 3rd most expensive of 11 |
| Net debt / EBITDA | -0.2× | 1.1× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vend Marketplaces VEND.OL | Norway | $5.11B | -4% | -14% | 29% | 35.2× | 10.7% | -13.2% |
| Braze BRZE | United States | $5.20B | +111% | +27% | -13% | 57.1× | 27.9% | +37.5% |
| Rightmove RMV.L | United Kingdom | $5.38B | +35% | +7% | 66% | 18.1× | 11.6% | +15.6% |
| PB Fintech POLICYBZR.NS | India | $4.74B | -43% | +37% | 7% | 41.0× | n/a | n/a |
| Autotrader AUTO.L | United Kingdom | $5.68B | +12% | +4% | 62% | 14.3× | -0.7% | +18.9% |
| Mobility Global MBGL | United States | $5.79B | n/a | +8% | 51% | 13.2× | -6.0% | +8.5% |
| AUTO1 AG1.DE | Germany | $4.34B | -14% | +21% | 1% | 29.2× | n/a | n/a |
| CAR CAR.AX | Australia | $6.85B | -3% | +6% | 38% | 28.5× | 21.8% | +24.0% |
| SMG Swiss Marketplace SMG.SW | Switzerland | $3.77B | +7% | +13% | 35% | 23.9× | 5.8% | +12.4% |
| Scout24 G24.DE | Germany | $6.99B | +19% | +16% | 49% | 22.3× | 10.3% | +12.9% |
| Seek SEK.AX | Australia | $3.59B | +8% | +17% | 24% | 25.8× | 17.7% | +11.1% |
| Crisil CRISIL.NS | India | $3.40B | +6% | +24% | 26% | 35.0× | n/a | n/a |
| Info Edge India NAUKRI.NS | India | $8.18B | +21% | +13% | 34% | 59.6× | 51.8% | +23.8% |
| People PPLI | United States | $3.16B | -4% | -29% | 2% | 38.9× | 36.5% | -2.8% |
| People.cn 603000.SS | China | $2.69B | -15% | 0% | 12% | 77.2× | 28.6% | -0.4% |
| Aditya Birla Sun Life Amc ABSLAMC.NS | India | $2.68B | -19% | +4% | 60% | 23.9× | n/a | n/a |
| Mango Excellent Media 300413.SZ | China | $9.77B | +79% | +10% | -3% | 143.0× | 13.1% | -0.3% |
| Youdao, Inc. Sponsored ADR DAO | United States | $2.50B | +59% | +10% | 4% | 59.4× | 33.6% | +17.6% |
| Shanghai Great Wisdom 601519.SS | China | $2.49B | -18% | +6% | -8% | n/a | n/a | n/a |
| Winning Health Technology 300253.SZ | China | $2.31B | -19% | +6% | -20% | 351.5× | 18.9% | -1.4% |
| Gartner IT | United States | $12.0B | +20% | 0% | 19% | 11.8× | -4.0% | +9.6% |