Vend Marketplaces (OB:VEND) Tests Its Valuation As Earnings Weakness Bites

Vend Marketplaces (OB:VEND) has drawn attention after reporting second quarter 2026 results that showed broadly stable sales alongside a sharp drop in quarterly net income and a sizeable first half loss.

See our latest analysis for Vend Marketplaces.

The latest results and first half loss helped pull sentiment back, with the share price down 15.61% year to date and the 1 year total shareholder return falling 39.46%. However, the 3 year total shareholder return remains positive at 65.77%, suggesting longer term holders still sit on gains.

If this earnings update has you reassessing your watchlist, it can help to see what else is out there and size up 106 top founder-led companies

Vend Marketplaces still runs sizeable Nordic marketplaces, yet the latest earnings swing and recent share price slide leave a sharper question: Is this now a solid business offered at a sensible price, or not?

Preferred Price-to-Sales Ratio of 7.8x: Is it justified?

Vend Marketplaces closed at NOK236.8 with the stock described as expensive on a P/S of 7.8x compared to both local peers and the wider European Interactive Media and Services group.

The P/S multiple compares the company’s market value to its revenue. It is often used for online marketplace businesses where earnings are currently weak or negative, as is the case for Vend Marketplaces which reported a loss of NOK8,377 in the latest period on revenue of NOK6,344.

Here, the picture is mixed. The P/S of 7.8x is well above the peer average of 3.2x and also higher than the European industry average of 1.9x, which points to a premium price. At the same time, that 7.8x multiple is described as below an estimated fair P/S of 8.6x, which suggests the current pricing is closer to what the market could move towards based on the SWS fair ratio model.

The P/S gap compared to both Norwegian and European Interactive Media and Services peers is wide, which clearly signals the market is putting a richer value on Vend Marketplaces than the typical stock in its sector while still sitting under the modelled fair multiple.

Explore the SWS fair ratio for Vend Marketplaces

Result: Price-to-sales of 7.8x (ABOUT RIGHT)

However, Vend Marketplaces still faces pressure from the reported NOK8,377 loss, and any further reversal in the 3 year gain of 65.77% could weaken confidence.

Find out about the key risks to this Vend Marketplaces narrative.

Another view on Vend Marketplaces using our DCF model

The high P/S multiple paints Vend Marketplaces as expensive, yet the SWS DCF model points in a different direction. At NOK236.8, the stock trades about 20.6% below an estimated future cash flow value of NOK298.3. If the cash flow assumptions hold, is the current discount enough to change how you view the balance between risk and reward?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Vend Marketplaces for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 246 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

Mixed signals on Vend Marketplaces can easily pull you in both directions, so it helps to check the underlying data yourself and move quickly to a clear stance. To understand what the current optimism is based on, review the 2 key rewards

Looking for more investment ideas beyond Vend Marketplaces?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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