Vend Marketplaces (OB:VEND) Swings To Loss As Investors Weigh Whether Value Still Holds

Q2 earnings highlight sharp swing from profit to loss

Vend Marketplaces (OB:VEND) released second quarter and half year 2026 results, showing broadly flat sales alongside a steep decline in net income and earnings per share compared with the same periods last year.

For the quarter, sales were NOK 1,696 million versus NOK 1,694 million a year earlier, while net income declined sharply to NOK 409 million from NOK 5,197 million. Basic earnings per share from continuing operations were NOK 1.97 compared with NOK 21.73.

Across the first six months, sales were NOK 3,239 million compared with NOK 3,212 million a year earlier. Over the same period, performance shifted from net income of NOK 2,948 million to a reported net loss of NOK 4,336 million. Basic loss per share from continuing operations was NOK 24.42, compared with basic earnings per share of NOK 11.46 in the prior year period.

See our latest analysis for Vend Marketplaces.

Vend Marketplaces shares have retreated recently, with the 1-day share price return of 5.56% and 90-day share price return of 11.85% contributing to a year to date decline of 15.18%. The 1-year total shareholder return is down 35.32%, while the 3-year total shareholder return remains positive at 72.42%. This suggests momentum has faded after a stronger multi year period as investors reassess the company following the move from profit to loss.

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Vend Marketplaces still runs well known Nordic marketplaces, yet the recent swing into a loss and weaker share performance raises a sharper question: is this a solid business now trading at a fair price or not?

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

Vend Marketplaces closed at NOK 238.00, while the SWS DCF model estimates a fair value of NOK 299.32. This suggests the current price sits below that future cash flow estimate even though the stock trades on a relatively high P/S ratio.

The preferred valuation multiple used here is the price-to-sales ratio, which compares the total market value of the company with its annual revenue. For Vend Marketplaces, that figure is 7.8x, meaning the market is pricing each NOK of sales at nearly eight times its value. For online marketplace businesses that can scale revenue on largely fixed platforms, investors often focus on sales as a key yardstick when earnings are volatile or currently negative.

At 7.8x sales, Vend Marketplaces is expensive compared with both the European Interactive Media and Services industry average of 1.8x and a peer average of 3.2x. However, the estimated fair price-to-sales ratio is 9x, which is higher than where the stock trades today. One view is that the current market multiple could move closer to that level if the company delivers on its growth and profitability expectations.

Explore the SWS fair ratio for Vend Marketplaces

Result: Price-to-Sales of 7.8x (OVERVALUED versus peers, but BELOW estimated fair ratio)

However, Vend Marketplaces still faces clear risks, including the recent net loss of NOK 3,927 million and weaker share returns, which could affect investor confidence.

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

Another view on Vend Marketplaces’ value

The P/S comparison suggests Vend Marketplaces is expensive versus peers, but the SWS DCF model points the other way, indicating the shares trade about 20.5% below an estimated fair value of NOK 299.32. So which signal matters more to you: the cash flow outlook or the sales multiple?

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 223 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

Uncertain about what all this means for sentiment around Vend Marketplaces, especially with at least one reward that investors are watching closely? Act quickly: review the details for yourself and see what stands out in the 2 key rewards.

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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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