01 / VALUATION LAB
What is Vend worth to you?
SUM OF THE PARTS
The value, piece by piece.
Common equity value NOK 249.37
One group EBITDA multiple, with the Adevinta stake added once. Debt and lease liabilities are deducted.
VALUATION SENSITIVITY
How much does the multiple matter?
Adevinta haircut ↓Core EV / EBITDA →Values in NOK / share
Bring the scenario value back to todayOptional discount calculation
Discounts the selected year-end SOTP to 28 October 2026. Excludes interim dividends; this is a price-only present value, not a total-return valuation.
02 / FINANCIAL OUTLOOK
The business behind the valuation.
Earnings into cash
EBITDAFCF after leases
NHG estimates in NOKm. Select a forecast year to value it. 2025 EBITDA: NOK 2,127m; reported continuing CFO: NOK 1,564m.
2027E segment mix
EBITDA · NOKmIncludes allocated costs. Recommerce losses and HQ costs remain in group EBITDA.
NHG base caseNOKm, except per-share data and ratios · E = estimate
03 / METHOD & SOURCES
Understand what you are changing.
A selected-year SOTP
Group post-IFRS 16 EBITDA × your core multiple, plus Adevinta after your haircut, other investments and cash, less financial debt, leases and minority equity. Divide by year-end economic shares. The same multiple applies to the whole operating group.
Operating leverage, not a margin shortcut
Segment revenue growth and OPEX growth are modelled separately. Most COGS ratios follow historical calibration; Recommerce’s COGS ratio is editable. Segment margins emerge from these drivers. Growth assumptions are in reported NOK.
Buybacks have two sides
Repurchases reduce cash and shares at your assumed execution price. The NOK 1,000m default cash floor is an NHG policy, not a company covenant. Buybacks are capped after dividends and contractual debt repayments. Facility draws can fund a shortfall; available capacity is shown separately.
Estimates and reported numbers
The model starts from September 2026 reported financials and forecasts Q4 2026, then 2027–2030. Historical inputs stay fixed. The 2026 forecast combines reported nine-month figures with modelled Q4. Scenario buttons load the workbook’s operating and capital assumptions; the core multiple and stake haircut remain your independent valuation choices.
What is outside the model
No new Adevinta distributions, stake revaluations, acquisitions or disposal proceeds are assumed. Normalised EPS excludes exceptional operating costs and fair-value changes; cash flow still deducts cash restructuring costs. Future capital returns are estimates, not company commitments.
Source notes
Valuation logic and forecasts: Vend_Financial_Model_2026_2030.xlsx, 27 October 2026. This dashboard is a snapshot of that model; prices and forecasts do not update automatically.
Vend Q3 2026 presentation ↗Vend Q3 2026 report ↗Historical financial data sourced from Quartr in the NHG workbook. Visual direction inspired by Vend’s Q3 slides. Independent NHG tool; unaffiliated with Vend.