VEND’s Q4 report showed what we wanted and contradicted the thesis that has left the share down 9% YTD. Firstly, the 7% OpEx beat proves that there should be upside in consensus OpEx estimates for 2026e, as the run-rate out of 2025 implies y/y a decline in 2025 We find this important as part of the recent selloff can be explained by fear of margin-pressure. With a high cost-base and continued room for ARPA increases, we remain confident that VEND will deliver 37% EBITDA CAGR in 2025-27e, outgrow ....
