Following VEND’s strong Q3 report, we raise our 2027/27e EBITDA by 9/6%. We lower Group OpEx by ~3% on stronger than expected cost reductions in the HQ segment and implement 20% ARPA growth in Mobility Sweden. The latter appears to mirror Norway’s successful ARPA uplift seen in 2025, and together with new dealer packages, we see VEND further de-risking 2026-28 estimates. While the Adevinta value was revised down by NOK 1.1bn (to NOK 18.9 from NOK 20.0bn), this was due to lower peer multiples, ra ....
