Following continued execution – including a ~15% price increase on average to be implemented for Real Estate Norway, setting the standard for 2026 - and the announced sale of Lendo, our conviction in Vend has increased further. As such, we raise our target price to NOK 514 per A-share, applying 20x 2028e EBITDA (in line with the current and 10y average NTM peer multiple versus 17.5x previously), discounted by 10%. For Q3, we are 5% below current consensus EBITDA with updated volumes, but importa ....
