Adyen NV, formerly Adyen BV, is provider of mobile, online and point-of-sale (POS) payment solutions based in the Netherlands. It operates an online platform enabling merchants to accept payments internationally and from all sales channels, such as online shops, mobile payments from applications and Websites, and POS, such as countertops, mobile terminals, tablets and cash registers, among others. The platform covers the entire payment chain, including technical, contractual, reconciliation and settlement processes. The platform is available in the form of ready-to-use payment pages (HPP), application programming interface (API), and client-side encryption solution (EE). The Company's customers include Mango, KLM, Netflix, Superdry, Uber, Groupon and Crocs, among others. It has offices in the Netherlands, the United Kingdom, France, Germany, Belgium, Brazil, China, Australia, Mexico, Singapore, Spain, Sweden and the United States.
  • TickerA2JNF4
  • ISINNL0012969182
  • ExchangeEuronext Amsterdam
  • SectorSupport Services
  • CountryNetherlands

Analysts

Emmanuel Matot ...
  • Stephane Houri

Adyen NV : We see a clear disconnect between investor expectations and the pace of the group’s transformation – Reduce recommendation maintained

>Based on Adyen’s H1 2019 results, we have raised our EPS estimates and our target price to € 510 (vs € 500), but we are still at Reduce - In light of the group’s better-than-expected H1 2019 results (link to our initial reaction), with the sharp improvement in profitability due in part to the operating leverage (opex growth, particularly personnel expense which was lower than that of sales) and partly to the application of IFRS 16 (higher EBITDA margin), we have rais...

Emmanuel Matot ...
  • Stephane Houri

Adyen NV : Il y a selon nous une déconnection claire entre les attentes des investisseurs et le rythme de transformation du groupe – Alléger maintenu

>Suite aux résultats S1 19, nous relevons nos BPA et notre TP à 510 € (vs 500 €), mais maintenons notre opinion Alléger - Suite à la publication de résultats S1 19 supérieurs aux attentes (Lien vers notre réaction initiale), du fait d’une profitabilité en forte progression en partie liée au levier opérationnel (croissance des Opex notamment des charges de personnel inférieure à celle du CA) et en partie du fait de l’application de la norme IFRS 16 (marge d’Ebitda supé...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/22/2019

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Emmanuel Matot ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/08/2019

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Emmanuel Matot ...
  • Stephane Houri

Adyen NV : Growth slowing as expected, but profits higher than expected - Stock should do well, but we maintain unchanged our Reduce rating

>H1 2019: Growth slowing as expected, but results clearly above expectations profitability (lower opex, and the application of IFRS 16) - Adyen reported H1 2019 revenue of € 221.1m, up 41% from € 156.4m in H1 2018 and 1% above the FactSet consensus of € 218.9m. Processed volumes were up 49% to € 104.6bn (no consensus). EBITDA for H1 2019 came in at € 125.8m (up 79%), above the consensus of € 108.9m, on the back of operational efficiency and the accounting change resul...

Emmanuel Matot ...
  • Stephane Houri

Adyen NV : We see a clear disconnect between investor expectations and the pace of the group’s transformation – Reduce recommendation maintained

>Based on Adyen’s H1 2019 results, we have raised our EPS estimates and our target price to € 510 (vs € 500), but we are still at Reduce - In light of the group’s better-than-expected H1 2019 results (link to our initial reaction), with the sharp improvement in profitability due in part to the operating leverage (opex growth, particularly personnel expense which was lower than that of sales) and partly to the application of IFRS 16 (higher EBITDA margin), we have rais...

Emmanuel Matot ...
  • Stephane Houri

Adyen NV : Il y a selon nous une déconnection claire entre les attentes des investisseurs et le rythme de transformation du groupe – Alléger maintenu

>Suite aux résultats S1 19, nous relevons nos BPA et notre TP à 510 € (vs 500 €), mais maintenons notre opinion Alléger - Suite à la publication de résultats S1 19 supérieurs aux attentes (Lien vers notre réaction initiale), du fait d’une profitabilité en forte progression en partie liée au levier opérationnel (croissance des Opex notamment des charges de personnel inférieure à celle du CA) et en partie du fait de l’application de la norme IFRS 16 (marge d’Ebitda supé...

Emmanuel Matot ...
  • Stephane Houri

Adyen NV : Growth slowing as expected, but profits higher than expected - Stock should do well, but we maintain unchanged our Reduce rating

>H1 2019: Growth slowing as expected, but results clearly above expectations profitability (lower opex, and the application of IFRS 16) - Adyen reported H1 2019 revenue of € 221.1m, up 41% from € 156.4m in H1 2018 and 1% above the FactSet consensus of € 218.9m. Processed volumes were up 49% to € 104.6bn (no consensus). EBITDA for H1 2019 came in at € 125.8m (up 79%), above the consensus of € 108.9m, on the back of operational efficiency and the accounting change resul...

Emmanuel Matot ...
  • Stephane Houri

Adyen NV : Growth slowing as expected, but profits higher than expected - Stock should do well, but we maintain unchanged our Reduce rating

>H1 2019: Growth slowing as expected, but results clearly above expectations profitability (lower opex, and the application of IFRS 16) - Adyen reported H1 2019 revenue of € 221.1m, up 41% from € 156.4m in H1 2018 and 1% above the FactSet consensus of € 218.9m. Processed volumes were up 49% to € 104.6bn (no consensus). EBITDA for H1 2019 came in at € 125.8m (up 79%), above the consensus of € 108.9m, on the back of operational efficiency and the accounting change resul...

Emmanuel Matot ...
  • Stephane Houri

Adyen NV : H1 2019 results preview, 22 August before the market open

>H1 2019 : Sharp slowdown in growth (on an admittedly high base), but continued improvement in margins - Adyen is due to report its H1 2019 results on 22 August (before the market open). Conference call at 3.00 p.m. CEST. Extending a deliberately "minimalist" communication, the group has not provided any guidance on the first half or even on the full year and declines to comment on short-term trends. The forecasting exercise is therefore complex, but we expect results...

Emmanuel Matot ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/22/2019

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Emmanuel Matot ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/08/2019

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Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/14/2019

...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Khaled Ben Amor
  • Louis Boujard
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/08/2019

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Increased risk weighs on ADYEN NV, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of ADYEN NV (NL), active in the Specialty Finance industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date July 16, 2019, the closing price was EUR 686.00 and its target price was estimated at EUR 511.76.

Expert Corporate Governance Service (ECGS)

Adyen - AGM 21 May 2019

In general, Adyen is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 4, discharge of the supervisory board is sought. Although ECGS has not identified any governance concerns that would lead it not to support the discharge, the level of transparency of the Company's remuneration report is below all standards. Since there is no vote on the remuneration policy and/or report at this AGM, the discharge of the supervisory board is the most appropriate agenda item to express the above concerns. Accordingly, ECGS recommen...

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