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.
  • TickerADYEN
  • ISINNL0012969182
  • ExchangeEuronext Amsterdam
  • SectorSupport Services
  • CountryNetherlands

Analysts

Expert Corporate Governance Service (ECGS)

Adyen - EGM 06 December 2019

In general, Adyen is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 2, the supervisory board proposes to newly appoint Ms. Mariëtte Bianca Swart as the Company's Chief Legal and Compliance Officer (CLCO) and member of the executive board for a period of 4-years. ECGS has no concerns over Ms. Swart’s appointment and accordingly recommends to vote FOR. Under ITEM 3, the supervisory board proposes to newly appoint Mr. Kamran Zaki as Adyen's Chief Operating Officer (COO) and member of the executive board for a...

ADYEN NV receives two new qualifications and slightly improves to Neutral

The independent financial analyst theScreener just changed two ratings for the qualification of ADYEN NV (NL), active in the Specialty Finance industry. Its market behaviour has improved and can now be considered as moderately risky; its fundamental valuation receives an improved star rating and now shows 2 out of 4 stars. theScreener considers that these elements slightly improve the general evaluation, which passes therefore to Neutral. As of the analysis date November 15, 2019, the closing price was EUR 647.40 and its expected value was estimated at EUR 632.57.

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 : 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 : 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 : 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

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, CFA
  • Philippe Ourpatian
  • Stephane Houri

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

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

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

...

ADYEN NV receives two new qualifications and slightly improves to Neutral

The independent financial analyst theScreener just changed two ratings for the qualification of ADYEN NV (NL), active in the Specialty Finance industry. Its market behaviour has improved and can now be considered as moderately risky; its fundamental valuation receives an improved star rating and now shows 2 out of 4 stars. theScreener considers that these elements slightly improve the general evaluation, which passes therefore to Neutral. As of the analysis date November 15, 2019, the closing price was EUR 647.40 and its expected value was estimated at EUR 632.57.

Expert Corporate Governance Service (ECGS)

Adyen - EGM 06 December 2019

In general, Adyen is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 2, the supervisory board proposes to newly appoint Ms. Mariëtte Bianca Swart as the Company's Chief Legal and Compliance Officer (CLCO) and member of the executive board for a period of 4-years. ECGS has no concerns over Ms. Swart’s appointment and accordingly recommends to vote FOR. Under ITEM 3, the supervisory board proposes to newly appoint Mr. Kamran Zaki as Adyen's Chief Operating Officer (COO) and member of the executive board for a...

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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