Report
Soomit Datta
EUR 9395.00 For Business Accounts Only

NEXI Q3 (Neutral, TP: EUR7.2, +24%)/ Euro Payments wrap; Legacy limping, contrasting growth matrices (ADYEN/WLN) WLN (Neutral, TP: EUR8.5, +32%) ADYEN (BUY, TP: EUR1,700, +33%)

Volumes continue to be soft, if stable, for “legacy” players with Nexi reporting 3% y/y volume growth in Q3 (as in Q2) - identical trends to Worldline (see Q3 write up HERE) . Adyen volumes are of course well ahead; whilst legacy players confront macro pressures, and more, Adyen’s ability to gain share is both notable – and indeed essential for the equity story.
Underlyings
Adyen NV

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.

Nexi S.p.A.

Nexi SpA. Nexi SpA is an Italy-based financial technology company. The Company is specialized in the payment technology field offering digital services and infrastructure to banks, businesses, institutions and the public administration.

Worldline SA

Worldline is a financial transaction processing company based in France. Co's operations are organized along three segments covering payments and digital services: Merchant Services & Terminals (facilitating consumer engagement around end-to-end e-payment transactional services on any device – before, during and after the point of sale); eMobility and eTransactional Services (assists businesses and governments in developing new digital services enabling strategic digital transformation); and Financial Processing & Software Licensing (provides processing services to banks and financial institutions for managing card-based and online cashless payments).

Provider
New Street Research
New Street Research

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Analysts
Soomit Datta

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