ADYEN - NEUTRAL vs. BUY | EUR2020 VS. EUR2120 Long run prospects are intact but the near term could be choppy
Long run prospects are intact but the near term could be choppy. We deem Adyen’s ongoing investment phase, that caused the disappointment in H1 22 results is likely to weigh on margins and FCF generation beyond the first half. As such, we take a more cautious stance on the stock, especially because consensus seems to ignore these factors and the macroeconomic headwinds that could drag market sentiment in the near term. We lower our TP to EUR2,020 from EUR2,120 and take our rating one notch lower to Neutral.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.
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