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Payments: Adyen IPO price is set at EUR240 per share
PaymentsAdyen IPO price is set at EUR240 per share
Adyen opens for trading today on Euronext Amsterdam (the offer will be entirely secondary) under the ticker “ADYENâ€. With an IPO price set at EUR240 per share (vs. EUR220-240 range indicated in the prospectus), Adyen’s market capitalization is valued at EUR7.1bn. Based on optimistic forecasts, we calculate that this IPO price would give a 2018 EV/EBITDA multiple of c.39x (vs. 32x for Wirecard). This new IPO in the payment services industry should drive PSP shares higher, such as Wirecard (Buy), Worldline (Buy) and SafeCharge (Buy). They have all strong fundamentals and momentum.
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Bryan Garnier
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Richard-Maxime Beaudoux
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