Report
ADYEN: A positive FY18, but not enough...
Following the FY18 results, we were slightly disappointed with total volume processed by Adyen, though we were surprised by the high take-rate and profitability. We have adapted our model to be in line with our new assumptions, resulting in a TP of €605, up from €555 previously. Given the downside potential and high volatility of the stock, we maintain our Reduce rating.
Underlying
ADYEN
Provider
KBC Securities
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Thomas Couvreur
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