KBC Securities - ADYEN (ADYEN NA) ... ADYEN : Covid-19 is killing cash payments

Report

KBC Securities

Thomas Couvreur

ADYEN : Covid-19 is killing cash payments

We have reviewed our investment case on Adyen, focussing on the longer term positive impacts on the payments space following the Corona crisis. We arrived at an updated TP of â‚¬900 (up from â‚¬735) and increase our recommendation to Accumulate (up from Hold).

24/04/2020 15 EN

Underlyings

ADYEN

See profile

ADYEN NV

See profile

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Thomas Couvreur

Other Reports on these Companies

KBC Securities

Morning Note: ADYEN NA

Adyen: Prudence warranted from sector trends headwinds

December 13, 2021 December 13, 2021 1 EN

KBC Securities

ADYEN: Prudence warranted from sector trends headwinds ADYEN NA

Today we published a note on Adyen, highlighting some of the sector trends we see at enterprise-level merchants and peers. We appreciate Adyen’s strong positioning in a market that will continue to see activity shift away from incumbent players, supporting Adyen’s high growth. Several market trends that we expect to become more prevalent going forwards, counter some of the key selling points of the Adyen platform. With this longer-term view, we believe many of the TPs on the street are too bullish. We reiterate our Reduce rating, though increase our TP to €2,250 based on increased eBay take-up...

December 13, 2021 December 13, 2021 1 EN

Bryan Garnier

ADYEN (BUY, TP EUR2,900) | eBay acquires 1.25% of Adyen by exercising the first tranche of its warrants

December 3, 2021 December 3, 2021 3 EN

Morning Notes : COFB BB, GLPG NA, UMI BB

: COFB BB, GLPG NA, UMI BB

1h / 4m 1h / 4m 1 EN

Lynn Hautekeete

Lynn Hautekeete

Cofinimmo FY25 results above expectations, guidance below

Cofinimmo reports recurring EPRA EPS +1,1% above our estimates and 4,0% above its guidance. The earnings beat is driven by higher like-for-like rental income at +2,9%. The EPRA EPS outlook of FY26 is below our estimates at € 6,35 vs € 6,39 KBCSe. The guided debt ratio at YE26 is 340 bps higher than our expectations at 44,0% due to only € 110,0m guided asset disposals and higher than expected investments at € 310,0m which will mainly impact FY27/28 rental income. In the medium term, the focus should be on refinancings. The average debt maturity is low at 3x which is related to the ongoing excha...

1h / 7m 1h / 7m 1 EN

Wim Hoste

Wim Hoste

Umicore FY25 adj EBITDA +11%, no precise FY26 guidance

FY25 adjusted EBITDA increased by 11% to 847m, slightly above the high end of the 790-840m guidance range (in line with KBCS estimate, 1% above consensus). The company did not give a precise guidance on FY26 although sounded cautious on developments in the EV industry. The strong metal price environment will partly be offset by lower hedging levels for 2026 and maintenance, while new longer term hedges generate additional earnings visibility at very attractive levels for a longer period of time. We maintain our Accumulate rating and € 21 target for now.

1h / 14m 1h / 14m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

ADYEN : Covid-19 is killing cash payments

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Note: ADYEN NA

ADYEN: Prudence warranted from sector trends headwinds ADYEN NA

ADYEN (BUY, TP EUR2,900) | eBay acquires 1.25% of Adyen by exercising the first tranche of its warrants

Morning Notes : COFB BB, GLPG NA, UMI BB

Cofinimmo FY25 results above expectations, guidance below

Umicore FY25 adj EBITDA +11%, no precise FY26 guidance

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe