Adyen A long term vision can be costly for shareholders
Last week Adyen saw a very sharp share price reaction to weaker than expected results. Management remains fully focused on the long term, although some short term actions could have mitigated a lot of negativity. We continue to be positive in the longer term on the name, but as we expect the 1H23 headwinds to persist into coming semesters, we lower our TP from €2,000 to €1,500; maintaining our Buy recommendation.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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