Adyen [Publication Heading]
Following the 2H22 results we have materially changed our estimates going forward, though largely with offsetting impacts. The core of our investment case remains unchanged, despite surprising results which were very negatively received by the market. We lower our TP from € 2,250 to € 2,000, mainly triggered by an increase in risk-free rate in our DCF to 2.5%, landing on a new WACC of 8.7%. We reiterate 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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