New Street Research - Adyen NV (ADYEN) ADYEN (BUY, TP: EUR1,700, +25%) Adyen Q3 outlook: Maintain BUY on beatable expectations

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New Street Research

Soomit Datta

EUR 9281.00 For Business Accounts Only

ADYEN (BUY, TP: EUR1,700, +25%) Adyen Q3 outlook: Maintain BUY on beatable expectations

Following solid H1s, and a rare and supportive near-term steer for H2, consensus expectations have stayed pretty rooted to the bottom of the guide range for revenue for both Q3 (reported Thursday/tomorrow) and Q4 (21%, 20% y/y respectively). Downside risk to estimates for H2 looks limited.

06/11/2024 1 EN

Underlying

Adyen NV

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.

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NL0012969182 Euronext Amsterdam Netherlands

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Analysts

Soomit Datta

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ADYEN (BUY, TP: EUR1,700, +25%) Adyen Q3 outlook: Maintain BUY on beatable expectations

WLN (Neutral, TP: EUR8.5, +35%) Worldline Q3 revenue - Tough top line, but positive emerging catalysts

WLN (Neutral, TP: EUR8.5, +30%) NEXI (Neutral, TP: EUR7.2, +20%) ADYEN (BUY, TP: EUR1,700, +30%)

WISE (BUY, TP: £9.00, +15%) WISE - H1 25 and Platform deal bang on cue; from billions to trillions

SK Telecom (Buy, TP: KRW 100,000, +74%) Q3 24 Quick Take: Encouraging Enterprise growth and a decent improvement in EBIT

KT Corp (Buy, TP: KRW 70,000, +59%) New Corporate Value Up Plan Represents a Positive Step Forward

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