ADYEN (BUY, TP: EUR1,700, +33%) Adyen post-call: FY 24 consensus likely to move up 1-2%
A solid call from the company and specifically we would highlight the commentary on H2 24 revenue growth being lower than H1 (23.5%) - and as expected – BUT not dropping below the low end of the guide range of low to mid-twenties. Given where consensus has slipped to (21.4%), and taking 21.0% as “low twenties” (could be higher), this would imply a lift to consensus revenue in the range of 0.8-2.2pp for this year. Elsewhere we liked the focus on TCO and in particular clear messaging on debit routing in the US as something peers are not at this stage able to emulate, and it being a key differentiator.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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