New Street Research - Adyen NV (ADYEN) ADYEN (BUY, TP: EUR1,700, +40%) Adyen H1 24 - Solid print, nice lift in (Q2) Revenue growth; focus on TCO

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New Street Research

Soomit Datta

EUR 8957.00 For Business Accounts Only

ADYEN (BUY, TP: EUR1,700, +40%) Adyen H1 24 - Solid print, nice lift in (Q2) Revenue growth; focus on TCO

After recent volatility in quarterly operational performance, Adyen H1s were solid and drama free: revenue and EBITDA came in 1% ahead of expectations. Share gains (group volumes +45% y/y) continue to offset any dampening in broader US consumer spend. Revenue growth accelerated from 21% y/y in Q1 to 26% in Q2, with Q2 enjoying the easier comp (given US travails last year) but with a nice lift in EMEA growth also and allowing the company to reiterate the low to high twenties revenue growth guide through to 2026

15/08/2024 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, +40%) Adyen H1 24 - Solid print, nice lift in (Q2) Revenue growth; focus on TCO

PYPL US (BUY, TP: $85, +24%) ADYEN (BUY, TP: EUR1,700) SQ US (Neutral, TP: $70) Real Time Payments: Risks for Visa/Mastercard, implications for PSPs - Global learnings

Adyen NV : 1H24 revenue growth & profit in line, durable competitive advantage

ADYEN (BUY, TP: EUR1,700, +33%) Adyen post-call: FY 24 consensus likely to move up 1-2%

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

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