ADYEN (Buy, TP: EUR1,800, +20%) Adyen H2s - Quick Take: EBITDA miss on ramp in hiring; Take rate dips
Adyen released H2 results this morning. Whilst TPV was broadly in-line, revenue missed (3%) on a slightly lower take-rate but moreover EBITDA missed by 16% on the back of another big step up in FTEs added in H2 (with FY FTE adds of ~1,150 set to be replicated again in FY 23) , as well as an increase in travel and other staff expenses.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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