ADYEN (Buy, TP: EUR1,800, +25%) Adyen - Upgrade to Buy: Moving to the top of the Guide
Management has done a good job grounding near-term Adyen revenue expectations, which assume a slowdown from the Q4 run-rate (27% y/y constant FX) to the “low-end” of the growth guide (i.e. low twenties) for FY 24 . TPV can be non-linear QoQ, and hard to call in the very short-term, but on balance with easier comps we see FY upside risk here. Digital recovered in Q3 and particularly Q4, the latter period helped by a large merchant win; that this can make such a difference is a reminder of Adyen’s still low share and ability to surprise positively. We focus also on Brazil/LatAm as an area where Adyen is re-engaging and which can positively surprise, adding 2-3pp to top line growth.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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