Report
Soomit Datta
EUR 9284.00 For Business Accounts Only

ADYEN (Buy, TP: EUR1,800, +44%) Adyen Q1 24 Trading Statement: Revenues slow (as per outlook) / INVITE

Adyen reported a step down in growth from 26% in Q4/H2 23 to 21% y/y in Q1. This is in-line with Adyen’s steer to be at the lower-end of the mid-term guide in the near-term - and just 0.7% off consensus exps (VA) – but the optics haven’t impressed the market. Q2 should enjoy the best comps (following the revenue profit warning last year) as performance moves toward FY expectations of 24% growth.
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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New Street Research
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Analysts
Soomit Datta

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