Adyen NV : We see a clear disconnect between investor expectations and the pace of the group’s transformation – Reduce recommendation maintained
>Based on Adyen’s H1 2019 results, we have raised our EPS estimates and our target price to € 510 (vs € 500), but we are still at Reduce - In light of the group’s better-than-expected H1 2019 results (link to our initial reaction), with the sharp improvement in profitability due in part to the operating leverage (opex growth, particularly personnel expense which was lower than that of sales) and partly to the application of IFRS 16 (higher EBITDA margin), we have rais...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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