Adyen NV : Strong growth is not free
>Following the H2 2019 results, which were in line, we broadly maintain our estimates and our Reduce rating - Following the publication of H2 2019 results broadly in line with expectations, we maintain our Reduce rating and target price of € 620 (downside of 20%). After this publication, the bull/bear debate is set to continue. Adyen boasts a formidable growth trajectory. But: 1/ the valuation at 55x EBITDA leaves no room for disappointments; 2/ we are convinced that ...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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