Adyen NV : High double digit growth continuing in 1H22, TP only lower by peer multiples
>Conclusion: Earnings est. as strong as before, valuation multiple lower - Despite the turmoil in the markets (Russia-Ukraine war, risen oil/gas prices, risen inflation and interest rates, social unrest) we believe that due to its unique offering and diversified revenue mix Adyen can continue to grow as fast as before. For 1H22 we expect a net revenue of € 623m (+40% yoy ) and an EBITDA of € 375m being a yoy growth of +37%. The only change for Adyen is that the valua...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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