reports
- Soomit Datta
dLocal Reports 2024 Third Quarter Financial Results
dLocal Reports 2024 Third Quarter Financial Results Third Quarter 2024Robust TPV growth, up 41% YoY and 8% QoQ, driven by strong performance across various verticals and countriesRecord gross profit reaching $78M in the quarter, with net take rate stable at 1.2% since Q1 2024Operating leverage expansion for the 2nd consecutive quarter, with Adjusted EBITDA over gross profit margin reaching 67% in Q3 2024 (+6 p.p. QoQ) dLocal reports in US dollars and in accordance with IFRS as issued by the IASB MONTEVIDEO, Uruguay, Nov. 13, 2024 (GLOBE NEWSWIRE) -- DLocal Limited (“dLocal”, “we”, “us”,...
- Christophe-Raphaël Ganet
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
- Christophe-Raphaël Ganet
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
- Cor Kluis
Adyen NV : The >20% revenue growth path is continuing well
>Conclusion: The >20% revenue growth path is continuing well - The 3Q24 net revenue growth of +21% yoy (cc) was 1-2pp less than we expected. As a consequence of the reduction of business of one single low revenue (high TPV / low take rate) client the Q3 TPV was lower and the take rate was higher. Most important is that the revenue growth remains at the >+20% level. The limited FTE growth and focus on profitable clients increases our confidence in the EBITDA margin exp...
- Soomit Datta
NEXI Q3 (Neutral, TP: EUR7.2, +24%)/ Euro Payments wrap; Legacy limpin...
Volumes continue to be soft, if stable, for “legacy” players with Nexi reporting 3% y/y volume growth in Q3 (as in Q2) - identical trends to Worldline (see Q3 write up HERE) . Adyen volumes are of course well ahead; whilst legacy players confront macro pressures, and more, Adyen’s ability to gain share is both notable – and indeed essential for the equity story.
- Soomit Datta
ADYEN US (BUY, TP: EUR1,700, +28%) Adyen - Q3 and a volatile day; cal...
After a rollercoaster day, the stock seems to have landed in a sensible place: small miss, small down. We thought the earnings call was solid, as good as we were likely to get, management sounding confident on accelerating growth into FY 25.
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Cor Kluis
Adyen NV : Net revenue growth +21% cc being -just- 1% less than expect...
>Conclusion: Net revenue growth +21% cc being -just- 1% less than expected - The 3Q24 net revenue growth was +21% cc being -just- 1% less than expected. We understand that with a high growth company even 1% less is relevant but we do not have to change our revenue estimates for the future in any material way. We keep our Outperform as the +21% constant revenue growth show the business model is working well. Net revenue growth Q3 +21% at cc vs +22% expect...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Soomit Datta
ADYEN (BUY, TP: EUR1,700, +25%) Adyen Q3 outlook: Maintain BUY on bea...
Following solid H1s, and a rare and supportive near-term steer for H2, consensus expectations have stayed pretty rooted to the bottom of the guide range for revenue for both Q3 (reported Thursday/tomorrow) and Q4 (21%, 20% y/y respectively). Downside risk to estimates for H2 looks limited.
- Soomit Datta
dLocal to Report Third Quarter 2024 Financial Results
dLocal to Report Third Quarter 2024 Financial Results MONTEVIDEO, Uruguay, Oct. 15, 2024 (GLOBE NEWSWIRE) -- DLocal Limited (NASDAQ: DLO, “dLocal” or the “Company”), a technology-first payments platform enabling global enterprise merchants to connect with billions of consumers in emerging markets, intends to release financial results for its third fiscal quarter ended September 30, 2024 on November 13, 2024 after market close. The Company will host a conference call and video webcast on November 13, 2024 at 6:00 p.m. Eastern Time. Please to pre-register for the conference call and obta...
- Soomit Datta
WLN (Neutral, TP: EUR8.5, +30%) NEXI (Neutral, TP: EUR7.2, +20%) ADYEN...
It’s tough times in European payments for Nexi and, in particular, Worldline. Market conditions aren’t helping (though volume growth at V/MA is pretty robust), structural share loss is more the issue (including to Adyen). It’s hard to see this picture unwinding any time soon – and hard to get behind the stocks on a structural basis. Following three profit warnings this year, however, the equity to watch is Worldline.
- Soomit Datta
PYPL US (BUY, TP: $85, +24%) ADYEN (BUY, TP: EUR1,700) SQ US (Neutral,...
We continue our series of Deep dives into Payments (see previous: Unified Commerce, and Rise of the Merchants) with a look at Real Time Payment (RTP) developments. Adoption has been rapid on a global basis, notably at the consumer level in markets like Brazil, though is a significant laggard in the US. Momentum here is, however, slowly building through FedNow (launched only in 2023) with banks/FIs stalling, but with consumer demand we think high and with a Visa/Mastercard interchange settlement ...
dLocal appoints Carlos Menendez as Chief Operating Officer
dLocal appoints Carlos Menendez as Chief Operating Officer dLocal strengthens leadership team with the appointment of Carlos Menendez as new COO and ongoing service of Jacobo Singer as Board Member following a transition period MONTEVIDEO, Uruguay, Sept. 06, 2024 (GLOBE NEWSWIRE) -- , a leading cross-border payment platform specializing in high-growth markets, announces the appointment of Carlos Menendez as Chief Operating Officer (COO), effective immediately. Jacobo Singer, who currently serves as COO and Co-President, will continue to serve in both roles during a transition period unt...
- Cor Kluis
Adyen NV : 1H24 revenue growth & profit in line, durable competitive a...
>Conclusion:1H24 revenue growth & profit in line, durable competitive advantage - The 1H24 revenues were in line with expectations, so the high >20% revenue growth pace continued in 2Q24. It was positive that the company provided a new guidance of about +21/+22% net revenue growth for 2H24. In 1H24 Europe and North America showed a good revenue growth, but Asia and LatAm not (yet). Asia and LatAm are more for the longer term growth. The 1H24 net profit was in line wi...
- Soomit Datta
ADYEN (BUY, TP: EUR1,700, +33%) Adyen post-call: FY 24 consensus like...
A solid call from the company and specifically we would highlight the commentary on H2 24 revenue growth being lower than H1 (23.5%) - and as expected – BUT not dropping below the low end of the guide range of low to mid-twenties. Given where consensus has slipped to (21.4%), and taking 21.0% as “low twenties” (could be higher), this would imply a lift to consensus revenue in the range of 0.8-2.2pp for this year. Elsewhere we liked the focus on TCO and in particular clear messaging on debit rout...
- Soomit Datta
ADYEN (BUY, TP: EUR1,700, +40%) Adyen H1 24 - Solid print, nice lift ...
After recent volatility in quarterly operational performance, Adyen H1s were solid and drama free: revenue and EBITDA came in 1% ahead of expectations. Share gains (group volumes +45% y/y) continue to offset any dampening in broader US consumer spend. Revenue growth accelerated from 21% y/y in Q1 to 26% in Q2, with Q2 enjoying the easier comp (given US travails last year) but with a nice lift in EMEA growth also and allowing the company to reiterate the low to high twenties revenue growth guide ...
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