Adyen (ADYEN NA) Netherlands
Technology
Strong net revenue growth and take rate, were both ahead of expectations for Q3. At constant currencies, net revenue growth amounted to 23%. This is the highest quarterly growth rate this year whilst expectations were that revenue growth would remain flattish in the remainder of the year. Its take rate showed a strong improvement as well, driven by the above average growth of Platforms (up 50.2% and increased take rate to 13.2 from 10.8). Another positive element of Adyen’s quarterly update is that FTE growth (9.0%) lagged net revenue growth again. This will result in a further improvement of its EBITDA margin. Investors can expect more clarity on growth targets at the company's upcoming Capital Markets Day, but based on current momentum and fundamentals, the IDEA! maintains that Adyen remains an attractive investment opportunity.
Edition: 223
- 31 October, 2025
Investor Idea Event highlights several exciting opportunities
Revelare hosted a Buyside Event in London where long theses were shared for the following companies: DSV based on an acquisition of Schenker; BFF Bank on an upcoming regulatory approval from The Bank of Italy; Adyen beating consensus estimates; DO & CO lapping capex investments and seasonality; Carvana transitioning to a growth stock with potential for 500% upside; and FTAI Aviation stock doubling from growth and execution. A short thesis was also presented for Edenred which focused on accounting issues and tech disintermediation. Please contact us if you would like to discuss any of these ideas in more detail.
Edition: 199
- 15 November, 2024
Adyen (ADYEN NA) Netherlands
Technology
Massive narrative change amid breathtaking earnings miss - risk:reward remains unattractive despite a ~55% drop in ADYEN’s share price. This is a deteriorating business with a disingenuous management team. Payment processing is a commodity and competition is intensifying. Further margin declines are anticipated. Sell-side numbers remain too high. Growth rate is the key KPI - if ADYEN is growing at ~15% (or likely lower) then the stock is worth ~€600/share. Prefers companies trading at legacy multiples with more vertical software.
Edition: 169
- 15 September, 2023
Adyen (ADYEN NA) Netherlands
Technology
88% of payment specialists interviewed by Woozle expect Adyen’s share of payment volumes to increase in their companies, as well as Adyen's overall market share to increase during the next 6 months - strong performance will be driven by its reliable unified commerce system, omnichannel presence, and superior integration capabilities. The few negative comments refer to the processor’s lack of flexibility in solving specific use cases for merchants, as well as the quality of the company’s fraud tools, compared to alternatives.
Edition: 142
- 19 August, 2022