Added to YB: 2026-02-24
Pitch date: 2026-02-22
ADYEN.AS [neutral]
Adyen N.V.
-6.69%
current return
Author Info
Farrer 36 is an asset manager based out of Singapore that focuses on long-only equity strategies. Sign up for the newsletter.
Company Info
Adyen N.V. operates a payments platform in Europe, the Middle East, Africa, North America, the Asia Pacific, and Latin America.
Market Cap
EUR 31.6B
Pitch Price
EUR 999.40
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
N/A
EV/Sales
N/A
Sector
Financial Services
Category
growth
A Fallen Angel - Adyen N.V.
ADYEN.AS (overview): Down 20% on earnings miss; guided growth cut from 20-25% to 20-22%. Digital segment (51% of rev) struggles w/ customer loss, but Unified Commerce (34% of vol) growing 30% YOY. EBITDA margins 46% targeting 55%. Trades at lowest multiple ever ~30x P/E. Bear case: intense competition driving take rates down from 0.21% to 0.17%. Bull case: industry leader w/ unique unified commerce platform & agentic AI strategy. Capital allocation concerns w/ €4.4bn cash hoard.
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