Added to YB: 2026-03-20
Pitch date: 2026-03-18
ADYEN.AS [neutral]
Adyen N.V.
-1.64%
current return
Author Info
Bob’s Payment Stock Substack is a former analyst and portfolio manager. Fundamental buy-and-hold investor. Talking stocks and markets. Focus on Payments, Financial Technology, and Payroll and HCM. 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 28.7B
Pitch Price
EUR 880.00
Price Target
1.4K (+66%)
Dividend
N/A
EV/EBITDA
14.49
P/E
27.12
EV/Sales
7.65
Sector
Financial Services
Category
growth
Adyen: Much ado about nothing...or something?
ADYEN.AS (update): Q4 net rev +19% cc (decel from Q3 on settlement timing), 2026 guide 20-22% cc growth vs prior 'low-to-mid 20s' (-2pts at midpoint). EBITDA margin 53% flat 2026 vs 2025 despite 12.5% headcount growth (550-650 adds). Market concerned re: guidance cuts, employee productivity lag vs peers, no buyback. Author sees modest derating justified but decel orderly (22-23-21-21% '23-'26), maintains €1435 fair value (~60% upside) on 9% WACC, 4% terminal growth.
Read full article (7 min)