ADYEN NA

Adyen NV

TMT, Finance/Real Estate


Presented:12/17/2019
Price:€721.20
Cap:$23.99B
Current Price:€1,369.60
Cap:$47.39B

Presented

Date12/17/2019
Price€721.20
Market Cap$23.99B
Ent Value$23.10B
P/E Ratio121.41x
Book Value€22.34
Div Yield0%
Shares O/S29.87M
Ave Daily Vol82,184
Short IntN/A

Current

Price€1,369.60
Market Cap$47.39B
Adyen NV engages in the provision of payments platform business. Its products include online payments, point of sale, marketplaces, and unified commerce. It operates through the following geographical segments: Europe, North America, Latin America, Asia-Pacific, and Rest of the World. The company was founded by Pieter van der Does and Arnout Schuijff in 2006 and is headquartered in Amsterdam, the Netherlands.

Publicly traded companies mentioned herein: Adyen NV (ADYEN NA), Ebay Inc (EBAY), First Data Corp (FDC), Fiserv Inc (FISV), Netflix Inc (NFLX), Spotify Technology SA (SPOT), Worldpay Inc (WP)

Highlights

The presenter is long shares of Adyen NV (ADYEN), one of the largest payment processors in Europe. Adyen has grown significantly over the past few years and now does ~€250B in transaction volume. The market’s valuation assumes growth will decelerate, but the presenter expects Adyen’s hyper-growth phase to last another few years since it’s a high-quality business with a strong value prop, impressive margins, and it operates in a massive industry that can support multiple successful players. Its ~€20B market cap (~€715 per share) values the company at a FCF yield of ~4% on his 2021 FCF estimate, whereas the Street’s estimate equates to a ~1% FCF yield.

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Idea Discussion

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