Financials Adyen N.V. OTC Markets

Equities

ADYEY

US00783V1044

Financial Technology (Fintech)

Market Closed - OTC Markets Other stock markets 01:29:58 29/06/2024 am IST			5-day change	1st Jan Change
11.87 ^USD	-1.49%		-1.74%	-7.84%

27/06	Bryan Garnier Upgrades Adyen to Buy from Neutral, Raises PT	MT
06/06	Adyen N.V. Appoints Ilona Fagyas as New Head of Sales Later in June 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,854	57,736	71,526	39,917	36,188	34,561	-	-
Enterprise Value (EV) ¹	20,170	54,998	67,052	37,821	36,188	27,507	25,798	23,917
P/E ratio	109 x	224 x	151 x	70.9 x	52 x	39.6 x	31.3 x	24.6 x
Yield	-	-	-	-	-	-	-	2.14%
Capitalization / Revenue	44 x	84.4 x	71.4 x	30 x	22.3 x	17.3 x	14 x	11.3 x
EV / Revenue	40.6 x	80.4 x	67 x	28.4 x	22.3 x	13.8 x	10.4 x	7.8 x
EV / EBITDA	72.3 x	137 x	106 x	51.9 x	48.7 x	28.4 x	19.8 x	13.9 x
EV / FCF	77.8 x	148 x	37.9 x	62.3 x	56.6 x	32.5 x	23 x	15.3 x
FCF Yield	1.29%	0.67%	2.64%	1.61%	1.77%	3.07%	4.34%	6.55%
Price to Book	25.3 x	47.5 x	39.5 x	16.6 x	-	8.6 x	6.79 x	5.3 x
Nbr of stocks (in thousands)	29,896	30,308	30,943	30,982	31,020	31,047	-	-
Reference price ²	731.0	1,905	2,312	1,288	1,167	1,113	1,113	1,113
Announcement Date	27/02/20	10/02/21	09/02/22	08/02/23	08/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	497	684.2	1,002	1,330	1,626	1,993	2,476	3,065
EBITDA ¹	279	402.5	630	728.3	743	968	1,305	1,725
EBIT ¹	257	373.9	595	664.7	657.6	871.1	1,186	1,594
Operating Margin	51.71%	54.65%	59.41%	49.97%	40.44%	43.7%	47.91%	52.02%
Earnings before Tax (EBT) ¹	257.3	323.2	580.8	719.9	942.6	1,155	1,458	1,834
Net income ¹	204	261	469.7	564.1	698.3	884.5	1,118	1,403
Net margin	41.05%	38.15%	46.9%	42.41%	42.94%	44.37%	45.17%	45.77%
EPS ²	6.690	8.510	15.32	18.17	22.43	28.13	35.56	45.24
Free Cash Flow ¹	259.4	371.1	1,769	607	639.5	845.7	1,120	1,566
FCF margin	52.19%	54.25%	176.61%	45.64%	39.33%	42.42%	45.24%	51.1%
FCF Conversion (EBITDA)	92.96%	92.21%	280.76%	83.35%	86.07%	87.36%	85.83%	90.79%
FCF Conversion (Net income)	127.11%	142.19%	376.56%	107.61%	91.57%	95.61%	100.16%	111.64%
Dividend per Share ²	-	-	-	-	-	-	-	23.80
Announcement Date	27/02/20	10/02/21	09/02/22	08/02/23	08/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2	2026 S1
Net sales ¹	276	279.9	379.4	445	556.5	608.5	721.6	739.1	413.6	473.4	887	438	472.5	909.7	507.8	567.8	1,074	553	1,129	1,355	1,411
EBITDA ¹	153.5	140.9	236.8	272.7	357.2	356.3	372	320	-	-	423	214	208	420.7	269	292	540.4	-	567.9	743.4	738.9
EBIT	141.5	127.4	221.7	256.2	338.7	330.9	333.8	279.1	-	-	378.5	-	-	376.5	-	-	489.8	-	518.3	689.5	691.3
Operating Margin	51.27%	45.51%	58.42%	57.58%	60.87%	54.37%	46.26%	37.76%	-	-	42.67%	-	-	41.39%	-	-	45.59%	-	45.91%	50.9%	49.01%
Earnings before Tax (EBT)	142.4	99.17	199.1	255.9	324.9	359.6	360.3	373	-	-	569.6	-	-	526.5	-	-	631.5	-	650.2	821	814.1
Net income	111.5	78.36	163.1	204.8	264.9	282.1	282	282.2	-	-	416.1	-	-	399.3	-	-	478.2	-	493.4	617	612.5
Net margin	40.41%	27.99%	42.99%	46.03%	47.6%	46.36%	39.08%	38.18%	-	-	46.92%	-	-	43.89%	-	-	44.51%	-	43.71%	45.54%	43.42%
EPS	3.670	2.550	5.320	6.690	8.630	9.090	9.080	9.070	-	-	13.36	-	12.15	12.75	-	-	15.20	-	15.74	19.78	19.69
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/02/20	20/08/20	10/02/21	19/08/21	09/02/22	18/08/22	08/02/23	17/08/23	08/11/23	08/02/24	08/02/24	-	-	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,684	2,737	4,473	2,096	-	7,054	8,763	10,644
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	259	371	1,769	607	639	846	1,120	1,566
ROE (net income / shareholders' equity)	28.1%	24.4%	31%	26.7%	25%	24.5%	23.6%	23.6%
ROA (Net income/ Total Assets)	9.13%	7.71%	9.46%	8.43%	8.13%	8.41%	8.73%	10.7%
Assets ¹	2,235	3,384	4,967	6,696	8,594	10,513	12,807	13,070
Book Value Per Share ²	28.90	40.10	58.50	77.80	-	129.0	164.0	210.0
Cash Flow per Share ²	17.40	33.20	59.30	65.10	60.10	31.10	42.30	50.50
Capex ¹	20	21.9	51.4	99.1	65.6	104	128	153
Capex / Sales	4.02%	3.2%	5.13%	7.45%	4.03%	5.22%	5.17%	5%
Announcement Date	27/02/20	10/02/21	09/02/22	08/02/23	08/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Adyen N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,113 EUR

Average target price

1,626 EUR

Spread / Average Target

+46.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Financial Technology (Fintech) (NEC)