Financials Adyen N.V.

Equities

ADYEN

NL0012969182

Financial Technology (Fintech)

Market Closed - Euronext Amsterdam Other stock markets 11:39:46 2024-05-17 am EDT			5-day change	1st Jan Change
1,241 ^EUR	-3.20%		-0.43%	+6.39%

May. 15	ADYEN : UBS keeps its Buy rating	ZD
May. 14	ADYEN : Gets a Buy rating from Goldman Sachs	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,854	57,736	71,526	39,917	36,188	38,535	-	-
Enterprise Value (EV) ¹	20,170	54,998	67,052	37,821	36,188	31,699	29,985	28,151
P/E ratio	109 x	224 x	151 x	70.9 x	52 x	44.3 x	35 x	27.5 x
Yield	-	-	-	-	-	-	-	1.92%
Capitalization / Revenue	44 x	84.4 x	71.4 x	30 x	22.3 x	19.3 x	15.6 x	12.6 x
EV / Revenue	40.6 x	80.4 x	67 x	28.4 x	22.3 x	15.9 x	12.1 x	9.2 x
EV / EBITDA	72.3 x	137 x	106 x	51.9 x	48.7 x	32.9 x	23 x	16.4 x
EV / FCF	77.8 x	148 x	37.9 x	62.3 x	56.6 x	37.5 x	26.8 x	18.1 x
FCF Yield	1.29%	0.67%	2.64%	1.61%	1.77%	2.67%	3.74%	5.52%
Price to Book	25.3 x	47.5 x	39.5 x	16.6 x	-	9.59 x	7.57 x	5.91 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	1,241	1,241	1,241
Announcement Date	2/27/20	2/10/21	2/9/22	2/8/23	2/8/24	-	-	-

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	2,474	3,059
EBITDA ¹	279	402.5	630	728.3	743	964.7	1,303	1,719
EBIT ¹	257	373.9	595	664.7	657.6	865.8	1,185	1,598
Operating Margin	51.71%	54.65%	59.41%	49.97%	40.44%	43.44%	47.9%	52.24%
Earnings before Tax (EBT) ¹	257.3	323.2	580.8	719.9	942.6	1,153	1,453	1,829
Net income ¹	204	261	469.7	564.1	698.3	879.4	1,114	1,401
Net margin	41.05%	38.15%	46.9%	42.41%	42.94%	44.13%	45.04%	45.8%
EPS ²	6.690	8.510	15.32	18.17	22.43	28.01	35.46	45.15
Free Cash Flow ¹	259.4	371.1	1,769	607	639.5	845.7	1,120	1,555
FCF margin	52.19%	54.25%	176.61%	45.64%	39.33%	42.43%	45.27%	50.83%
FCF Conversion (EBITDA)	92.96%	92.21%	280.76%	83.35%	86.07%	87.66%	85.94%	90.44%
FCF Conversion (Net income)	127.11%	142.19%	376.56%	107.61%	91.57%	96.17%	100.53%	110.99%
Dividend per Share ²	-	-	-	-	-	-	-	23.80
Announcement Date	2/27/20	2/10/21	2/9/22	2/8/23	2/8/24	-	-	-

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	441	472.5	910.3	507.8	567.8	1,075	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	418	269	292	540.4	-	568	743.6	738.9
EBIT	141.5	127.4	221.7	256.2	338.7	330.9	333.8	279.1	-	-	378.5	-	-	374.2	-	-	489.6	-	518.4	689.6	691.3
Operating Margin	51.27%	45.51%	58.42%	57.58%	60.87%	54.37%	46.26%	37.76%	-	-	42.67%	-	-	41.1%	-	-	45.56%	-	45.9%	50.89%	49.01%
Earnings before Tax (EBT)	142.4	99.17	199.1	255.9	324.9	359.6	360.3	373	-	-	569.6	-	-	525	-	-	629.8	-	650.3	821.2	814.1
Net income	111.5	78.36	163.1	204.8	264.9	282.1	282	282.2	-	-	416.1	-	-	399	-	-	477.8	-	493.5	617.1	612.5
Net margin	40.41%	27.99%	42.99%	46.03%	47.6%	46.36%	39.08%	38.18%	-	-	46.92%	-	-	43.82%	-	-	44.46%	-	43.7%	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	12.78	-	-	15.20	-	15.74	19.78	19.69
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/27/20	8/20/20	2/10/21	8/19/21	2/9/22	8/18/22	2/8/23	8/17/23	11/8/23	2/8/24	2/8/24	-	-	-	-	-	-	-	-	-	-

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	-	6,836	8,550	10,384
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	259	371	1,769	607	639	846	1,120	1,555
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%	8.74%	10.7%
Assets ¹	2,235	3,384	4,967	6,696	8,594	10,463	12,742	13,053
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	42.40	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%	5.16%	5.01%
Announcement Date	2/27/20	2/10/21	2/9/22	2/8/23	2/8/24	-	-	-

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

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,241 EUR

Average target price

1,619 EUR

Spread / Average Target

+30.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Financial Technology (Fintech) (NEC)

	1st Jan change	Capi.
ADYEN N.V.	+6.39%	41.89B
INTUIT INC.	+5.78%	185B
FIDELITY NATIONAL INFORMATION SERVICES, INC.	+30.45%	43.59B
ROBINHOOD MARKETS, INC.	+57.61%	17.66B
FUTU HOLDINGS LIMITED	+47.19%	11.09B
AFFIRM HOLDINGS, INC.	-31.16%	10.46B
HITHINK ROYALFLUSH INFORMATION NETWORK CO., LTD.	-22.98%	8.99B
PB FINTECH LIMITED	+66.90%	7.12B
STONECO LTD.	-18.86%	4.52B
ACI WORLDWIDE, INC.	+22.55%	3.95B

Financial Technology (Fintech) (NEC)