Financials Adyen N.V.

Equities

ADYEN

NL0012969182

Financial Technology (Fintech)

Market Closed - Euronext Amsterdam Other stock markets 11:35:27 2024-02-09 am EST			5-day change	1st Jan Change
1,473 ^EUR	+2.56%		+22.40%	+26.26%

Feb. 09	ADYEN : UBS keeps its Buy rating	ZD
Feb. 09	CAC40: +0.8% hebdo, rising interest rates, record-breaking showers in the US	CF

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	14,040	21,854	57,736	71,526	39,917	45,712	45,712	-
Enterprise Value (EV) ¹	12,808	20,170	54,998	67,052	37,821	36,188	39,791	38,442
P/E ratio	111 x	109 x	224 x	151 x	70.9 x	72.9 x	54.7 x	42.6 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	40.2 x	44 x	84.4 x	71.4 x	30 x	22.3 x	22.7 x	18.3 x
EV / Revenue	36.7 x	40.6 x	80.4 x	67 x	28.4 x	22.3 x	19.7 x	15.4 x
EV / EBITDA	70.4 x	72.3 x	137 x	106 x	51.9 x	48.7 x	41.9 x	30 x
EV / FCF	76.2 x	77.8 x	148 x	37.9 x	62.3 x	67.3 x	47.8 x	35.2 x
FCF Yield	1.31%	1.29%	0.67%	2.64%	1.61%	1.49%	2.09%	2.84%
Price to Book	24.1 x	25.3 x	47.5 x	39.5 x	16.6 x	14.9 x	11.6 x	9.11 x
Nbr of stocks (in thousands)	29,554	29,896	30,308	30,943	30,982	31,033	31,033	-
Reference price ²	475.0	731.0	1,905	2,312	1,288	1,473	1,473	1,473
Announcement Date	2/27/19	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	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	348.9	497	684.2	1,002	1,330	1,626	2,016	2,501
EBITDA ¹	181.9	279	402.5	630	728.3	743	949.5	1,280
EBIT ¹	173.2	257	373.9	595	664.7	630.3	845.9	1,157
Operating Margin	49.64%	51.71%	54.65%	59.41%	49.97%	38.92%	41.97%	46.26%
Earnings before Tax (EBT) ¹	164.7	257.3	323.2	580.8	719.9	813.9	1,090	1,403
Net income ¹	131.1	204	261	469.7	564.1	632.2	843.6	1,083
Net margin	37.59%	41.05%	38.15%	46.9%	42.41%	39.04%	41.85%	43.29%
EPS ²	4.290	6.690	8.510	15.32	18.17	20.21	26.94	34.59
Free Cash Flow ¹	168.1	259.4	371.1	1,769	607	612	832	1,091
FCF margin	48.19%	52.19%	54.25%	176.61%	45.64%	37.79%	41.28%	43.63%
FCF Conversion (EBITDA)	92.41%	92.96%	92.21%	280.76%	83.35%	85.83%	87.62%	85.23%
FCF Conversion (Net income)	128.21%	127.11%	142.19%	376.56%	107.61%	96.8%	98.63%	100.76%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	2/27/19	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 S1	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 S2	2025 S1	2025 S2
Net sales ¹	221.1	276	279.9	379.4	445	556.5	608.5	721.6	739.1	413.6	465.4	887	441	484	930.8	507	1,106	1,168	1,398
EBITDA	125.8	153.5	140.9	236.8	272.7	357.2	356.3	372	320	-	220	423	220	224	414.5	245	534.8	559.7	729.2
EBIT	115.5	141.5	127.4	221.7	256.2	338.7	330.9	333.8	279.1	-	-	342.2	-	-	367.9	-	483.7	508.3	673.5
Operating Margin	52.24%	51.27%	45.51%	58.42%	57.58%	60.87%	54.37%	46.26%	37.76%	-	-	38.96%	-	-	39.53%	-	43.72%	43.53%	48.16%
Earnings before Tax (EBT)	114.9	142.4	99.17	199.1	255.9	324.9	359.6	360.3	373	-	-	430.6	-	-	497.8	-	595.1	613.4	788.3
Net income	92.51	111.5	78.36	163.1	204.8	264.9	282.1	282	282.2	-	-	335.3	-	-	380	-	455.4	473.7	608.8
Net margin	41.84%	40.41%	27.99%	42.99%	46.03%	47.6%	46.36%	39.08%	38.18%	-	-	38.17%	-	-	40.82%	-	41.16%	40.56%	43.53%
EPS ²	3.020	3.670	2.550	5.320	6.690	8.630	9.090	9.080	9.070	10.45	-	10.72	-	-	12.39	-	14.67	15.29	19.85
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/22/19	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	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,232	1,684	2,737	4,473	2,096	4,503	5,921	7,270
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	168	259	371	1,769	607	612	832	1,091
ROE (net income / shareholders' equity)	27%	28.1%	24.4%	31%	26.7%	23.2%	24.1%	23.2%
ROA (Net income/ Total Assets)	8.75%	9.13%	7.71%	9.46%	8.43%	7.73%	8.28%	8.76%
Assets ¹	1,499	2,235	3,384	4,967	6,696	8,174	10,188	12,365
Book Value Per Share ²	19.70	28.90	40.10	58.50	77.80	98.60	127.0	162.0
Cash Flow per Share ²	12.60	17.40	33.20	59.30	65.10	25.90	30.40	39.30
Capex ¹	13.8	20	21.9	51.4	99.1	96.2	106	130
Capex / Sales	3.96%	4.02%	3.2%	5.13%	7.45%	5.94%	5.24%	5.19%
Announcement Date	2/27/19	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

OUTPERFORM

Number of Analysts

Last Close Price

1,473 EUR

Average target price

1,504 EUR

Spread / Average Target

+2.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Financial Technology (Fintech) (NEC)

	1st Jan change	Capi.
ADYEN N.V.	+26.26%	49 290 M $
INTUIT INC.	+5.30%	184 B $
FIDELITY NATIONAL INFORMATION SERVICES, INC.	+2.81%	36 592 M $
AFFIRM HOLDINGS, INC.	-10.74%	13 459 M $
ROBINHOOD MARKETS, INC.	-9.34%	9 988 M $
HITHINK ROYALFLUSH INFORMATION NETWORK CO., LTD.	-20.13%	9 412 M $
FUTU HOLDINGS LIMITED	-11.17%	6 687 M $
STONECO LTD.	+0.44%	5 586 M $
PB FINTECH LIMITED	+17.49%	5 032 M $
KAKAO PAY CORP.	-3.14%	4 813 M $

Financial Technology (Fintech) (NEC)