Added to YB: 2026-08-20
Pitch date: 2026-08-18
ADYEN.AS [neutral]
Adyen N.V.
-10.45%
current return
Author Info
No bio for this author
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 28.0B
Pitch Price
EUR 1.1K
Price Target
N/A
Dividend
N/A
EV/EBITDA
11.82
P/E
24.91
EV/Sales
6.18
Sector
Financial Services
Category
growth
Adyen 2Q26: The New Denominator
ADYEN.AS (earnings): H1 vol €803.8B (+24%), rev +21% cc but take rate fell to 16.2bps as large merchants hit lower tiers. Thesis shifts from processing to monetizing merchant relationships via Talon.One/Orb/UC/Platforms. Missing proof: incremental non-processing rev. Trades 22.5x FY27/18.2x FY28 adj EPS, ~55% FY28 EBITDA margin est. Bull needs rev/merchant compounding independent of payment yield.
Read full article (6 min)