Adyen NV

ADYEN: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€3,723.00	Mybx	Jbrrqzqt

Adyen Earnings: EBITDA Margin Showing Expected Recovery; Shares Attractive

Niklas Kammer

Aug 15, 2024

Adyen reported a good set of results for the first half of 2024. Net revenue growth of 24% and processed volume growth of 45% showed similar good dynamics to what was reported during the first-quarter release. As expected, EBITDA margin improved to 46% from 43% in the same period last year as the payment-services provider has reduced its pace of hiring. We anticipate further margin improvement over the next years and believe that Adyen’s above-50% EBITDA margin target by 2026 is achievable. We maintain our EUR 1,660 fair value estimate and believe that Adyen offers good value at current levels. Our wide economic moat rating is unchanged.

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