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Adyen

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  • Järgmine nädal jõuab Amsterdami börsile Adyen ning kuna tegemist on oodatud sündmusega Euroopa IPO turul, siis võiks ettevõte väärida ka oma foorumiteemat. Adyen on 2006. aastal loodud Hollandi päritolu maksevahendaja, kes on tänu oma integreeritud platvormile kasvanud eelistatud koostööpartneriks rohkete suufirmade seas, nagu näiteks Airbnb, Uber, Netflix, Facebook, Spotify, Etsy, Vodafone, L’Oreal, booking.com ja eBay. 23 triljoni dollari suuruseks hinnatud globaalsel kaardimaksete turul mullu 108,3 miljardi euro väärtuses makseid vahendanud Adyen leiab, et on alles oma kasvuloo algfaasis.

    Pikemalt võib lugeda siit: Adyen – järgmine kuum tehnoloogia IPO Euroopast
  • Tegija firma

    Aasta tagasi sai nende uksi kulutatud merchant accounti teemal.
    Siis olid väga konkurentsis oma teenuste hindadega ja oma API omadustelt üks parimaid turul.
    Väga armastavad monthly subscription kliente, mis on hetkel ka väga tõusev trend maailmas.
  • Kas sellel IPO-l osaleda ka saab läbi LHV?
  • Henri XI
    Kas sellel IPO-l osaleda ka saab läbi LHV?


    Esialgsel infol on see vaid institutsionaalsetele klientidele suunatud
  • Lihtsalt huvi pärast küsiks, kes on või mis kriteeriumitele peab vastama institutsionaalne klient?
  • tahtsin öelda institutsionaalsetele investoritele, mitte klientidele....ehk tavaliselt fiantsasutus, organisatsioon, fond vms, mis oma liikmete või klientide raha investeerivad ja nende huve esindavad
  • IPO pressiteate leiab siit ning prospekti siit. Institutsionaalsetele investoritele pakutavate aktsiate hinnavahemik on 220-240 eurot, mis annab firma turukapitalisatsiooniks 6,5-7,1 miljardit eurot ning kõrgema otsa pealt tähendab 2017. a kasumi baasil 100x PE suhet. Eeldades tänavu kasumi 40% kasvu (mis võiks pigem olla konservatiivne), oleks 2018.a ettevaatav PE 71. Võrdluseks näiteks 100 miljardi dollari suuruse turukapitalisatsiooniga PayPal kaupleb 36x selle aasta oodavat kasumit.

    Kauplemist alustab aktsia 13. juunil sümboliga ADYEN
  • IPOde järgsed avanemised on Euroopas viimasel ajal sujunud üsna edukalt, ent Adyen teeb silmad ette, alustades kauplemist ligi 70% kõrgemal 240eurosest IPO hinnast
  • Adyeni aktsiall kuigi palju katjaid veel pole, aga Berenberg kostitab täna kõrgeima sihiga

    *Technology-based payments companies are well-placed to meet complex payment demands, Berenberg analysts Tammy Qiu and Tej Sthankiya write in a note initiating coverage on Adyen at buy.
    * Cos. able to handle cross-border payments better than banks as infrastructure designed to be global and can handle transactions more efficiently and cheaply, and industry normally has better data solutions than banks, legacy payment-services firms
    * Adyen underappreciated, PT set at EUR590; co. can slow down take rate decline, while organic volume growth not slowing; co. should be able to see off competition from start-ups who will take a decade to match its integrated solutions
  • 240 euro peal IPO teinud ning esimesel päeval 455 eurol sulgunud Adyen murdis läbi 600 euro
  • Adyen raporteeris avaliku ettevõttena oma esimesed majandustulemused, näidates esimesel poolaastal käibe 67% kasvu. Kuigi endiselt jäädakse truuks varasemale nägemusel jõuda EBITDA marginaaliga pikemas plaanis üle 55%, siis pärast esimeses kvartalis saavutatud 45,8% tõid IPOga seotud kulud poolaasta marginaali 44,9% peale.

    * Adyen reported net revenue for the first half of EU156.4 million.
    * 1H processed volumes EU70 billion, up 43.1% y/y
    * 1H Ebitda EU70.3 million, up 83.1% y/y
    * 1H Ebitda margin +44.9%
    * 1H free cash flow EU62.7 million
    * 1H net income EU48.2 million
    * Still sees FY net revenue at least +40%
    * Objectives Remain Unchanged From IPO Prospectus
    * Point-of-sale processed volume up 120% y/y
  • Adyeni oodatust parem teine poolaasta tähendas seda, et kogu majandusaasta käive kerkis 60% ehk tublisti üle esimese poolaasta lõpus prognoositud vähemalt 40%st. Prognoosid edaspidiseks jäid paika.

    2H net revenue EU192.5 million, estimate EU182.9 million (YoY 54%)
    2H Ebitda EU111.7 million, estimate EU88.6 million (BD)
    2H Ebitda margin +58%
    2H net income EU83 million, estimate EU66.3 million (BD)
    2H free cash flow EU105.4 million

    **Outlook net revenue growth: We aim to continue to grow net revenue and achieve a CAGR between the mid-twenties and low- thirties in the medium term by executing our sales strategy
    ** Outlook Ebitda margin: We aim to improve Ebitda margin, and expect this margin to benefit from our operational leverage going forward and increase to levels above 55% in the long-term
    ** Outlook capital expenditure: We aim to maintain a sustainable capital expenditure level of up to 5% of our net revenue
  • Ei ole miskit öelda, muljet avaldav liikumine isegi pärast IPO hinnast 70% avanemist esimesel päeval.

    Adyen reported net revenue for the 2H that beat the average analyst estimate.
    SECOND HALF RESULTS
    * Net revenue EU379.4 million, +28% y/y, estimate EU374.9 million (Bloomberg Consensus)
    * Revenue EU2.08 billion, +38% y/y
    * Processed volumes EU174.5 billion, estimate EU170.48 billion
    * Ebitda EU236.8 million, +36% y/y, estimate EU211.9 million
    * Ebitda margin 62%, estimate 56.2%
    * Net income EU163.1 million, +27% y/y, estimate EU155.9 million
    * Free cash flow EU217.0 million, +37% y/y

    * Raises Ebitda Margin Guidance to >65% in Longer Term
    * Dick's Sporting Goods Partner Over U.S. Payments
    * On Ebitda margin: ''given the substantial growth and operating leverage we have seen since IPO, combined with our continued focuson the scalability of our single platform, we expect upward trend tocontinue to levels of over 65% in the long term''
    * Previous long-term ebitda margin guidance >55%


  • Adyenilt oodatust paremad tulemused

    FIRST HALF RESULTS
    * Net revenue EU445.0 million, +46% y/y, estimate EU422.9 million (Bloomberg Consensus)
    * Ebitda EU272.7 million, +65% y/y, estimate EU251.4 million
    * Ebitda margin 61% vs. 54.4% y/y, estimate 58.2% (2 estimates)
    * Processed volumes EU216.0 billion, +24% h/h, estimate EU193.53 billion
    * Net income EU204.8 million vs. EU97.9 million y/y, estimate EU180.4 million
    * Free cash flow EU246.4 million, +60% y/y

    COMMENTARY AND CONTEXT
    * Still aims to grow net revenue and achieve a CAGR between the mid-twenties and low-thirties in the medium term
    * Still aims to improve Ebitda margin to above 65% in the long term
    * Still aims to maintain capex level of up to 5% of net revenue
    * A “longer-term shift in shopper preferences now ingrained due to Covid-19 pandemic,” the company said in the statement.
    * LVMH, and Chinese fast-fashion giant Shein joined as customers in the first half, Uytdehaage said.
    * Adyen said it hired employees globally and built out its infrastructure for remote working.
    * Adyen is expanding its footprint to rely less on European markets and sees short-term growth being driven by North America.

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