(Boursier.com) — Adyen climbs another 3% this Friday to 1,478 euros, after already 21% gained yesterday… The payment group reported yesterday for the year 2023 an operating profit above expectations and a drop of its costs. The group’s turnover stood at 1.63 billion euros, up 22% over one year, while Ebitda reached 743 ME, up 2% over one year, compared to place consensus which was located at 720 ME.
In the second half, the Ebitda margin reached 47.7%, compared to 43% for the second half of 2022 and a consensus around 44.5%, progress that the group attributes to a slowdown in hiring… Adyen has also confirmed its financial objectives of growth in its turnover of around twenty percentage points by 2026 and an Ebitda margin greater than 50% by 2026.
Among brokers’ opinions, Berenberg retains Adyen with a target which increases from 1,095 to 1,500 euros, while Cowen has gone from ‘market performance’ to ‘outperformance’, with a target which rises to 1,740 euros. Jefferies remains a buy with a price target that rises to 1,743 euros. “Adyen’s figures will not significantly change the market consensus, but the fact that the company exceeds investors’ expectations could make the markets more optimistic about the group’s medium and long-term prospects,” estimates JP Morgan, which maintains its price target at 1,183.60 euros and its recommendation to “overweight” on the file.
For Stifel, “Adyen reported very strong Q4 results, exceeding consensus expectations… Drivers remain a solid performance in Digital, while Platforms performed in line with expectations, with growth slowing hiring and average compensation. Overall, we believe Adyen continues to address concerns that emerged last year, showing accelerated revenue growth and stronger-than-expected operating leverage.” Enough to keep the purchase on file.
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