ADYEN-NL: N-Term Outlook Unchanged Despite Volatility, Competitive Fears

研报英文原文证据摘录

ADYEN-NL: N-Term Outlook Unchanged Despite Volatility, Competitive Fears

Payments, Processors, & IT Services

FLASH

FLASH: ADYEN NV (ADYEN-NL) June 5, 2026

ADYEN-NL: N-Term Outlook Unchanged Despite Volatility, Rating:

Competitive Fears Outperform

Price:

●Shares of ADYEN are down ~9% today given competitor reports circulating €897.00

on potential competitive market share and pricing shifts. Given the tape and Price Target:

€1,150 investor interest, we provide our quick thoughts and summary of our recent % Upside:

check-in with the company. 28.2%

Source: FactSet, Wolfe Research

Priced as of 06/04/26

●We do not see a material change in the underlying setup following our

recent check-in. Management continues to maintain its guide (both FY26 and

medium-term), with no clear signs of broader spending deterioration. While

there have been some impacts to certain pockets in travel (similar to Adyen’s

messaging at earnings), it sees no significant changes to the macro or consumer

health despite heightened fears. We see 1H growth similar to 2H growth, with Darrin Peller

sequentially better growth in 2Q as the company laps the APAC merchant dpeller@wolferesearch.com (646) 582-9310

impacts from last year's post-tariff impacts. View Darrin’s Research

View ADYEN-NL Model

View Comp Table

●Separately, (per management), we highlight CFO Ethan Tandowsky's

Paul Obrecht

upcoming departure was not due to a disagreement at the board level and pobrecht@wolferesearch.com

came as a surprise to management at Adyen. Our checks suggest he's going to (646) 582-9308

an attractive earlier stage opportunity. In the event the search process extends Scott Wurtzel

swurtzel@wolferesearch.com

beyond Ethan’s departure date, Adyen is confident in its strong existing in- (646) 582-9313