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On Monday, Goldman Sachs reaffirmed its Conviction Buy rating on Adyen NV (AS:ADYEN:NA) (OTC: ADYYF), maintaining a price target of EUR2,300.00. The firm’s analyst pointed to an anticipated acceleration in the second quarter and second half of 2025, with year-over-year growth excluding foreign exchange impacts expected at 23% and 25%, respectively. The optimism is based on multiple growth levers and strong underlying momentum within the company.
Goldman Sachs has made slight adjustments to its EBITDA estimates and margin assumptions for the fiscal year 2025 and beyond. Despite these changes, the firm’s projections remain 1-3% higher than the consensus EBITDA across fiscal years 2025-2026. The analyst believes that Adyen’s stock offers an attractive risk-reward scenario, especially considering recent price movements.
The firm’s reverse discounted cash flow (DCF) analysis suggests that the current share price of Adyen reflects expectations of net revenue growth in the low 20s percentage range over the next decade. Goldman Sachs views this as a conservative estimate. The analyst expressed confidence that Adyen’s continued solid performance and clear trajectory towards high 20s growth rates would lead to a positive reassessment of the stock’s value.
Goldman Sachs’ stance on Adyen remains bullish, with the expectation that the company’s execution of its business plan and growth strategy will result in a higher valuation by the market. The firm’s analysis and rating are based on the belief that Adyen is well-positioned to outperform market expectations and deliver robust financial results in the coming years.
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