One of the hidden valuation levers for Adyen is the relative dearth of SBC. Net that out if SQ or PYPL, or pretty much any US founded company and that alone supports a much higher “headline” multiple relative to growth. That said agree it isn’t cheap here, but more like 8-9pct irr on my simple dcf math.
One of the hidden valuation levers for Adyen is the relative dearth of SBC. Net that out if SQ or PYPL, or pretty much any US founded company and that alone supports a much higher “headline” multiple relative to growth. That said agree it isn’t cheap here, but more like 8-9pct irr on my simple dcf math.
One of the hidden valuation levers for Adyen is the relative dearth of SBC. Net that out if SQ or PYPL, or pretty much any US founded company and that alone supports a much higher “headline” multiple relative to growth. That said agree it isn’t cheap here, but more like 8-9pct irr on my simple dcf math.