European technology star Adyen’s share-price meltdown exposes investors’ short-termism. The 50 billion euro Dutch payments company on Thursday reported a 59% EBITDA margin for the first half of the year, below analysts’ expectations of over 60%. More hiring and rising staff travel costs are to blame. The bad news on profitability overshadowed a racy 37% year-on-year rise in revenue, to 609 million euros over the six-month period. Adyen’s shares dropped 12%.
a 59% EBITDA margin for the first half of the year, below analysts’ expectations of over 60%. More hiring and rising staff travel costs are to blame. The bad news on profitability overshadowed a racy 37% year-on-year rise in revenue, to 609 million euros over the six-month period. Adyen’s shares dropped 12%.
The message is that investors are less interested in revenue growth, especially if it comes at the expense of near-term profits. Adyen’s perennially puffy valuation, of 51 times 2022 EBITDA even after Thursday’s fall, affords little room for error. That’s roughly double the multiple the market awards to sector peers like Visa
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