Discounted Cash Flow (DCF) Analysis Unlevered

Adyen N.V. (ADYEN.AS)

1617.6 €

-7.40 (-0.46%)

All numbers are in Millions, Currency in USD

Stock DCF: 1,668.75 | 1617.6 | undervalue

Operating Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,012.44	1,652.95	2,656.77	3,641.39	5,995.42	9,378.34	14,670.07	22,947.67	35,895.91	56,150.20
Revenue (%)
EBITDA	98.93	174.96	284.22	361.15	628.65	965.18	1,509.79	2,361.68	3,694.27	5,778.76
EBITDA (%)
EBIT	93	166.23	261.89	332.59	593.63	902.84	1,412.27	2,209.15	3,455.66	5,405.51
EBIT (%)
Depreciation	5.94	8.74	22.33	28.57	35.01	62.34	97.52	152.54	238.61	373.24
Depreciation (%)

Balance Sheet Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Total Cash	574.92	515.18	753.15	1,270.41	4,596.44	4,273.80	6,685.29	10,457.47	16,358.11	25,588.18
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	4.02	7.86	7.02	19.55	22.14	38.32	59.94	93.76	146.66	229.41
Inventories (%)
Accounts Payable	3.52	6.62	9.46	8.31	8.99	27.80	43.49	68.03	106.42	166.46
Accounts Payable (%)
Capital Expenditure	-11.03	-13.81	-19.96	-21.89	-54.35	-78.47	-122.75	-192.01	-300.36	-469.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 1,617.6
Beta	1.171
Diluted Shares Outstanding	30.67
Cost of Debt
Tax Rate	19.13
After-tax Cost of Debt	7.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.060
Total Debt	142.96
Total Equity	49,607.91
Total Capital	49,750.87
Debt Weighting	0.29
Equity Weighting	99.71
Wacc

Build Up Free Cash

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,012.44	1,652.95	2,656.77	3,641.39	5,995.42	9,378.34	14,670.07	22,947.67	35,895.91	56,150.20
EBITDA	98.93	174.96	284.22	361.15	628.65	965.18	1,509.79	2,361.68	3,694.27	5,778.76
EBIT	93	166.23	261.89	332.59	593.63	902.84	1,412.27	2,209.15	3,455.66	5,405.51
Tax Rate	22.68%	20.38%	20.69%	19.23%	19.13%	20.42%	20.42%	20.42%	20.42%	20.42%
EBIAT	71.91	132.35	207.71	268.62	480.06	718.46	1,123.85	1,757.99	2,749.93	4,301.58
Depreciation	5.94	8.74	22.33	28.57	35.01	62.34	97.52	152.54	238.61	373.24
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-3.85	0.84	-12.53	-2.59	-16.18	-21.62	-33.82	-52.90	-82.75
Accounts Payable	-	3.10	2.84	-1.15	0.68	18.81	15.69	24.54	38.39	60.04
Capital Expenditure	-11.03	-13.81	-19.96	-21.89	-54.35	-78.47	-122.75	-192.01	-300.36	-469.84
UFCF	66.81	126.54	213.76	261.61	458.81	704.96	1,092.68	1,709.23	2,673.67	4,182.28
WACC
PV UFCF						646.46	918.85	1,318.02	1,890.62	2,711.97
SUM PV UFCF										7,485.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.05
Free cash flow (t + 1)	4,265.93
Terminal Value	60,509.62
Present Value of Terminal Value	39,237.02

Intrinsic Value

Enterprise Value	46,722.94
Net Debt	-4,453.48
Equity Value	51,176.42
Shares Outstanding	30.67
Equity Value Per Share	1,668.75