Four of Adyen’s directors gave themselves a payday.
Photo: Jasper Juinen/Bloomberg NewsThe directors of hot European payments giant Adyen appear to have too much of a good thing.
One day after the Dutch company reported slightly disappointing half-year results and reaffirmed its growth targets, four of the group’s directors sold 15% of their shares to “diversify their portfolios.” Fair enough, but why now?
The business seems sound. Adyen has built a single international payments platform that can give customers new services or geographies at the flick of a switch. New merchants are signing up and existing clients are buying more. In the first half of this year over 80% of its revenue growth came from existing clients and churn is under 1%.
It also promises earnings before interest, tax, depreciation and amortization margins over 55% and net revenue growth in the mid-20s to low-thirties. Pennies earned on transactions at the likes of Uber, Fiverr and eBay add up to a nice chunk of change. It is hard to find that sort of growth and profitability anywhere.
But then maybe the directors grasped that there is a price for everything. Adyen’s shares have roughly doubled in the past year and tripled since its June 2018 IPO. It is a rare breed: a scaled-up European tech stock with competitive global growth prospects.
One director selling stock is understandable—he might need some cash for a small bunker in New Zealand. But it is awkward news for the company’s mainly growth investors that four insiders running the business fancy other prospects.
Write to Rochelle Toplensky at rochelle.toplensky@wsj.com
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Adyen’s Directors Take Some Money off the Table - The Wall Street Journal
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