Adyen: Fairly Valued On FCF, But Don't Ignore The Cash

Daniel Schönberger 13.94K Followers Follow Summary Adyen N.V. remains a 'Buy' as its large cash reserves and healthy balance sheet support both organic and acquisitive growth. ADYEY reported 19% net revenue growth and 17% non-interest revenue growth in H1/26, with management guiding for >20% revenue growth in 2026. Recent acquisitions (Talon.One, Orb) and the launch of Adyen Agentic enhance the company's growth prospects and strategic positioning. Intrinsic value, including €12B in cash reserves, supports a fair value of €1,471 per share, justifying continued bullishness. Morsa Images/DigitalVision via Getty Images At the end of March 2026, I published my last article about the Dutch payment company Adyen N.V. ( ADYEY ) ( ADYYF ). In the conclusion of my last article, I explained why I was This article was written by Daniel Schönberger 13.94K Followers Follow My analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat) and high levels of defensibility. Focused on European and North American companies, but without constraints regarding market capitalization (from large cap to small cap companies).My academic background is in sociology and I hold a Master’s Degree in Sociology (with main emphasis on organizational and economic sociology) and a Bachelor’s Degree in Sociology and History. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.