$ADYEN is a new position that I added early this year when the stock tumbled - tales of a high growth high risk holding!
Totally ! The recent drop is due competitive pressure and fear that adyen has lost some volume to competitors due to an aggressive pricing tactic. Just a precision It has no lost customer -churn is below 1% - but a portion of volume from these customers . Large Digital (Uber, eBay, wix, Spotify, Netflix) players have multiple payment processors in general. I actually found one particular customer that has moved out some of the volume .. I will discuss this in part2
My understanding is that the stock not just tanked because of the additional FTEs but also because it lost some clients to cheaper competitors which surprised market participants as they assumed higher switching barriers / lock-in effects for the clients