Lakehouse Global Growth Fund on Adyen N.V.
Thesis
Adyen's shares weakened after revenue growth slipped below the long-expected 20% level and management continued reinvesting heavily. Lakehouse believes the market is overlooking the company's long runway to take payment share from legacy incumbents through its modern single-platform architecture, with Unified Commerce and Platforms continuing to grow rapidly. The fund expects margins to improve as the reinvestment cycle matures and operating leverage returns. Acquisitions of Talon.One and Orb should deepen merchant relationships and extend Adyen into areas such as loyalty and usage-based billing, and Lakehouse added to the position after the selloff.
“we added to our position during the year.”
Key risks
- Revenue growth has fallen below the previously expected 20% level.
- Competition in payments is intensifying.
- Heavy reinvestment is keeping near-term margins flat.