Adyen operating model

Processed volume: TPV by channel and region

TPV, transactions and average transaction value

Reported, rows 6–10 · Reported, rows 35–41 · Derived, rows 22–35 · Derived, rows 51–73 · Forecast, rows 11–27 · Forecast, rows 30–53 · P&L & Cash Flow, rows 6–13

Take rate and pass-through: gross receipts to net revenue

Interchange, scheme fees, acquiring costs, net take rate

Reported, rows 21–32 · Derived, rows 6–19 · Derived, rows 38–48 · Forecast, rows 56–58 · P&L & Cash Flow, rows 16–25 · P&L & Cash Flow, rows 28–37 · P&L & Cash Flow, rows 85–99

Operating costs and margins

Cost of sales, opex, EBITDA

Reported, rows 44–51 · Derived, rows 76–102 · Forecast, rows 61–78 · Forecast, rows 81–98 · P&L & Cash Flow, rows 40–58

Settlement balances and the float

Due from schemes, due to merchants, the float

Reported, rows 78–85 · Derived, rows 113–123 · P&L & Cash Flow, rows 61–72

Tax

Tax on profit, and tax on operating profit

Reported, rows 54–66 · Derived, rows 126–130

Cash flow statement

Indirect method, closing on balance-sheet cash

Reported, rows 69–75 · Derived, rows 105–110 · P&L & Cash Flow, rows 75–82

Enterprise value to equity value

Debt off, cash on, per share

Valuation, rows 17–28

Discounting and terminal value

Discount factors, two terminal methods, reconciled

Forecast, rows 101–103 · Valuation, rows 6–14 · Valuation, rows 31–34 · Valuation, rows 37–40 · Valuation, rows 43–45

Sensitivity tables

Two assumptions at once, without a data table

Sensitivity, rows 5–7 · Sensitivity, rows 10–15 · Sensitivity, rows 18–26

Build · Lab · ~12 min

Unit Economics

Build an LTV:CAC you could defend under questioning, and answer payback as its own question.

Build · Lab · ~3 min

Name That Multiple

Place a business in the right EV/EBITDA band from its quality alone, and say what drives it.

Build · Lab · ~15 min

DCF Builder

Build a DCF by hand from revenue to a share price, know how much of it sits in the terminal value, and name the one assumption the answer hinges on.

Build · Lab · ~10 min

Reverse DCF

Read off the growth a share price already assumes, and say whether that is plausible before anyone asks.

Read · Guide · 11 min

SaaS Operating Models: ARR, Sales Capacity, Billings and the Metrics That Follow

Read · Guide · 16 min

How to Build a DCF Model: From Operating Assumptions to a Defensible Valuation

Read · Guide · 7 min

Enterprise Value vs. Equity Value, Once and For All

Apply · Skill

Model Audit

Find the errors in a financial model before someone senior does.

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Company Profile

Build a banker-grade one-pager on any company, fast.