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1/n Re $ADYEN, if you just reframe it to "software business with 115-120% net retention rate, <1% churn with 5% overall market penetration, <20% penetration on its own customers, >10% EBIT margin uplift potential, growing c.30% per annum with >400% ROIC (*excl.* 3rd-party funds)
2/n ... with a founder-led, skin-in-the-game, long-term oriented management, you will find that c.100x EV/FCF forward is actually cheap. Not to mention its edge over enterprise competitors, who are mostly legacy, slow-moving banks (~70% of the TPV market)
3/n Also, c.30% per annum is the mid-point guaranteed by management, who is one of the most "under-promise, over-delivery" management teams in the payments industry. Depending on your assumptions around customers penetration and customer acquisition, it can go well beyond that.
4/4 The issuing product is another feature that can have a significant revenue contribution going forward. The best part is that they already have the customers, they just need to deliver it. No CAC.