https.stockopine.com/@stockopine
Bio
StockOpine is run by two investors in their mid-30s with deep experience in financial services and asset management. They began their careers at Big Four firms, working across audit, corporate finance, valuations, and financial modeling. Their combined background gives them an edge in fundamental research.
Ideas
2 Ideas
Adyen H2 2025: Analysis of the Miss
Adyen's H2 2025 results missed revenue estimates, causing a sharp market reaction. However, the underlying business remains strong. The take rate is expanding, indicating pricing power, not a price war. The digital pillar's weakness is "optical" due to the churn of a single large, low-margin customer and the successful upselling of clients to the higher-margin Unified Commerce pillar. The Unified Commerce and Platforms pillars are growing rapidly, demonstrating the strength of Adyen's omnichannel strategy. The company's profitability is improving, with the EBITDA margin reaching 55%. Management's long-term focus on building a durable business, rather than chasing short-term targets, is paying off.
Booking Holdings - Investment thesis
The online market for travelling and accommodation is recovering, and Booking Holdings, as a leader in the OTA market, is set to benefit. The company has a strong market share, particularly in Europe, and a network effect that acts as a barrier to entry. Booking has a history of significant share buybacks, returning a large portion of its cash from operations to shareholders. The company also has optionality through its offerings of flights, car rentals, and other travel-related services. The valuation appears attractive, with a potential IRR of around 15.8% based on conservative EBITDA estimates.