More likely is that it was very overvalued before this, and now it's closer to a reasonable valuation given the deteriorating trends. It's still trading at some

More likely is that it was very overvalued before this, and now it's closer to a reasonable valuation given the deteriorating trends. It's still trading at something like 18+ times revenue. For Paypal, this stat is more like 2.3x, (although Paypal's EBITDA margin is a bit less than half of Adyen's, and clearly Paypal is more mature at this point). Still, even adjusting for that, Adyen remains very dramatically more expensive.