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United Internet lowers forecast – Adyen rises

The Internet and telecommunications group United Internet has lowered its forecast for operating earnings. The reason for this is the unexpectedly high price demands by the competitor Telefónica Deutschland for the use of its mobile network. On the other hand, the beneficiary of such a network, the Dutch payment processor Adyen, has achieved further success.

First things first about United Internet and Adyen:

  • United Internet wants to take action against the wholesale prices
  • Adyen moves up to the EuroStoxx 50

United Internet has to adjust its forecast and expects a decline in the operating result to 1.18 billion euros, after it had previously assumed a result at the previous year’s level of around 1.266 billion euros. If the prices demanded by Telefónica are permanently applicable, there will also be high declines in earnings in the following years.

Products on United Internet

United Internet wants to take action against the wholesale prices for July and August that were billed on Friday because they are not appropriate from the company’s point of view. Telefónica Deutschland (O2) and the United Internet subsidiary 1 & 1 Drillisch are currently negotiating the prices for the provision of mobile communications capacity. Telefónica Deutschland has to provide this as a condition of the merger with E-Plus.

Unlike its competitors, the United Internet subsidiary 1 & 1 Drillisch does not yet have its own mobile network. Since some 1 & 1 frequency blocks will only be available in a few years, the company will rent some from Telefónica until then. The outcome of the ongoing negotiations will also affect the development of a high-performance 5G network planned by 1 & 1 Drillisch. Telekom, Vodafone, Telefónica and 1 & 1 Drillisch have paid several billion euros for the corresponding frequencies in the 5G network.

In contrast, the payment service provider Adyen can further expand its position in the market for payment processors. The company is benefiting from Wirecard’s insolvency, as Adyen boss Pieter van der Does explained. In Asia in particular, the Dutch were able to fill the gap that Wirecard left behind. According to the company, numerous new customers were won there.

Products on Adyen N.V.

In the first six months of this year, the group processed almost 25 percent more payments than a year earlier. Net sales rose by almost 30 percent. Although more and more payments were processed online during the Corona crisis, not every company was able to benefit from them. At the European competitors Ingenico and Worldline, sales even fell in the first half of the year. The American competitor PayPal, however, has developed as positively as Ayden.

Overall, however, the market for payment services remains on a growth path, as Mastercard has determined. The credit card company expects a current volume of almost 230 trillion US dollars, an end to the growth is not expected from the perspective of Mastercard. As a rapidly growing company, Adyen has now been included in the European selection index EuroStoxx 50.

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Source: HSBC

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