We're hosting a call today to highlight our latest thoughts on our Best Idea Short ETSY and why our conviction is going higher.
Call Details
Date/Time: Friday, December 17th at 1:30pm EST Add to Calendar: CLICK HERE
Live Video Link: CLICK HERE
From Sunday
Etsy (ETSY): Taking ahead of BBY on our Best Idea Short List. We ‘get it’ that ETSY is a good concept, and better-than-decent company – and is a name we’d like to be long at a price. But that price is about 50% below where the stock is today. The name is trading at 18x EV/Gross Profit – more than 2x AMZN’s multiple – at a time when our math suggests that churn in the core Etsy concept should accelerate meaningfully. So growth is slowing, the company is acquiring its way around the core business, and we think that EBITDA in 2022 will come in ~20% below the Street. For a replay of our September Black Book walking through the ETSY short thesis: CLICK HERE.
See our latest note (ETSY | There Is A Season, Churn Churn Churn).