At its heart, ETSY is just an e-commerce play, but we would argue a quality e-commerce play, with some pricing power. Yes, there is a clear cyclical angle, however we also find a positive structural angle, plus marketplaces don’t get abandoned and Etsy has been showing its resilience in terms of business model by retaining most of its customers and revenue post the pandemic distortion. Etsy has a strong brand, little competition, an asset light model and a profitable business that still has the ability to grow double digits, it is a niche, but we don't know how big it can be. Potential Upside: $165 (+40%) Sensible Downside: $98(-22%)
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