May 15, 2018

ETSY – Market expectations are for Uniform ROA expansion, but management has concerns about growth, initiatives, and technology


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      • Etsy, Inc. (ETSY:USA)currently trades above corporate averages relative to UAFRS-based (Uniform) Earnings, with a 31.8x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about growth, initiatives, and technology
      • Specifically, management may lack confidence in their ability to deliver a better customer experience, and may have concerns about their infrastructure enhancements, in terms of their ability to help facilitate growth going forward. Furthermore, they may have concerns about their trust and reliability initiatives, and may lack confidence in the sustainability of improvements in their marketing capabilities. Also, they may have concerns about their new order management system for sellers, and may lack confidence in their ability to drive buyer frequency in the future

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