Author Topic: ETSY - ETSY.com  (Read 4088 times)

SlowAppreciation

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ETSY - ETSY.com
« on: May 18, 2017, 10:22:04 AM »
Not as compelling anymore after the 20% bump on talk of them exploring "strategic alternatives", but I've been looking at Etsy the past few weeks. And since Greenhaven Road wrote it up in their recent letter, figured it might be worth a post. Here are some quick thoughts:

Pros
  • Defensible against Amazon
  • Differentiated products that are not easily replicated by a competitor (i.e. not competing on price)
  • Fast growing seller services business (shipping labels, payment processing, paid promo listings
  • Capital light business model which should scale very nicely
  • Double digit growth with more runway
  • Sticky seller platform
  • Most growth is organic

Questions
  • At what point does operating leverage ramp?
  • When will they show profit/consistent FCF?
  • Will they get acquired?
  • What will new management do?
  • What's the TAM?


SlowAppreciation

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Re: ETSY - ETSY.com
« Reply #1 on: June 15, 2018, 06:47:14 AM »
Well, I missed this one...

racemize

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Re: ETSY - ETSY.com
« Reply #2 on: June 15, 2018, 07:18:53 AM »
Well this was on my list.  Greenhaven Road has had immaculate timing for years now.  Pretty amazing.

kab60

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Re: ETSY - ETSY.com
« Reply #3 on: June 15, 2018, 10:20:38 AM »
Well this was on my list.  Greenhaven Road has had immaculate timing for years now.  Pretty amazing.
Yep, it is quiet amazing how well he has been doing with a lot of his public picks. Just not sure if he's doing right in following Dane Capital in these SPAC investments. And RMG (which I believe he also found through his network I believe) was also crap. But Fiat, Ibkr, Trip, Etsy, Diamond Resorts, Fortress... Wow.

crastogi

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Re: ETSY - ETSY.com
« Reply #4 on: June 16, 2018, 07:58:32 AM »
RMR worked out pretty ok for me. 

I don't clone, but i do try to reverse engineer.  Sometimes it is hard to understand the rationale.  But then again, I may not have the same understanding of the business that he may have. 


henrysalt

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Re: ETSY - ETSY.com
« Reply #5 on: May 06, 2020, 04:26:20 PM »
Anyone still following? I like the recent growth even without the homemade mask play.