Intrinsic value of Etsy - ETSY

Previous Close

$15.43

  Intrinsic Value

$11.84

stock screener

  Rating & Target

sell

-23%

  Value-price divergence*

+549%

Previous close

$15.43

 
Intrinsic value

$11.84

 
Up/down potential

-23%

 
Rating

sell

 
Value-price divergence*

+549%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ETSY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  33.21
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.70
  5.63
Revenue, $m
  365
  432
  505
  585
  671
  763
  861
  965
  1,074
  1,189
  1,310
  1,436
  1,568
  1,706
  1,849
  1,997
  2,152
  2,312
  2,479
  2,653
  2,833
  3,020
  3,215
  3,418
  3,630
  3,850
  4,079
  4,318
  4,567
  4,827
  5,099
Variable operating expenses, $m
 
  341
  399
  461
  528
  600
  677
  758
  844
  934
  1,028
  1,124
  1,227
  1,334
  1,446
  1,562
  1,683
  1,809
  1,939
  2,075
  2,216
  2,362
  2,515
  2,674
  2,839
  3,011
  3,190
  3,377
  3,572
  3,776
  3,988
Fixed operating expenses, $m
 
  60
  62
  64
  65
  67
  68
  70
  72
  74
  76
  77
  79
  81
  83
  85
  88
  90
  92
  94
  97
  99
  102
  104
  107
  109
  112
  115
  118
  121
  124
Total operating expenses, $m
  347
  401
  461
  525
  593
  667
  745
  828
  916
  1,008
  1,104
  1,201
  1,306
  1,415
  1,529
  1,647
  1,771
  1,899
  2,031
  2,169
  2,313
  2,461
  2,617
  2,778
  2,946
  3,120
  3,302
  3,492
  3,690
  3,897
  4,112
Operating income, $m
  18
  30
  44
  60
  77
  96
  116
  136
  159
  182
  206
  236
  262
  290
  319
  350
  381
  414
  448
  484
  521
  559
  599
  641
  684
  729
  776
  826
  877
  931
  987
EBITDA, $m
  41
  48
  65
  83
  103
  125
  148
  172
  198
  225
  254
  283
  315
  347
  381
  416
  453
  491
  531
  572
  615
  660
  706
  754
  805
  857
  912
  970
  1,029
  1,092
  1,157
Interest expense (income), $m
  2
  1
  8
  15
  23
  31
  41
  51
  61
  72
  84
  96
  108
  122
  135
  150
  165
  180
  196
  213
  230
  249
  267
  287
  307
  328
  351
  374
  398
  423
  449
Earnings before tax, $m
  -3
  29
  37
  45
  55
  64
  75
  86
  98
  110
  123
  140
  154
  169
  184
  200
  217
  234
  252
  271
  290
  310
  332
  354
  377
  401
  426
  452
  480
  508
  538
Tax expense, $m
  27
  8
  10
  12
  15
  17
  20
  23
  26
  30
  33
  38
  42
  46
  50
  54
  58
  63
  68
  73
  78
  84
  90
  95
  102
  108
  115
  122
  130
  137
  145
Net income, $m
  -30
  21
  27
  33
  40
  47
  55
  63
  71
  80
  90
  102
  112
  123
  134
  146
  158
  171
  184
  198
  212
  227
  242
  258
  275
  293
  311
  330
  350
  371
  393

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  282
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  581
  354
  414
  479
  549
  625
  705
  790
  880
  974
  1,073
  1,176
  1,284
  1,397
  1,514
  1,636
  1,762
  1,894
  2,031
  2,173
  2,320
  2,474
  2,633
  2,800
  2,973
  3,153
  3,341
  3,536
  3,740
  3,953
  4,176
Adjusted assets (=assets-cash), $m
  299
  354
  414
  479
  549
  625
  705
  790
  880
  974
  1,073
  1,176
  1,284
  1,397
  1,514
  1,636
  1,762
  1,894
  2,031
  2,173
  2,320
  2,474
  2,633
  2,800
  2,973
  3,153
  3,341
  3,536
  3,740
  3,953
  4,176
Revenue / Adjusted assets
  1.221
  1.220
  1.220
  1.221
  1.222
  1.221
  1.221
  1.222
  1.220
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
  1.221
Average production assets, $m
  122
  144
  168
  195
  223
  254
  287
  321
  358
  396
  436
  478
  522
  568
  616
  665
  717
  770
  826
  883
  943
  1,006
  1,071
  1,138
  1,209
  1,282
  1,358
  1,438
  1,521
  1,607
  1,698
Working capital, $m
  287
  14
  17
  19
  22
  25
  28
  32
  35
  39
  43
  47
  52
  56
  61
  66
  71
  76
  82
  88
  93
  100
  106
  113
  120
  127
  135
  142
  151
  159
  168
Total debt, $m
  12
  47
  93
  143
  197
  254
  316
  381
  450
  522
  598
  677
  760
  846
  936
  1,029
  1,126
  1,227
  1,331
  1,440
  1,553
  1,671
  1,793
  1,921
  2,053
  2,191
  2,335
  2,485
  2,641
  2,804
  2,975
Total liabilities, $m
  236
  271
  317
  367
  421
  478
  540
  605
  674
  746
  822
  901
  984
  1,070
  1,160
  1,253
  1,350
  1,451
  1,555
  1,664
  1,777
  1,895
  2,017
  2,145
  2,277
  2,415
  2,559
  2,709
  2,865
  3,028
  3,199
Total equity, $m
  345
  83
  97
  112
  129
  146
  165
  185
  206
  228
  251
  275
  301
  327
  354
  383
  412
  443
  475
  508
  543
  579
  616
  655
  696
  738
  782
  827
  875
  925
  977
Total liabilities and equity, $m
  581
  354
  414
  479
  550
  624
  705
  790
  880
  974
  1,073
  1,176
  1,285
  1,397
  1,514
  1,636
  1,762
  1,894
  2,030
  2,172
  2,320
  2,474
  2,633
  2,800
  2,973
  3,153
  3,341
  3,536
  3,740
  3,953
  4,176
Debt-to-equity ratio
  0.035
  0.570
  0.960
  1.270
  1.530
  1.740
  1.920
  2.060
  2.190
  2.290
  2.380
  2.460
  2.530
  2.590
  2.640
  2.690
  2.730
  2.770
  2.800
  2.830
  2.860
  2.890
  2.910
  2.930
  2.950
  2.970
  2.990
  3.000
  3.020
  3.030
  3.040
Adjusted equity ratio
  0.211
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -30
  21
  27
  33
  40
  47
  55
  63
  71
  80
  90
  102
  112
  123
  134
  146
  158
  171
  184
  198
  212
  227
  242
  258
  275
  293
  311
  330
  350
  371
  393
Depreciation, amort., depletion, $m
  23
  18
  20
  23
  26
  29
  32
  36
  39
  43
  47
  48
  52
  57
  62
  67
  72
  77
  83
  88
  94
  101
  107
  114
  121
  128
  136
  144
  152
  161
  170
Funds from operations, $m
  46
  39
  47
  56
  66
  76
  87
  98
  111
  123
  137
  150
  165
  180
  196
  212
  230
  248
  266
  286
  306
  327
  349
  372
  396
  421
  447
  474
  502
  532
  563
Change in working capital, $m
  -1
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
Cash from operations, $m
  47
  37
  45
  54
  63
  73
  84
  95
  107
  120
  133
  146
  160
  175
  191
  208
  225
  242
  261
  280
  300
  321
  343
  365
  389
  414
  439
  466
  494
  523
  554
Maintenance CAPEX, $m
  0
  -12
  -14
  -17
  -19
  -22
  -25
  -29
  -32
  -36
  -40
  -44
  -48
  -52
  -57
  -62
  -67
  -72
  -77
  -83
  -88
  -94
  -101
  -107
  -114
  -121
  -128
  -136
  -144
  -152
  -161
New CAPEX, $m
  -48
  -22
  -24
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -76
  -80
  -83
  -87
  -90
Cash from investing activities, $m
  -135
  -34
  -38
  -44
  -48
  -53
  -58
  -64
  -68
  -74
  -80
  -86
  -92
  -98
  -105
  -112
  -118
  -125
  -133
  -141
  -148
  -156
  -166
  -175
  -184
  -194
  -204
  -216
  -227
  -239
  -251
Free cash flow, $m
  -88
  3
  6
  10
  15
  20
  26
  32
  38
  45
  53
  60
  69
  77
  87
  97
  107
  117
  128
  140
  152
  164
  177
  191
  205
  219
  235
  251
  267
  285
  303
Issuance/(repayment) of debt, $m
  -6
  42
  46
  50
  54
  58
  62
  65
  69
  72
  76
  79
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  122
  127
  133
  138
  144
  150
  156
  163
  170
Issuance/(repurchase) of shares, $m
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  6
  42
  46
  50
  54
  58
  62
  65
  69
  72
  76
  79
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  122
  127
  133
  138
  144
  150
  156
  163
  170
Total cash flow (excl. dividends), $m
  -90
  45
  52
  60
  69
  78
  87
  97
  107
  118
  129
  139
  151
  164
  176
  190
  204
  218
  233
  249
  265
  282
  300
  318
  337
  357
  378
  401
  424
  448
  473
Retained Cash Flow (-), $m
  -14
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
Prev. year cash balance distribution, $m
 
  275
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  307
  38
  45
  52
  60
  68
  77
  86
  96
  106
  115
  126
  137
  149
  161
  174
  187
  201
  215
  230
  246
  262
  279
  297
  315
  335
  355
  376
  398
  421
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  294
  35
  39
  43
  47
  50
  52
  54
  55
  55
  55
  54
  52
  50
  47
  44
  41
  37
  33
  29
  25
  22
  18
  15
  12
  10
  8
  6
  4
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Etsy, Inc. operates a marketplace to make, sell, and buy goods online and offline worldwide. The company through its technology-based platform connects a community of sellers and buyers. Etsy sellers offer goods in various online retail categories, including jewelry, stationery, clothing, home goods, craft supplies, and vintage items. The company was founded in 2005 and is headquartered in Brooklyn, New York.

FINANCIAL RATIOS  of  Etsy (ETSY)

Valuation Ratios
P/E Ratio -59.6
Price to Sales 4.9
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 38.1
Price to Free Cash Flow -1789.4
Growth Rates
Sales Growth Rate 33.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 128.6%
Cap. Spend. - 3 Yr. Gr. Rate 23.1%
Financial Strength
Quick Ratio 40
Current Ratio 0.2
LT Debt to Equity 1.4%
Total Debt to Equity 3.5%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.8%
Ret/ On Assets - 3 Yr. Avg. -7.8%
Return On Total Capital -8.6%
Ret/ On T. Cap. - 3 Yr. Avg. -14.3%
Return On Equity -8.9%
Return On Equity - 3 Yr. Avg. -14.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 66.3%
Gross Margin - 3 Yr. Avg. 64.4%
EBITDA Margin 6%
EBITDA Margin - 3 Yr. Avg. 2.2%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 0.5%
Pre-Tax Margin -0.8%
Pre-Tax Margin - 3 Yr. Avg. -5.4%
Net Profit Margin -8.2%
Net Profit Margin - 3 Yr. Avg. -11.9%
Effective Tax Rate -900%
Eff/ Tax Rate - 3 Yr. Avg. -347.6%
Payout Ratio 0%

ETSY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ETSY stock intrinsic value calculation we used $365 million for the last fiscal year's total revenue generated by Etsy. The default revenue input number comes from 2016 income statement of Etsy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ETSY stock valuation model: a) initial revenue growth rate of 18.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ETSY is calculated based on our internal credit rating of Etsy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Etsy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ETSY stock the variable cost ratio is equal to 79.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $59 million in the base year in the intrinsic value calculation for ETSY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 16% for Etsy.

Corporate tax rate of 27% is the nominal tax rate for Etsy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ETSY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ETSY are equal to 33.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Etsy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ETSY is equal to 3.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $345 million for Etsy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 109.448 million for Etsy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Etsy at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ 3 Monster Stocks in the Making   [10:51AM  Motley Fool]
▶ Weekly CEO Buys Highlights   [Aug-14-17 12:06PM  GuruFocus.com]
▶ Etsy, Camping World rise, while Nvidia, J.C. Penney fall   [Aug-11-17 04:38PM  Associated Press]
▶ Etsy chief buys thousands of shares in e-retailer on open market   [Aug-10-17 07:15PM  American City Business Journals]
▶ Etsy, Inc. Swings to a Profit   [Aug-04-17 06:41PM  Motley Fool]
▶ Why Etsy, Inc. Stock Jumped on Friday   [03:14PM  Motley Fool]
▶ Etsy's New Strategy Begins to Pay Off   [12:16PM  Barrons.com]
▶ Etsy beats Street 2Q forecasts   [02:50AM  Associated Press]
▶ Etsy in line with Street expectations   [04:29PM  CNBC Videos]
▶ 3 Reasons Etsy Inc (ETSY) Stock Could Be a Comeback Kid   [Aug-02-17 12:19PM  InvestorPlace]
▶ Today's Top Supply Chain and Logistics News From WSJ   [06:47AM  The Wall Street Journal]
▶ Etsy's CTO to Boost Machine Learning, Scale IT Architecture   [Aug-01-17 12:58PM  The Wall Street Journal]
▶ 3 Stocks That Look Just Like eBay in 1998   [03:30PM  Motley Fool]
▶ Why Etsy, Inc. Stock Is Up 24% This Year   [Jul-19-17 06:28PM  Motley Fool]
▶ This 2015 IPO May Finally Be Crafting A Breakout Move   [Jul-14-17 04:09PM  Investor's Business Daily]
▶ Survey: 44,000,000 Americans have a side hustle   [Jul-12-17 10:46AM  Yahoo Finance]
▶ Bull of the Day: Etsy (ETSY)   [06:21AM  Zacks]
▶ New Strong Buy Stocks for July 10th   [Jul-10-17 09:07AM  Zacks]
▶ Why Etsy, Inc. Stock Popped 12% in June   [Jul-08-17 11:32AM  Motley Fool]
▶ Why Etsy (ETSY) Stock Might be a Great Pick   [Jun-28-17 08:53AM  Zacks]
▶ [$$] Etsy Cuts Another 15% of Workforce   [Jun-22-17 12:34AM  The Wall Street Journal]
▶ [$$] New Etsy chief takes axe to staff numbers   [01:31PM  Financial Times]
▶ [$$] Etsy Cuts Another 15% of Workforce   [11:01AM  The Wall Street Journal]
▶ 10 Best Part-Time Jobs for Retirees   [Jun-20-17 12:11PM  TheStreet.com]
▶ Options say watch this retailer & chip company   [Jun-13-17 02:23PM  CNBC Videos]
▶ 3 Stocks That Feel Like Wal-Mart in 1970   [Jun-10-17 08:10PM  Motley Fool]
▶ [$$] Why Executives Need to Understand Software Engineering   [Jun-07-17 07:35AM  The Wall Street Journal]
▶ Why Etsy Inc Stock Jumped 25% Last Month   [Jun-04-17 07:00AM  Motley Fool]
▶ An Overlooked Internet ETF   [Jun-01-17 01:00PM  Investopedia]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-30-17 03:30PM  Investor's Business Daily]
▶ Etsy Crafting Intermediate Term Breakout   [12:46PM  TheStreet.com]
▶ Can This Retail IPO Rebound To A New Breakout?   [12:25PM  Investor's Business Daily]
▶ Why Etsy Was Ripe for Activist Investors   [May-26-17 07:38AM  Motley Fool]
▶ Chipotle Upgraded, PayPal Downgraded; Altria, Philip Morris Are Buys   [May-25-17 04:06PM  Investor's Business Daily]
▶ Amazon takes aim at Etsy   [11:42AM  Business Insider]
▶ Citi Says Don't Buy Etsy Shares Here   [08:37AM  Benzinga]
▶ An Embattled Etsy Slashes Its Intern Program   [May-24-17 04:13PM  Bloomberg]
▶ Amazon's Getting Into The Wedding Game Now; Should Etsy Be Worried?   [May-23-17 04:21PM  Investor's Business Daily]
▶ Retail And E-Commerce News And Stocks To Watch   [11:23AM  Investor's Business Daily]
▶ Can Etsy Stock Keep Going After Last Week's 18% Pop?   [May-21-17 08:00AM  Motley Fool]
▶ [$$] TPG Borrows Page from Activist Playbook in Buying Etsy Stake   [May-16-17 07:17PM  The Wall Street Journal]
Stock chart of ETSY Financial statements of ETSY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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