Etsy, Inc. (3E2.DE)

Etsy, Inc. (3E2.DE) — VMCI valuation read

Headline read on 3E2.DE: VMCI of 54/100 versus a Consumer Cyclical sector median of 50. The 4-point above-median position is what makes Etsy, Inc. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 3E2.DE: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 3E2.DE: value (3E2.DE trades at 17.0x earnings, 6% below the Consumer Cyclical median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Consumer Cyclical median (10.0%)), and risk (net debt to EBITDA of 1.4x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Cyclical 12.0x baseline.

3E2.DE fell 1.8% over the trailing 7 days, with a -11.2% read on a 30-day basis.