Etsy, Inc.

DB:3E2 Stock Report

Market Cap: €5.8b

Etsy Valuation

Is 3E2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3E2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3E2 (€51.34) is trading below our estimate of fair value (€155.81)

Significantly Below Fair Value: 3E2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3E2?

Key metric: As 3E2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3E2. This is calculated by dividing 3E2's market cap by their current earnings.
What is 3E2's PE Ratio?
PE Ratio23.8x
EarningsUS$256.64m
Market CapUS$6.11b

Price to Earnings Ratio vs Peers

How does 3E2's PE Ratio compare to its peers?

The above table shows the PE ratio for 3E2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average50.7x
ECK LUDWIG BECK am Rathauseck - Textilhaus Feldmeier
117.6xn/a€63.2m
ZAL Zalando
36.5x21.9%€7.4b
FIE Fielmann Group
23.3x18.9%€3.3b
HBM HORNBACH Baumarkt
25.4xn/a€1.8b
3E2 Etsy
23.8x11.6%€6.1b

Price-To-Earnings vs Peers: 3E2 is good value based on its Price-To-Earnings Ratio (23.8x) compared to the peer average (50.7x).

Price to Earnings Ratio vs Industry

How does 3E2's PE Ratio compare vs other companies in the Global Multiline Retail Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
3E2 23.8xIndustry Avg. 20.0xNo. of Companies19PE01632486480+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3E2 is expensive based on its Price-To-Earnings Ratio (23.8x) compared to the Global Multiline Retail industry average (20x).

Price to Earnings Ratio vs Fair Ratio

What is 3E2's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3E2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.8x
Fair PE Ratio14.9x

Price-To-Earnings vs Fair Ratio: 3E2 is expensive based on its Price-To-Earnings Ratio (23.8x) compared to the estimated Fair Price-To-Earnings Ratio (14.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 3E2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€51.34
€59.32
+15.5%
25.9%€100.22€42.00n/a27
Nov ’25€48.34
€57.34
+18.6%
26.3%€96.54€40.45n/a27
Oct ’25€49.80
€61.10
+22.7%
22.9%€94.75€40.61n/a27
Sep ’25€49.92
€61.11
+22.4%
22.6%€93.88€40.23n/a26
Aug ’25€55.35
€65.07
+17.6%
22.0%€97.30€41.70n/a26
Jul ’25€54.59
€65.85
+20.6%
21.4%€98.02€42.01n/a27
Jun ’25€56.19
€66.00
+17.5%
20.6%€97.62€41.84n/a28
May ’25€64.39
€75.22
+16.8%
24.2%€130.94€46.77n/a29
Apr ’25€63.58
€76.50
+20.3%
22.6%€128.81€46.01n/a30
Mar ’25€64.54
€77.32
+19.8%
22.4%€129.19€46.14n/a31
Feb ’25€66.85
€77.68
+16.2%
25.0%€133.78€43.36n/a30
Jan ’25€74.52
€76.37
+2.5%
25.8%€132.10€42.82n/a30
Dec ’24€69.37
€70.53
+1.7%
26.9%€133.23€43.18n/a30
Nov ’24€54.36
€87.31
+60.6%
33.7%€158.98€43.53€48.3430
Oct ’24€60.54
€102.40
+69.1%
28.3%€161.82€43.79€49.8028
Sep ’24€68.65
€102.52
+49.3%
26.0%€156.49€42.34€49.9227
Aug ’24€89.40
€105.44
+17.9%
27.3%€168.72€41.73€55.3527
Jul ’24€76.86
€109.14
+42.0%
26.6%€170.45€42.15€54.5927
Jun ’24€75.58
€115.36
+52.6%
25.2%€173.39€42.88€56.1926
May ’24€90.98
€119.63
+31.5%
24.0%€169.54€41.93€64.3926
Apr ’24€101.48
€128.41
+26.5%
22.3%€172.87€43.68€63.5825
Mar ’24€110.12
€133.92
+21.6%
20.5%€176.31€44.55€64.5425
Feb ’24€126.28
€120.63
-4.5%
23.0%€169.32€42.78€66.8525
Jan ’24€112.26
€117.57
+4.7%
24.7%€175.23€44.28€74.5224
Dec ’23€131.10
€113.34
-13.5%
24.1%€176.70€44.65€69.3723
Nov ’23€93.39
€121.86
+30.5%
25.7%€188.27€51.62€54.3623

Analyst Forecast: Target price is less than 20% higher than the current share price.

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