Shopify Or Etsy? Here's Why I Am Buying Both_老虎社区_美港股上老虎

Shopify Or Etsy? Here's Why I Am Buying Both

Seeking Alpha2022-02-28

SummaryThe eCommerce industry has been one of the industries that has suffered the most in the recent tech market sell-off.Both Shopify and Etsy have fallen victim to this, now standing down ...

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Here's Why I Am Buying Both\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-28 17:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4491214-shopify-or-etsy-heres-why-i-am-buying-both>Seeking Alpha</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nSummaryThe eCommerce industry has been one of the industries that has suffered the most in the recent tech market sell-off.Both Shopify and Etsy have fallen victim to this, now standing down ...\n\n<a href=\"https://seekingalpha.com/article/4491214-shopify-or-etsy-heres-why-i-am-buying-both\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ETSY","symbol_name":"Etsy, Inc.","start_time":0,"source_url":"https://seekingalpha.com/article/4491214-shopify-or-etsy-heres-why-i-am-buying-both","article_id":"1108647607","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1108647607","pubTimestamp":1646041142,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"SummaryThe eCommerce industry has been one of the industries that has suffered the most in the recen","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ETSY":"Etsy, Inc.","SHOP":"Shopify Inc"},"translate_title":"Shopify还是Etsy？这就是我买两个的原因","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SHOP":0.9,"ETSY":0.9},"content_text":"SummaryThe eCommerce industry has been one of the industries that has suffered the most in the recent tech market sell-off.Both Shopify and Etsy have fallen victim to this, now standing down significantly from all-time highs.Both companies operate extremely lucrative business models with large Total Addressable Markets.I am taking a piece of both of these successful businesses at current valuations for the long-term.MStudioImages/E+ via Getty ImageseCommerce is undeniably one of the biggest market opportunities for the coming years and any company that takes a piece of this pie will set itself up for huge growth over the long run. Both Shopify (SHOP) and Etsy (ETSY) have had tremendous success in occupying those positions.Many investors like to draw competition between the two companies, but I believe there is enormous potential and value in holding both of them. In this article, I am going to discuss why I am buying stock in both Etsy and Shopify.The competitive edge - different focusesIn many ways, it's easy to see the argument that Shopify and Etsy are direct competitors. Both offer solutions for merchants to set up their own shops. Shopify does this by providing powerful sales tools and a complete system that allows sellers to set up their own websites with their payment systems. While Etsy provides sellers with the tools to join their expansive marketplace and the traction that comes with that.While the solutions and offerings provided are similar, I believe both are meeting significant needs within the eCommerce industry. Etsy provides an immediate easy way to set up shop on the website with a small listing fee and gives sellers immediate access to 96 million active buyers on its platform. For someone who is looking to gain immediate buyer attention, this is really appealing. A risk that many investors discuss that faces Etsy is that when sellers scale on the platform, they can just transfer off to Shopify. However, when sellers grow their business on the platform, utilizing Etsy's name and seller features to get started, it's then very hard to transfer this off the platform. Add to this the fact doing so would remove numerous potential buyers who use Etsy every day - the platform becomes very 'sticky'.Whilst Etsy saw active buyers start to flatline over the last few quarters, spend per buyer continued to accelerate, proving the marketplace's ability to retain its most valuable customer cohort. These buyers are incredibly valuable when the marketplace faces headwinds related to mass reopenings across the world.Shopify, on the other hand, provides scale for businesses and empowers them to develop and create their own online store. The benefits of Shopify are the recurring revenue they attain from the subscription-based model, and the relatively lower fees paid in comparison to Etsy. Shopify also offers a broader range of services for merchants on the whole, creating numerous revenue pipeline opportunities.Both Etsy and Shopify have flywheel effects that are significant contributing factors in their success:Shopify and Etsy Flywheel (Shopify Investor presentation and Author Created)This is where the real benefits of the pandemic come into play, the double-sided nature of both businesses means the huge amount of traction they have received through this pandemic has really kickstarted the flywheel effect and will benefit both companies for years to come. It's this aspect of the business that underlines why the market has historically charged a premium to these names - operating models like these are very lucrative.The competitive edge of both businesses was shown not only through the number delivered over the last two years but also through their ability to grow at a faster pace than the broader eCommerce market. This reinforces the thesis that when you are buying these businesses, you are buying a stake in some of the best that eCommerce has to offer.Strong prospectsThe asset-light model of both of these businesses also makes them attractive in the current economic environment. This may sound surprising considering how badly hit they have been over the last three months directly as a result of the macro environment and prospects of rising interest rates. I, however, believe they can mitigate the effects that many other tech plays may struggle with. Issues such as wage-related inflation won't trouble Etsy or Shopify. As we come through this initial turmoil, I believe the market is going to look for high-quality businesses with a history of operating excellence, the pair have this.In many ways, I foresee a 'tech divergence' coming, where the highest quality tech names start to outperform peers. For the last two years, pretty much all of tech has had huge success, even though many have performed better than others. This symmetry has also occurred during this tech crash, where pretty much all tech firms have fallen victim. Looking forward, companies can't just rely on broader market sentiment as a tailwind, they have to deliver and I believe will be rewarded for doing so - Etsy and Shopify have the ability to be these businesses.Valuation analysisI have tabled some key comparison metrics below:Comparison metricShopifyEtsyNTM EV/EBITDA12825NTM P/E17240NTM P/S188NTM Revenue Growth31.7%20.9%NTM EV/Revenue14.3811.9Return on Equity72%9.3%Price/Free Cash Flow125621.22Debt/equity %8.2%150.6%Table compiled by Author using Refinitiv dataEtsy sits on far more attractive forward metrics such as EV/EBITDA and Fwd P/E ratio, however, also sits on more uncomfortable debt levels as a result of the acquisition of both Depop and Elo7 that was fueled bydebt. Shopify, on the other hand, has greater growth prospects and arguably stronger prospects to scale quickly from its current position. On the whole, from a financial standpoint, I find Etsy more attractive but the growth runway ahead for both companies cannot be understated and Shopify has the ability to deliver strong operating margins when it does move closer to maturity - which at this time is a long way off.Conclusion - I am buying bothThis has undeniably been an incredibly difficult period for the markets and tech investors in particular. The declines seen in eCommerce names are hard to stomach and it's difficult not to get caught up in all the negative sentiment.However, it's important in this to take a step back and see the opportunity that has emerged at these prices for both Shopify and Etsy. Both businesses operate incredibly viable and profitable business models in a fast-growing space. The pandemic has provided a material inflection point for both companies that will set them up for significant growth over the coming years. The effect of the pandemic-related 'eCommerce transition' will not simply fade away. I see both stocks, sitting significantly down from all-time highs, as a 'buy'.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":636483894,"gmtCreate":1646046160468,"gmtModify":1646046375526,"author":{"id":"3579673345882908","authorId":"3579673345882908","name":"ElunMask","avatar":"https://static.tigerbbs.com/4561a4b19c908bdc775c4daf68fb2fc6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3579673345882908","idStr":"3579673345882908"},"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":17,"repostSize":0,"link":"https://laohu8.com/post/636483894","repostId":1108647607,"repostType":4,"repost":{"id":"1108647607","kind":"news","pubTimestamp":1646041142,"share":"https://www.laohu8.com/m/news/1108647607?lang=zh_CN&edition=full","pubTime":"2022-02-28 17:39","market":"us","language":"en","title":"Shopify Or Etsy? Here's Why I Am Buying Both<blockquote>Shopify还是Etsy？这就是我两者都买的原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108647607","media":"Seeking Alpha","summary":"SummaryThe eCommerce industry has been one of the industries that has suffered the most in the recen","content":"<html><head></head><body>Summary<blockquote><html><head></head><body>总结</body></html></blockquote><ul><li>The eCommerce industry has been one of the industries that has suffered the most in the recent tech market sell-off.</li><li>Both Shopify and Etsy have fallen victim to this, now standing down significantly from all-time highs.</li><li>Both companies operate extremely lucrative business models with large Total Addressable Markets.</li><li>I am taking a piece of both of these successful businesses at current valuations for the long-term.</li></ul><img src=\"https://static.tigerbbs.com/4f0fc12400992a6e1b1cedad45cb9655\" tg-width=\"1536\" tg-height=\"1022\" width=\"100%\" height=\"auto\"/>MStudioImages/E+ via Getty Images<blockquote><ul><li>在最近的科技市场抛售中，电子商务行业是受影响最严重的行业之一。</li><li>Shopify和Etsy都成为了受害者，目前已从历史高点大幅回落。</li><li>两家公司都经营着利润丰厚的商业模式，拥有庞大的潜在市场。</li><li>从长远来看，我将以目前的估值从这两家成功的企业中分一杯羹。</li></ul>MStudioImages/E+来自Getty Images</blockquote>eCommerce is undeniably one of the biggest market opportunities for the coming years and any company that takes a piece of this pie will set itself up for huge growth over the long run. Both Shopify (SHOP) and Etsy (ETSY) have had tremendous success in occupying those positions.<blockquote>不可否认，电子商务是未来几年最大的市场机会之一，从长远来看，任何分一杯羹的公司都将获得巨大的增长。Shopify(SHOP)和Etsy(ETSY)在占据这些位置方面都取得了巨大成功。</blockquote>Many investors like to draw competition between the two companies, but I believe there is enormous potential and value in holding both of them. In this article, I am going to discuss why I am buying stock in both Etsy and Shopify.<blockquote>许多投资者喜欢在这两家公司之间进行竞争，但我相信持有这两家公司都有巨大的潜力和价值。在本文中，我将讨论为什么我同时购买Etsy和Shopify的股票。</blockquote>The competitive edge - different focuses<blockquote>竞争优势-不同的焦点</blockquote>In many ways, it&#39;s easy to see the argument that Shopify and Etsy are direct competitors. Both offer solutions for merchants to set up their own shops. Shopify does this by providing powerful sales tools and a complete system that allows sellers to set up their own websites with their payment systems. While Etsy provides sellers with the tools to join their expansive marketplace and the traction that comes with that.<blockquote>在很多方面，很容易看出Shopify和Etsy是直接竞争对手的论点。两者都为商家建立自己的商店提供了解决方案。Shopify通过提供强大的销售工具和完整的系统来实现这一点，该系统允许卖家使用他们的支付系统建立自己的网站。而Etsy为卖家提供了加入其广阔市场的工具以及随之而来的吸引力。</blockquote>While the solutions and offerings provided are similar, I believe both are meeting significant needs within the eCommerce industry. Etsy provides an immediate easy way to set up shop on the website with a small listing fee and gives sellers immediate access to 96 million active buyers on its platform. For someone who is looking to gain immediate buyer attention, this is really appealing. A risk that many investors discuss that faces Etsy is that when sellers scale on the platform, they can just transfer off to Shopify. However, when sellers grow their business on the platform, utilizing Etsy&#39;s name and seller features to get started, it&#39;s then very hard to transfer this off the platform. Add to this the fact doing so would remove numerous potential buyers who use Etsy every day - the platform becomes very &#39;sticky&#39;.<blockquote>虽然提供的解决方案和产品相似，但我相信两者都满足了电子商务行业的重大需求。Etsy提供了一种在网站上开店的简单方法，只需支付少量的上市费，并让卖家立即接触到其平台上的9600万活跃买家。对于那些希望立即获得买家关注的人来说，这真的很有吸引力。许多投资者讨论Etsy面临的一个风险是，当卖家在平台上扩大规模时，他们可以转移到Shopify。然而，当卖家在平台上发展业务，利用Etsy的名称和卖家功能开始时，就很难将其转移出平台。除此之外，这样做会带走大量每天使用Etsy的潜在买家——这个平台变得非常“粘性”。</blockquote>Whilst Etsy saw active buyers start to flatline over the last few quarters, spend per buyer continued to accelerate, proving the marketplace&#39;s ability to retain its most valuable customer cohort. These buyers are incredibly valuable when the marketplace faces headwinds related to mass reopenings across the world.<blockquote>虽然Etsy的活跃买家在过去几个季度开始持平，但每位买家的支出继续加速，证明了市场留住最有价值客户群的能力。当市场面临与世界各地大规模重新开放相关的阻力时，这些买家非常有价值。</blockquote>Shopify, on the other hand, provides scale for businesses and empowers them to develop and create their own online store. The benefits of Shopify are the recurring revenue they attain from the subscription-based model, and the relatively lower fees paid in comparison to Etsy. Shopify also offers a broader range of services for merchants on the whole, creating numerous revenue pipeline opportunities.<blockquote>另一方面，Shopify为企业提供了规模，并使他们能够开发和创建自己的在线商店。Shopify的好处是他们从基于订阅的模式中获得的经常性收入，以及与Etsy相比支付的费用相对较低。总体而言，Shopify还为商家提供了更广泛的服务，创造了大量的收入渠道机会。</blockquote>Both Etsy and Shopify have flywheel effects that are significant contributing factors in their success:<blockquote>Etsy和Shopify都具有飞轮效应，这是其成功的重要因素：</blockquote><img src=\"https://static.tigerbbs.com/ac3d4697c672ee5f7b5836254ce3500d\" tg-width=\"640\" tg-height=\"280\" width=\"100%\" height=\"auto\"/>Shopify and Etsy Flywheel (Shopify Investor presentation and Author Created)<blockquote>Shopify和Etsy Flywheel（Shopify投资者演示和作者创建）</blockquote>This is where the real benefits of the pandemic come into play, the double-sided nature of both businesses means the huge amount of traction they have received through this pandemic has really kickstarted the flywheel effect and will benefit both companies for years to come. It&#39;s this aspect of the business that underlines why the market has historically charged a premium to these names - operating models like these are very lucrative.<blockquote>这就是疫情的真正好处发挥作用的地方，两家企业的双面性质意味着他们通过疫情获得的巨大牵引力确实启动了飞轮效应，并将在未来几年使两家公司受益。正是业务的这一方面凸显了为什么市场历来对这些品牌收取溢价——像这样的运营模式非常有利可图。</blockquote>The competitive edge of both businesses was shown not only through the number delivered over the last two years but also through their ability to grow at a faster pace than the broader eCommerce market. This reinforces the thesis that when you are buying these businesses, you are buying a stake in some of the best that eCommerce has to offer.<blockquote>这两项业务的竞争优势不仅体现在过去两年交付的数量上，还体现在它们以比更广泛的电子商务市场更快的速度增长的能力上。这强化了这样一个论点，即当你购买这些企业时，你是在购买一些最好的电子商务公司的股份。</blockquote>Strong prospects<blockquote>前景强劲</blockquote>The asset-light model of both of these businesses also makes them attractive in the current economic environment. This may sound surprising considering how badly hit they have been over the last three months directly as a result of the macro environment and prospects of rising interest rates. I, however, believe they can mitigate the effects that many other tech plays may struggle with. Issues such as wage-related inflation won&#39;t trouble Etsy or Shopify. As we come through this initial turmoil, I believe the market is going to look for high-quality businesses with a history of operating excellence, the pair have this.<blockquote>这两项业务的轻资产模式也使它们在当前的经济环境下具有吸引力。考虑到他们在过去三个月中直接因宏观环境和利率上升前景而遭受的严重打击，这听起来可能令人惊讶。然而，我相信它们可以减轻许多其他科技股可能难以应对的影响。与工资相关的通货膨胀等问题不会困扰Etsy或Shopify。当我们度过最初的动荡时，我相信市场将寻找具有卓越运营历史的高质量企业，这两家企业都具备这一点。</blockquote>In many ways, I foresee a &#39;tech divergence&#39; coming, where the highest quality tech names start to outperform peers. For the last two years, pretty much all of tech has had huge success, even though many have performed better than others. This symmetry has also occurred during this tech crash, where pretty much all tech firms have fallen victim. Looking forward, companies can&#39;t just rely on broader market sentiment as a tailwind, they have to deliver and I believe will be rewarded for doing so - Etsy and Shopify have the ability to be these businesses.<blockquote>在很多方面，我预见到“技术分歧”即将到来，最高质量的科技公司开始跑赢同行。在过去的两年里，几乎所有的技术都取得了巨大的成功，尽管许多技术比其他技术表现得更好。这种对称性也发生在这次科技崩盘期间，几乎所有科技公司都成为了受害者。展望未来，公司不能仅仅依靠更广泛的市场情绪作为顺风，他们必须交付，我相信这样做会得到回报——Etsy和Shopify有能力成为这些企业。</blockquote>Valuation analysis<blockquote>估值分析</blockquote>I have tabled some key comparison metrics below:<blockquote>我列出了以下一些关键的比较指标：</blockquote><table><tbody><tr><td>Comparison metric</td><td>Shopify</td><td>Etsy</td></tr><tr><td>NTM EV/EBITDA</td><td>128</td><td>25<blockquote><table><tbody><tr><td>比较度量</td><td>Shopify</td><td>Etsy</td></tr><tr><td>NTM EV/EBITDA</td><td>128</td><td>25</td></tr></tbody></table></blockquote></td></tr><tr><td>NTM P/E</td><td>172</td><td>40</td></tr><tr><td>NTM P/S</td><td>18</td><td>8</td></tr><tr><td>NTM Revenue Growth</td><td>31.7%</td><td>20.9%</td></tr><tr><td>NTM EV/Revenue</td><td>14.38</td><td>11.9</td></tr><tr><td>Return on Equity</td><td>72%</td><td>9.3%</td></tr><tr><td>Price/Free Cash Flow</td><td>1256</td><td>21.22</td></tr><tr><td>Debt/equity %</td><td>8.2%</td><td>150.6%</td></tr></tbody></table>Table compiled by Author using Refinitiv data<blockquote><tr><td>NTM市盈率</td><td>172</td><td>40</td></tr><tr><td>NTM P/S</td><td>18</td><td>8</td></tr><tr><td>NTM收入增长</td><td>31.7%</td><td>20.9%</td></tr><tr><td>NTM EV/收入</td><td>14.38</td><td>11.9</td></tr><tr><td>股本回报率</td><td>72%</td><td>9.3%</td></tr><tr><td>价格/自由现金流</td><td>1256</td><td>21.22</td></tr><tr><td>债务/权益%</td><td>8.2%</td><td>150.6%</td></tr>作者使用Refinitiv数据编制的表格</blockquote>Etsy sits on far more attractive forward metrics such as EV/EBITDA and Fwd P/E ratio, however, also sits on more uncomfortable debt levels as a result of the acquisition of both Depop and Elo7 that was fueled bydebt. Shopify, on the other hand, has greater growth prospects and arguably stronger prospects to scale quickly from its current position. On the whole, from a financial standpoint, I find Etsy more attractive but the growth runway ahead for both companies cannot be understated and Shopify has the ability to deliver strong operating margins when it does move closer to maturity - which at this time is a long way off.<blockquote>Etsy拥有更具吸引力的前瞻性指标，例如EV/EBITDA和Fwd市盈率，然而，由于债务推动了对Depop和Elo7的收购，Etsy的债务水平也更加令人不安。另一方面，Shopify拥有更大的增长前景，并且可以说有更强的前景可以从当前位置快速扩展。总体而言，从财务角度来看，我发现Etsy更具吸引力，但两家公司未来的增长跑道都不可低估，Shopify有能力在接近成熟时提供强劲的营业利润率——目前这是一个很长的路要走。</blockquote>Conclusion - I am buying both<blockquote>结论-我两者都买</blockquote>This has undeniably been an incredibly difficult period for the markets and tech investors in particular. The declines seen in eCommerce names are hard to stomach and it&#39;s difficult not to get caught up in all the negative sentiment.<blockquote>不可否认，对于市场，尤其是科技投资者来说，这是一个极其困难的时期。电子商务品牌的下滑令人难以忍受，很难不陷入所有的负面情绪。</blockquote>However, it&#39;s important in this to take a step back and see the opportunity that has emerged at these prices for both Shopify and Etsy. Both businesses operate incredibly viable and profitable business models in a fast-growing space. The pandemic has provided a material inflection point for both companies that will set them up for significant growth over the coming years. The effect of the pandemic-related &#39;eCommerce transition&#39; will not simply fade away. I see both stocks, sitting significantly down from all-time highs, as a &#39;buy&#39;.<blockquote>然而，重要的是后退一步，看看Shopify和Etsy在这些价格下出现的机会。这两家公司都在快速增长的空间中运营着极其可行且有利可图的商业模式。疫情为两家公司提供了一个重要的拐点，这将使它们在未来几年实现显着增长。与大流行相关的“电子商务转型”的影响不会简单地消失。我认为这两只股票均较历史高点大幅下跌，值得“买入”。</blockquote></body></html><blockquote></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Shopify Or Etsy? Here's Why I Am Buying Both<blockquote>Shopify还是Etsy？这就是我两者都买的原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShopify Or Etsy? Here's Why I Am Buying Both<blockquote>Shopify还是Etsy？这就是我两者都买的原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2022-02-28 17:39\n\n</h4>\n</header>\n<article>\n<html><head></head><body>Summary<blockquote><html><head></head><body>总结</body></html></blockquote><ul><li>The eCommerce industry has been one of the industries that has suffered the most in the recent tech market sell-off.</li><li>Both Shopify and Etsy have fallen victim to this, now standing down significantly from all-time highs.</li><li>Both companies operate extremely lucrative business models with large Total Addressable Markets.</li><li>I am taking a piece of both of these successful businesses at current valuations for the long-term.</li></ul><img src=\"https://static.tigerbbs.com/4f0fc12400992a6e1b1cedad45cb9655\" tg-width=\"1536\" tg-height=\"1022\" width=\"100%\" height=\"auto\"/>MStudioImages/E+ via Getty Images<blockquote><ul><li>在最近的科技市场抛售中，电子商务行业是受影响最严重的行业之一。</li><li>Shopify和Etsy都成为了受害者，目前已从历史高点大幅回落。</li><li>两家公司都经营着利润丰厚的商业模式，拥有庞大的潜在市场。</li><li>从长远来看，我将以目前的估值从这两家成功的企业中分一杯羹。</li></ul>MStudioImages/E+来自Getty Images</blockquote>eCommerce is undeniably one of the biggest market opportunities for the coming years and any company that takes a piece of this pie will set itself up for huge growth over the long run. Both Shopify (SHOP) and Etsy (ETSY) have had tremendous success in occupying those positions.<blockquote>不可否认，电子商务是未来几年最大的市场机会之一，从长远来看，任何分一杯羹的公司都将获得巨大的增长。Shopify(SHOP)和Etsy(ETSY)在占据这些位置方面都取得了巨大成功。</blockquote>Many investors like to draw competition between the two companies, but I believe there is enormous potential and value in holding both of them. In this article, I am going to discuss why I am buying stock in both Etsy and Shopify.<blockquote>许多投资者喜欢在这两家公司之间进行竞争，但我相信持有这两家公司都有巨大的潜力和价值。在本文中，我将讨论为什么我同时购买Etsy和Shopify的股票。</blockquote>The competitive edge - different focuses<blockquote>竞争优势-不同的焦点</blockquote>In many ways, it&#39;s easy to see the argument that Shopify and Etsy are direct competitors. Both offer solutions for merchants to set up their own shops. Shopify does this by providing powerful sales tools and a complete system that allows sellers to set up their own websites with their payment systems. While Etsy provides sellers with the tools to join their expansive marketplace and the traction that comes with that.<blockquote>在很多方面，很容易看出Shopify和Etsy是直接竞争对手的论点。两者都为商家建立自己的商店提供了解决方案。Shopify通过提供强大的销售工具和完整的系统来实现这一点，该系统允许卖家使用他们的支付系统建立自己的网站。而Etsy为卖家提供了加入其广阔市场的工具以及随之而来的吸引力。</blockquote>While the solutions and offerings provided are similar, I believe both are meeting significant needs within the eCommerce industry. Etsy provides an immediate easy way to set up shop on the website with a small listing fee and gives sellers immediate access to 96 million active buyers on its platform. For someone who is looking to gain immediate buyer attention, this is really appealing. A risk that many investors discuss that faces Etsy is that when sellers scale on the platform, they can just transfer off to Shopify. However, when sellers grow their business on the platform, utilizing Etsy&#39;s name and seller features to get started, it&#39;s then very hard to transfer this off the platform. Add to this the fact doing so would remove numerous potential buyers who use Etsy every day - the platform becomes very &#39;sticky&#39;.<blockquote>虽然提供的解决方案和产品相似，但我相信两者都满足了电子商务行业的重大需求。Etsy提供了一种在网站上开店的简单方法，只需支付少量的上市费，并让卖家立即接触到其平台上的9600万活跃买家。对于那些希望立即获得买家关注的人来说，这真的很有吸引力。许多投资者讨论Etsy面临的一个风险是，当卖家在平台上扩大规模时，他们可以转移到Shopify。然而，当卖家在平台上发展业务，利用Etsy的名称和卖家功能开始时，就很难将其转移出平台。除此之外，这样做会带走大量每天使用Etsy的潜在买家——这个平台变得非常“粘性”。</blockquote>Whilst Etsy saw active buyers start to flatline over the last few quarters, spend per buyer continued to accelerate, proving the marketplace&#39;s ability to retain its most valuable customer cohort. These buyers are incredibly valuable when the marketplace faces headwinds related to mass reopenings across the world.<blockquote>虽然Etsy的活跃买家在过去几个季度开始持平，但每位买家的支出继续加速，证明了市场留住最有价值客户群的能力。当市场面临与世界各地大规模重新开放相关的阻力时，这些买家非常有价值。</blockquote>Shopify, on the other hand, provides scale for businesses and empowers them to develop and create their own online store. The benefits of Shopify are the recurring revenue they attain from the subscription-based model, and the relatively lower fees paid in comparison to Etsy. Shopify also offers a broader range of services for merchants on the whole, creating numerous revenue pipeline opportunities.<blockquote>另一方面，Shopify为企业提供了规模，并使他们能够开发和创建自己的在线商店。Shopify的好处是他们从基于订阅的模式中获得的经常性收入，以及与Etsy相比支付的费用相对较低。总体而言，Shopify还为商家提供了更广泛的服务，创造了大量的收入渠道机会。</blockquote>Both Etsy and Shopify have flywheel effects that are significant contributing factors in their success:<blockquote>Etsy和Shopify都具有飞轮效应，这是其成功的重要因素：</blockquote><img src=\"https://static.tigerbbs.com/ac3d4697c672ee5f7b5836254ce3500d\" tg-width=\"640\" tg-height=\"280\" width=\"100%\" height=\"auto\"/>Shopify and Etsy Flywheel (Shopify Investor presentation and Author Created)<blockquote>Shopify和Etsy Flywheel（Shopify投资者演示和作者创建）</blockquote>This is where the real benefits of the pandemic come into play, the double-sided nature of both businesses means the huge amount of traction they have received through this pandemic has really kickstarted the flywheel effect and will benefit both companies for years to come. It&#39;s this aspect of the business that underlines why the market has historically charged a premium to these names - operating models like these are very lucrative.<blockquote>这就是疫情的真正好处发挥作用的地方，两家企业的双面性质意味着他们通过疫情获得的巨大牵引力确实启动了飞轮效应，并将在未来几年使两家公司受益。正是业务的这一方面凸显了为什么市场历来对这些品牌收取溢价——像这样的运营模式非常有利可图。</blockquote>The competitive edge of both businesses was shown not only through the number delivered over the last two years but also through their ability to grow at a faster pace than the broader eCommerce market. This reinforces the thesis that when you are buying these businesses, you are buying a stake in some of the best that eCommerce has to offer.<blockquote>这两项业务的竞争优势不仅体现在过去两年交付的数量上，还体现在它们以比更广泛的电子商务市场更快的速度增长的能力上。这强化了这样一个论点，即当你购买这些企业时，你是在购买一些最好的电子商务公司的股份。</blockquote>Strong prospects<blockquote>前景强劲</blockquote>The asset-light model of both of these businesses also makes them attractive in the current economic environment. This may sound surprising considering how badly hit they have been over the last three months directly as a result of the macro environment and prospects of rising interest rates. I, however, believe they can mitigate the effects that many other tech plays may struggle with. Issues such as wage-related inflation won&#39;t trouble Etsy or Shopify. As we come through this initial turmoil, I believe the market is going to look for high-quality businesses with a history of operating excellence, the pair have this.<blockquote>这两项业务的轻资产模式也使它们在当前的经济环境下具有吸引力。考虑到他们在过去三个月中直接因宏观环境和利率上升前景而遭受的严重打击，这听起来可能令人惊讶。然而，我相信它们可以减轻许多其他科技股可能难以应对的影响。与工资相关的通货膨胀等问题不会困扰Etsy或Shopify。当我们度过最初的动荡时，我相信市场将寻找具有卓越运营历史的高质量企业，这两家企业都具备这一点。</blockquote>In many ways, I foresee a &#39;tech divergence&#39; coming, where the highest quality tech names start to outperform peers. For the last two years, pretty much all of tech has had huge success, even though many have performed better than others. This symmetry has also occurred during this tech crash, where pretty much all tech firms have fallen victim. Looking forward, companies can&#39;t just rely on broader market sentiment as a tailwind, they have to deliver and I believe will be rewarded for doing so - Etsy and Shopify have the ability to be these businesses.<blockquote>在很多方面，我预见到“技术分歧”即将到来，最高质量的科技公司开始跑赢同行。在过去的两年里，几乎所有的技术都取得了巨大的成功，尽管许多技术比其他技术表现得更好。这种对称性也发生在这次科技崩盘期间，几乎所有科技公司都成为了受害者。展望未来，公司不能仅仅依靠更广泛的市场情绪作为顺风，他们必须交付，我相信这样做会得到回报——Etsy和Shopify有能力成为这些企业。</blockquote>Valuation analysis<blockquote>估值分析</blockquote>I have tabled some key comparison metrics below:<blockquote>我列出了以下一些关键的比较指标：</blockquote><table><tbody><tr><td>Comparison metric</td><td>Shopify</td><td>Etsy</td></tr><tr><td>NTM EV/EBITDA</td><td>128</td><td>25<blockquote><table><tbody><tr><td>比较度量</td><td>Shopify</td><td>Etsy</td></tr><tr><td>NTM EV/EBITDA</td><td>128</td><td>25</td></tr></tbody></table></blockquote></td></tr><tr><td>NTM P/E</td><td>172</td><td>40</td></tr><tr><td>NTM P/S</td><td>18</td><td>8</td></tr><tr><td>NTM Revenue Growth</td><td>31.7%</td><td>20.9%</td></tr><tr><td>NTM EV/Revenue</td><td>14.38</td><td>11.9</td></tr><tr><td>Return on Equity</td><td>72%</td><td>9.3%</td></tr><tr><td>Price/Free Cash Flow</td><td>1256</td><td>21.22</td></tr><tr><td>Debt/equity %</td><td>8.2%</td><td>150.6%</td></tr></tbody></table>Table compiled by Author using Refinitiv data<blockquote><tr><td>NTM市盈率</td><td>172</td><td>40</td></tr><tr><td>NTM P/S</td><td>18</td><td>8</td></tr><tr><td>NTM收入增长</td><td>31.7%</td><td>20.9%</td></tr><tr><td>NTM EV/收入</td><td>14.38</td><td>11.9</td></tr><tr><td>股本回报率</td><td>72%</td><td>9.3%</td></tr><tr><td>价格/自由现金流</td><td>1256</td><td>21.22</td></tr><tr><td>债务/权益%</td><td>8.2%</td><td>150.6%</td></tr>作者使用Refinitiv数据编制的表格</blockquote>Etsy sits on far more attractive forward metrics such as EV/EBITDA and Fwd P/E ratio, however, also sits on more uncomfortable debt levels as a result of the acquisition of both Depop and Elo7 that was fueled bydebt. Shopify, on the other hand, has greater growth prospects and arguably stronger prospects to scale quickly from its current position. On the whole, from a financial standpoint, I find Etsy more attractive but the growth runway ahead for both companies cannot be understated and Shopify has the ability to deliver strong operating margins when it does move closer to maturity - which at this time is a long way off.<blockquote>Etsy拥有更具吸引力的前瞻性指标，例如EV/EBITDA和Fwd市盈率，然而，由于债务推动了对Depop和Elo7的收购，Etsy的债务水平也更加令人不安。另一方面，Shopify拥有更大的增长前景，并且可以说有更强的前景可以从当前位置快速扩展。总体而言，从财务角度来看，我发现Etsy更具吸引力，但两家公司未来的增长跑道都不可低估，Shopify有能力在接近成熟时提供强劲的营业利润率——目前这是一个很长的路要走。</blockquote>Conclusion - I am buying both<blockquote>结论-我两者都买</blockquote>This has undeniably been an incredibly difficult period for the markets and tech investors in particular. The declines seen in eCommerce names are hard to stomach and it&#39;s difficult not to get caught up in all the negative sentiment.<blockquote>不可否认，对于市场，尤其是科技投资者来说，这是一个极其困难的时期。电子商务品牌的下滑令人难以忍受，很难不陷入所有的负面情绪。</blockquote>However, it&#39;s important in this to take a step back and see the opportunity that has emerged at these prices for both Shopify and Etsy. Both businesses operate incredibly viable and profitable business models in a fast-growing space. The pandemic has provided a material inflection point for both companies that will set them up for significant growth over the coming years. The effect of the pandemic-related &#39;eCommerce transition&#39; will not simply fade away. I see both stocks, sitting significantly down from all-time highs, as a &#39;buy&#39;.<blockquote>然而，重要的是后退一步，看看Shopify和Etsy在这些价格下出现的机会。这两家公司都在快速增长的空间中运营着极其可行且有利可图的商业模式。疫情为两家公司提供了一个重要的拐点，这将使它们在未来几年实现显着增长。与大流行相关的“电子商务转型”的影响不会简单地消失。我认为这两只股票均较历史高点大幅下跌，值得“买入”。</blockquote></body></html><blockquote></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4491214-shopify-or-etsy-heres-why-i-am-buying-both\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ETSY":"Etsy, Inc.","SHOP":"Shopify Inc"},"source_url":"https://seekingalpha.com/article/4491214-shopify-or-etsy-heres-why-i-am-buying-both","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108647607","content_text":"SummaryThe eCommerce industry has been one of the industries that has suffered the most in the recent tech market sell-off.Both Shopify and Etsy have fallen victim to this, now standing down significantly from all-time highs.Both companies operate extremely lucrative business models with large Total Addressable Markets.I am taking a piece of both of these successful businesses at current valuations for the long-term.MStudioImages/E+ via Getty ImageseCommerce is undeniably one of the biggest market opportunities for the coming years and any company that takes a piece of this pie will set itself up for huge growth over the long run. Both Shopify (SHOP) and Etsy (ETSY) have had tremendous success in occupying those positions.Many investors like to draw competition between the two companies, but I believe there is enormous potential and value in holding both of them. In this article, I am going to discuss why I am buying stock in both Etsy and Shopify.The competitive edge - different focusesIn many ways, it's easy to see the argument that Shopify and Etsy are direct competitors. Both offer solutions for merchants to set up their own shops. Shopify does this by providing powerful sales tools and a complete system that allows sellers to set up their own websites with their payment systems. While Etsy provides sellers with the tools to join their expansive marketplace and the traction that comes with that.While the solutions and offerings provided are similar, I believe both are meeting significant needs within the eCommerce industry. Etsy provides an immediate easy way to set up shop on the website with a small listing fee and gives sellers immediate access to 96 million active buyers on its platform. For someone who is looking to gain immediate buyer attention, this is really appealing. A risk that many investors discuss that faces Etsy is that when sellers scale on the platform, they can just transfer off to Shopify. However, when sellers grow their business on the platform, utilizing Etsy's name and seller features to get started, it's then very hard to transfer this off the platform. Add to this the fact doing so would remove numerous potential buyers who use Etsy every day - the platform becomes very 'sticky'.Whilst Etsy saw active buyers start to flatline over the last few quarters, spend per buyer continued to accelerate, proving the marketplace's ability to retain its most valuable customer cohort. These buyers are incredibly valuable when the marketplace faces headwinds related to mass reopenings across the world.Shopify, on the other hand, provides scale for businesses and empowers them to develop and create their own online store. The benefits of Shopify are the recurring revenue they attain from the subscription-based model, and the relatively lower fees paid in comparison to Etsy. Shopify also offers a broader range of services for merchants on the whole, creating numerous revenue pipeline opportunities.Both Etsy and Shopify have flywheel effects that are significant contributing factors in their success:Shopify and Etsy Flywheel (Shopify Investor presentation and Author Created)This is where the real benefits of the pandemic come into play, the double-sided nature of both businesses means the huge amount of traction they have received through this pandemic has really kickstarted the flywheel effect and will benefit both companies for years to come. It's this aspect of the business that underlines why the market has historically charged a premium to these names - operating models like these are very lucrative.The competitive edge of both businesses was shown not only through the number delivered over the last two years but also through their ability to grow at a faster pace than the broader eCommerce market. This reinforces the thesis that when you are buying these businesses, you are buying a stake in some of the best that eCommerce has to offer.Strong prospectsThe asset-light model of both of these businesses also makes them attractive in the current economic environment. This may sound surprising considering how badly hit they have been over the last three months directly as a result of the macro environment and prospects of rising interest rates. I, however, believe they can mitigate the effects that many other tech plays may struggle with. Issues such as wage-related inflation won't trouble Etsy or Shopify. As we come through this initial turmoil, I believe the market is going to look for high-quality businesses with a history of operating excellence, the pair have this.In many ways, I foresee a 'tech divergence' coming, where the highest quality tech names start to outperform peers. For the last two years, pretty much all of tech has had huge success, even though many have performed better than others. This symmetry has also occurred during this tech crash, where pretty much all tech firms have fallen victim. Looking forward, companies can't just rely on broader market sentiment as a tailwind, they have to deliver and I believe will be rewarded for doing so - Etsy and Shopify have the ability to be these businesses.Valuation analysisI have tabled some key comparison metrics below:Comparison metricShopifyEtsyNTM EV/EBITDA12825NTM P/E17240NTM P/S188NTM Revenue Growth31.7%20.9%NTM EV/Revenue14.3811.9Return on Equity72%9.3%Price/Free Cash Flow125621.22Debt/equity %8.2%150.6%Table compiled by Author using Refinitiv dataEtsy sits on far more attractive forward metrics such as EV/EBITDA and Fwd P/E ratio, however, also sits on more uncomfortable debt levels as a result of the acquisition of both Depop and Elo7 that was fueled bydebt. Shopify, on the other hand, has greater growth prospects and arguably stronger prospects to scale quickly from its current position. On the whole, from a financial standpoint, I find Etsy more attractive but the growth runway ahead for both companies cannot be understated and Shopify has the ability to deliver strong operating margins when it does move closer to maturity - which at this time is a long way off.Conclusion - I am buying bothThis has undeniably been an incredibly difficult period for the markets and tech investors in particular. The declines seen in eCommerce names are hard to stomach and it's difficult not to get caught up in all the negative sentiment.However, it's important in this to take a step back and see the opportunity that has emerged at these prices for both Shopify and Etsy. Both businesses operate incredibly viable and profitable business models in a fast-growing space. The pandemic has provided a material inflection point for both companies that will set them up for significant growth over the coming years. The effect of the pandemic-related 'eCommerce transition' will not simply fade away. I see both stocks, sitting significantly down from all-time highs, as a 'buy'.","news_type":1,"symbols_score_info":{"SHOP":0.9,"ETSY":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":7267709,"gmtCreate":1646046393069,"gmtModify":1646046393094,"authorId":3579673345882908,"author":{"id":3579673345882908,"idStr":"3579673345882908","authorId":3579673345882908,"name":"ElunMask","avatar":"https://static.tigerbbs.com/4561a4b19c908bdc775c4daf68fb2fc6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":636483894,"type":1,"supId":0,"prevId":0,"content":"Jhg","text":"Jhg","html":"Jhg"},{"id":7267708,"gmtCreate":1646046387554,"gmtModify":1646046387630,"authorId":3579673345882908,"author":{"id":3579673345882908,"idStr":"3579673345882908","authorId":3579673345882908,"name":"ElunMask","avatar":"https://static.tigerbbs.com/4561a4b19c908bdc775c4daf68fb2fc6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":636483894,"type":1,"supId":0,"prevId":0,"content":"Jff","text":"Jff","html":"Jff"},{"id":7267707,"gmtCreate":1646046382067,"gmtModify":1646046382094,"authorId":3579673345882908,"author":{"id":3579673345882908,"idStr":"3579673345882908","authorId":3579673345882908,"name":"ElunMask","avatar":"https://static.tigerbbs.com/4561a4b19c908bdc775c4daf68fb2fc6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":636483894,"type":1,"supId":0,"prevId":0,"content":"Jg","text":"Jg","html":"Jg"},{"id":7267706,"gmtCreate":1646046375468,"gmtModify":1646046375560,"authorId":3579673345882908,"author":{"id":3579673345882908,"idStr":"3579673345882908","authorId":3579673345882908,"name":"ElunMask","avatar":"https://static.tigerbbs.com/4561a4b19c908bdc775c4daf68fb2fc6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":636483894,"type":1,"supId":0,"prevId":0,"content":"Gsa","text":"Gsa","html":"Gsa"},{"id":7267705,"gmtCreate":1646046369753,"gmtModify":1646046369840,"authorId":3579673345882908,"author":{"id":3579673345882908,"idStr":"3579673345882908","authorId":3579673345882908,"name":"ElunMask","avatar":"https://static.tigerbbs.com/4561a4b19c908bdc775c4daf68fb2fc6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":636483894,"type":1,"supId":0,"prevId":0,"content":"Uuu","text":"Uuu","html":"Uuu"}],"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}