ETSY continues to sell off into the IRAN news, and yet is one of the few tech companies with a high FCF and impressive level of share buybacks as of late. They are well above their 2019 revenue levels, and trading at the same EV as 7 years ago. With the $1.2 bn infusion from DePop, it allows them to buy down debt, some shares, and re-invest into their core business. They rightsized their staff and continue to improve on GP. While I see some near-term headwinds, they have not had a negative quarter in YEARS - when removing write-downs from past investments.
Accounting for debt, I believe Etsy should trade at an enterprise value of approximately $62.50 per share at this time for relative P/E and future growth after IRAN ends.