EBAY: The Depop Defense: Vinted US Entry Bolsters Strategic Case for Depop Acquisition

Research evidence excerpt

EBAY: The Depop Defense: Vinted US Entry Bolsters Strategic Case for Depop Acquisition

Equity Research

Company Update — June 17, 2026

Internet

eBay Inc.

The Depop Defense: Vinted US Entry Bolsters Strategic Equal Weight

Case for Depop Acquisition Price Target: $104.00

Our Call Ticker EBAY

Upside/(Downside) to Target (3.6)%

See $1.2B Depop acquisition price, and LSD% expected EPS dilution, as favorable trade

off to potentially much more significant earnings dilution related to core EBAY C2C Price (06/17/2026) $107.89

commission cuts to compete against aggressive US market entrant Vinted. 52 Week Range $72.84 - 119.31

Market Cap (MM) $49,306

eBay’s US response to Vinted market entry looks structurally different than UK/ Enterprise Value (MM) $52,346

Germany w/ pending acquisition of Depop, a resale-native, fashion-first marketplace Average Daily Value (MM) $590

whose younger, discovery-led audience and lower ASP profile look closer to Vinted Dividend Yield 1.1%

than core eBay w/ Depop/Vinted fashion ASPs est. ~60% lower. eBay moving earlier in

US by shifting to an owned platform response before Vinted reaches UK/Germany-like $ (Dec) Q1 Q2 Q3 Q4 FY

scale, potentially avoiding painful commission rate cuts to address any share loss. EPS

2026E 1.12 A 1.14 E 1.11 E 1.14 E 4.50 E

Depop partially mitigates risk to eBay US C2C fashion 13.5% commission rates, 2027E 1.42 E 1.26 E 1.26 E 1.30 E 5.21 E

above Depop at 11.2% and Vinted at 6.4% (Exh. 5). Estimate 3%/9-10% EPS dilution EPS: GAAP EPS

should eBay US C2C fashion commissions migrate to Depop/Vinted fee structure, Source: Company Data, Wells Fargo Securities estimates, and Factset.

resp. Believe eBay fashion skews higher priced / authenticated, suggesting more limited NA = Not Available, NC = No Change, NE = No Estimate