eCommerce IntraQ Update: Q2 Engagement + Macro Trends + Mgmt Commentary

Research evidence excerpt

eCommerce IntraQ Update: Q2 Engagement + Macro Trends + Mgmt Commentary

July 1, 2026

Wolfe Research, LLC Fundamental Valuation Methodology:

Company: Fundamental Valuation Methodology:

Amazon.com Inc. Our price target is based on 30x FY27E P/E multiple.

Chewy Inc. Our PT is derived by a 10x EV/EBITDA multiple on our FY'27E EBITDA estimate.

eBay Inc. Our FV range of $80-125 is derived by an average of blend of PF P/E multiples

ranging 13x-16x and a range of FCF yields from 7%-9% both on our FY27 estimates.

Etsy Inc. Our FV Range is derived from a range of EV/EBITDA multiples from 10x-13x our

FY27 estimates.

Shopify Inc. Our FV range of $90-$170 is derived from a 15x-23x FY27E EV/GP

Wolfe Research, LLC Fundamental Recommendation, Rating and Target Price Risks:

Company: Risks That May Impede Achievement of the Recommendation, Rating or Target

Price:

Amazon.com Inc. Key risks: a) A meaningful deterioration in macro backdrop; b) Intensifying

competition from traditional and eCommerce platforms; c) Margin deterioration from

prolonged investment spending; d) Competitive forces and pricing pressure in AWS;

e) Regulatory risks.

Chewy Inc. Key downside risks for CHWY are: a) Inflation headwinds to revenue growth,

b) Uncertainties and volatility around net customer adds, c) Overhang from BC

Partners’ sale of shares.

eBay Inc. Investment Risks: a) Market share loss, b) Competition from large marketplaces &

emerging vertical players, c) Product execution risks; Upside risks: a) faster than

anticipated GMV growth from product improvements b) increased capital return

program.

Etsy Inc. Downside Risks: a) Sustained macro headwinds from muted consumer discretionary

spend trends; b) Competition from large marketplaces & emerging vertical players;

c) Product execution