Redbubble acquired TeePublic in the fall of 2018 for $57 million (AUD) or 1.25x sales.
Since the acquisition of TP has taken revenue organically from $40 million to $180 million or a 35% CAGR.
The entire company is valued at $70-75 million EV now or $13 million more than what was paid for TP back in 2018.
Artists on ATG platform are earning $85 million a year.
We continue to think this is a NO-BRAINER acquisition for ETSY. Especially with an installed base of 100 million buyers and 25 million artists vs. ATG 7 million buyers and 700K artists.
Just TP @ 1.25x sales = $200+ million + $40 million cash or $240 million vs. $75 million EV now.
Redbubble is effectively a negative value of $165 million. Redbubble in April returned to growth according to the earnings release in late April.
TeePublic is 80%+ US-based sales and 100% of the team is in NYC . TP been separated into its own subsidiary/P&L.

We think if Teepublic was spun off in the US...at 1x sales the business would be worth +100% more. The average business trades at 2.2x sales in the US now. TP with 35% CAGR, strong unit economics, high-quality content shows up in $1500 in revenue per average artist or 3x Redbubble.
For high growth digital marketplaces like TP...it would not be crazy in the US to see TP as spinoff valued at 2-3x sales given profitable/growth opportunities/track record...which alone for a $200 million revenue business could be $400-600 million vs. $70-75 million EV
Teepublic only really sells a small fraction of what Redbubble does and mostly in the US. We think the track record plus product/geographic expansion gives a high likelihood of continued growth rates.