My very basic FA is that this is no start up, but that is what...

My very basic FA is that this is no start up, but that is what your paying for in todays price. As far as "artists" go from what I've read, they are very well known as the go to if you are keen to sell print design online for various formats (Etsy is built for more durable art). They have achieved a global footprint, and have successfully managed to achieve revenue "scale".

2022 - 573ml revenue, (loss 24.6ml)
2021 - 657ml revenue, profit 39ml
2020 - 416ml revenue, (loss -8.6ml)
2019 - 307ml revenue, (loss 4.7ml)
2018 - 219ml revenue, (loss 7.4ml)

Even though revenue had gone backwards in last years anus horrablis, based on the half yearly announced revenue of 289ml, they are set to get revenue back close to around 600ml for this FY. 2021 was the covid year of growth, but I cant help but notice that the business is still growing revenue taking away the 2021 lock down year. I think this business is extremely undervalued, and only needs a reduction in overheads to turn profitable provided on them achieving consistent revenues in the 5-600 ml mark. I mean for a 100ml MC company making those revenues is astounding. I just hope management know how to cut the fat off the bone in the right way, without sacrificing the "meat".

On a business maturity level, this business has been through all seasons, but has good bones. To undergo this amount of website development, artist goodwill, data, algorithmic analysis, product streamlining is no mean feat. They royally stuffed up with the departed CEO, but the business is still a favourite amongst consumers who wish to purchase original designs for clothing, stickers, prints and the like. That demand is not going away anytime soon.

Took an initial position here at .38c for the 2024FY. I have been in and out of this name undecided throughout last year but in the last few days I couldn't help but think I need to give this a wider birth for this FY.

In achieving "cashflow breakeven" I think this business should be valued by the market at minimum 1* revenue, which would make it $1.50-$2.00 stock.

I hope they get some fresh people on the board who have had success with online retail. I think that would really lift the share price.

Open to any thoughts.