Added to YB: 2024-10-08
Pitch date: 2024-10-07
UPWK [bullish]
Upwork Inc.
+56%
current return
Author Info
Northeastern University Student Value Fund is the premier investment fund at Northeastern University. Visit their website.
Company Info
Upwork Inc., together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally.
Market Cap
$2.3B
Pitch Price
$10.41
Price Target
17.00 (-3%)
Dividend
N/A
Sector
Professional Services
Category
special_situation
Long: Upwork (UPWK), Flat Topline + Rapid SG&A Cuts Yields 25% IRR to 2026
UPWK: Long thesis. 2x EBITDA margins via SG&A cuts. Trades 7.5x vs 13x comps. 25-35% EBITDA margin by 2026. $17 PT. 25% IRR. Risks: poor mgmt track record, weak GSV. Mitigants: new activism, take rate lever (17-19% vs FIVR 35%). Free upside: potential take rate expansion.
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