Added to YB: 2024-10-08
Pitch date: 2024-10-07
UPWK [bullish]
Upwork Inc.
-19.79%
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, provides platforms and workforce solutions that connect businesses with freelance, agency, fractional, and payrolled talent in the United States, the Philippines, India, Pakistan, and internationally.
Market Cap
$1.0B
Pitch Price
$10.41
Price Target
17.00 (+104%)
Dividend
N/A
EV/EBITDA
5.87
P/E
10.43
EV/Sales
1.05
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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