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With several acclaimed institutional investors central this company, 23.17% y/y acquirement advance and a ample bazaar opportunity, Upwork (UPWK) seems actual undervalued at 4.70x advanced sales. It seems a actual bright buy at $11. Having said that, the alone austere accident of Upwork is its goodwill, which comprises 40.72% of the absolute bulk of assets. Amicableness impairments could accomplish the b bulk abatement in the a future.

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(Source: Aggregation Prospectus)

Founded in 2003 and congenital in Delaware, Upwork operates an online all-around barter which helps businesses acquisition accomplished freelancers. The belvedere is large. In the year concluded June 30, 2018, the aggregation facilitated 2.0 actor projects with freelancers and 475,000 clients.

As apparent in the angel below, about every industry can arise projects acknowledgment to Upwork. It is a multi-category barter with accountants, programmers, web developers, business specialists and sales professionals, amid others.

(Source: Aggregation website)

The belvedere is trusted by ample conglomerates from altered industries, such as Dropbox (NASDAQ:DBX), Zendesk (NYSE:ZEN), Accenture (NYSE:ACN) or GoDaddy (NYSE:GDDY). In addition, the aggregation has accustomed a lot of absorption from ample institutional investors such as Sigma Partners and funds and accounts brash by T. Rowe Bulk Associates, Inc.

With all this advice in mind, the business model, banking achievement and banking assets of Upwork should absorption the market.

The announcement reads that audience use Upwork because they assume to acquisition accomplished freelancers at cheaper ante than on added acceptable channels. But that’s not all. The aggregation seems to be alms added capabilities that both audience and freelancers assume to appreciate. Amid these tools, it offers apparatus acquirements capabilities to adumbrate availability, absorption and accomplishment appliance of the freelancers. Both the advance in audience and applicant assimilation ante appearance that these appearance are authoritative Upwork a advantageous business model.

As of December 31, 2017, applicant absorb assimilation was according to 99%, and bulk audience grew at 12.94% y/y to 0.0864 actor clients:

(Source: Aggregation Prospectus)

How does the belvedere function? Freelancers actualize their able contour announcement their expertise, apprenticeship and antecedent projects. Besides accouterment their prices, they are additionally amenable for acceptable their online reputation. The angel beneath provides a contour created in Upwork. Agenda that the acknowledgment from antecedent audience can additionally be consulted by clients:

(Source: Aggregation Prospectus)

Upwork additionally offers several means to ysis the abilities of freelancers, including over 300 accomplishment tests and accumulator amplitude to appearance their antecedent portfolio of projects. Additionally, freelancers can accommodate links to able certifications, which are generally acclimated by programmers, engineers and abstruse professionals. The afterward curve accommodate added capacity on this matter:

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(Source: Aggregation Prospectus)

How do audience collaborate with freelancers? Audience are amenable for creating projects, in which abilities bare and about account are set. Freelancers can acquisition these projects acknowledgment to several ysis accoutrement included in the Upwork website, as apparent in the angel below:

(Source: Aggregation Prospectus)

Once freelancers get to apperceive the contract, they are able to bid and action their abilities to the applicant who created the project. Upwork provides chat, video alarm and software that facilitates agreement and collaboration. In addition, both audience and freelancers can allotment files, which could accommodate antecedent projects or capacity about approaching ones. The angel beneath provides added capacity on this matter:

(Source: Aggregation Prospectus)

Freelancers get paid in about 10 canicule afterwards the applicant pays for the assignment delivered. The aggregation says that added platforms generally pay in 30 or added days. Take a look:

“Freelancers on our belvedere get paid faster than through acceptable arrange area they generally get paid 30 or added canicule afterwards the date of the invoice. On our platform, freelancers are paid aural 10 canicule from the date the applicant is invoiced for alternate affairs and bristles canicule afterwards the applicant releases a anniversary or final acquittal for anchored bulk jobs.”

– Source: Aggregation Prospectus

With that, investors charge to apperceive that freelancer.com, which seems to be one of the aing competitors of Upwork, pays freelancers in a beneath aeon of time.

Finally, freelancers and audience can opt to assignment application altered milestones or use alternate contracts. In the aboriginal option, freelancers get paid already they bear assignment accomplishing assertive objectives. When audience assurance alternate contracts, they pay freelancers for the time spent. Upwork offers software to administer the assignment of freelancers, which includes automated ysis of screenshots, as apparent in the angel below:

(Source: Aggregation Prospectus)

The aggregation seems to accept amplitude to abound in the future, back the bazaar befalling estimated by Upwork is absolutely large. The announcement reads that the all-around befalling was according to $560 billion in 2017. Additionally, absolute ysis conducted by the Oxford Internet Institute’s Online Labour Index shows that project-based assignment done online added by 26% y/y in 2017. If these abstracts are correct, Upwork b bulk should access in the a approaching as the aggregation acquires bazaar size.

With acquirement advance growing at an absorbing 23.17% y/y to $202.55 actor in 2017, abounding advance investors will be admiring by Upwork. In addition, gross accumulation has additionally been large, according to $137.10 actor in 2017. The net assets is not positive, which does not absolutely bulk at this date of development. If advance and acceptable gross accumulation margins continue, advance investors will not affliction about the losses at the net assets level.

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(Source: Aggregation Prospectus)

On the banknote breeze front, the aggregation is in acceptable banking shape. CFO for the year 2017 was negative, according to -$4.00 million, but the CFO for the aeon of six months concluded June 30, 2018 was according to $10.40 million. The banknote breeze account is absolutely promising. If Upwork is able to bear abiding and absolute CFO value, investors will be absorbed in this name. Take a attending at this in the angel below:

(Source: Aggregation Prospectus)

With an asset/liability arrangement according to 1.88x, the banking bearings appears to be favorable. However, there are several credibility to accomplish here. Aboriginal of all, the bulk of amicableness apparent represents 40.72% of the absolute bulk of assets, which seems a ample amount.

(Source: Aggregation Prospectus)

The amicableness was created afterwards Elance and oDesk accumulated armament in 2014. The announcement reads as follows with attention to this matter:

“Goodwill represents the balance of the accumulated fair bulk of the application transferred over the fair bulk of the net actual and identifiable assets acquired in 2014 as a aftereffect of the aggregate of Elance and oDesk. The absolute accounting acquirement bulk of this aggregate was $147.4 million.”

– Source: Aggregation Prospectus

The amicableness could represent a austere accident for Upwork. If accountants accept that the bulk of the amicableness should be reduced, the absolute bulk of assets would decrease, which could advance to allotment bulk declines. Assessing its bulk on anniversary annual address seems a charge on this name.

On the accountability front, the aggregation shows escrow funds payable, which are funds that should be delivered to freelancers. Remember that the aggregation holds payments for some time, which is absorbing for Upwork. With this money, it does not charge a lot of costs from banks.

(Source: Aggregation Prospectus)

The bulk of debt is not that significant, according to $34 million. Additionally, the acknowledged obligations are not worrying, at $40.32 million. Bear in apperception that the sum of the banknote in duke and funds captivated in escrow is beyond than the absolute bulk of acknowledged obligations.

(Source: Aggregation Prospectus)

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Write a Freelance Writer Invoice | Excel | Word | PDF – YouTube – invoice format for freelancers | invoice format for freelancers

With the aggregation accepting added than $70 actor anatomy the IPO, investors will not acknowledge that Upwork expects to use $10 actor to accord a loan. It is a baby bulk of money, but it doesn’t absolutely matter. It is not a benign feature. With that, it is absorbing that the aggregation could use new banknote to access added businesses. The curve beneath accommodate added advice on this matter:

(Source: Aggregation Prospectus)

With $23.88 actor in banknote and d that the aggregation should accept $86.9 actor afterwards the IPO, net debt should according -$63.02 million. With 104.079 actor shares outstanding at $11 per share, the bazaar assets will according $1.144 billion. Agenda that convertible disinterestedness will not be outstanding afterwards the IPO, which seems favorable. B concoction accident does not assume a botheration with this name:

(Source: Aggregation Prospectus)

With revenues of $121.89 actor in a aeon of six months concluded June 30, 2018, d 2018 advanced revenues of $243 actor seems reasonable. Application this figure, Upwork is affairs shares at 4.70x advanced sales, which does not assume that expensive.

The aggregation seems to be aggressive with acceptable account providers like Adecco Group AG (OTC:AHEXF), Randstad NV (OTCPK:RANJY), ManpowerGroup Inc. (NYSE:MAN), and online businesses like Microsoft Corporation (NASDAQ:MSFT), PayPal (NASDAQ:PYPL), or Payoneer (PAYO). The affair is that they accommodate casework that attempt with assertive casework provided by Upwork, but their business models are not similar. The alone companies aggressive with Upwork are Fiverr and Contributor (OTC:FLNCF), but they are clandestine or don’t barter on a big exchange. They cannot be acclimated for comparing their business with that of Upwork. The angel beneath provides advice on this matter:

(Source: Aggregation Prospectus)

Is 4.70x advanced sales a bargain arrangement for Upwork? Yes, it is. Added online businesses that accomplished their IPOs afresh traded at college valuations. BlackLine (NASDAQ:BL), with an action bulk of 2.21 billion, gross accumulation allowance of 72.22% and acquirement advance of 36.63%, trades at 10.9x sales. SurveyMonkey (NASDAQ:SVMK), with beneath acquirement advance than that of Upwork and not abundant bigger gross accumulation margin, is additionally affairs shares at added than 5.86x advanced revenues. Finally, Dropbox, with gross accumulation allowance of 68.48% and action bulk of $12.19 billion, is trading at 9.77x sales.

The actuality that some shareholders will be affairs shares in the IPO is not ideal. However, it is account advertence that best admiral will advance about the aforementioned cardinal of shares:

(Source: Aggregation Prospectus)

Additionally, adventure basic firms with shares will not advertise ample stakes. Please agenda that acclaimed adventure basic investors Sigma Partners and T. Rowe Bulk Associates, Inc. are amid the shareholders in the company. The actuality that institutional investors are absorbed in Upwork is actual positive.

(Source: Aggregation Prospectus)

Showing 23.17% y/y acquirement advance with a huge bazaar opportunity, institutional investors central and shares actuality awash at 4.70x advanced sales, the b seems a buy at $11. With that, the alone austere accident to adviser afterwards the IPO goes alive is Upwork’s massive bulk of goodwill. Amicableness impairments could abate the allotment bulk in the a future.

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Disclosure: I/we accept no positions in any stocks mentioned, and no affairs to admit any positions aural the aing 72 hours.

I wrote this commodity myself, and it expresses my own opinions. I am not accepting advantage for it (other than from Seeking Alpha). I accept no business accord with any aggregation whose b is mentioned in this article.

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