Report
Valens Research

UPWK - Embedded Expectations Analysis - 2020 07 13

Upwork Inc. (UPWK:USA) currently trades near historical averages relative to UAFRS based (Uniform) assets, with a 5.1x Uniform P/B. At these levels, the market is pricing in bullish expectations for the firm, and management is confident about business opportunities and initiatives

Specifically, management is confident they remain bullish on their business opportunities, that they are planning around various outcomes based on tailwinds and macro events, and that they are positioned to connect people across the globe like never before. In addition, they are confident they are offering their top-rated freelancers' faster access to their funds and that they are helping clients act on their business continuity needs by launching a curated set of job templates
Underlying
Upwork

UPWORK operates an online talent marketplace, which enables businesses to find and work with independent personnel. Freelancers on the company's platform include independent personnel and agencies of varying sizes. The company's marketplace offerings include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll. The company,'s Upwork Basic offering provides clients with access to freelance talent with verified work history on its platform and client feedback, the ability to match with the freelancers, and built-in collaboration features. The company's Upwork Plus provides all the product features of Upwork Basic, as well as access to personalized assistance, whether strategic or job-specific.

Provider
Valens Research
Valens Research

In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:

  • GAAP and IFRS have failed to provide rules for reliable financial statement reporting
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Many years later, our business model remains because little has changed on Wall Street.

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Valens Research

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