PRESS RELEASE

from Edison Investment Research Limited (LON:KEFI)

Freelancer (FLN): Building the Amazon of services

Edison Investment Research Limited
Freelancer (FLN): Building the Amazon of services

26-Jul-2023 / 21:00 GMT/BST
The issuer is solely responsible for the content of this announcement.


 

London, UK, 26 July 2023

 

Freelancer (FLN): Building the Amazon of services.

Freelancer.com is one of the world’s largest marketplaces for freelancers. Structural tailwinds such as increased digitisation, remote working and a more globalised economy are providing businesses with the opportunity to seamlessly access specialised talent at low cost. Management’s goal is to develop the Amazon of services; it currently operates in the labour, payments and freight markets, some of the largest markets globally. Our forecasts indicate a return to volume growth and a move to EBITDA profitability in FY23 as recent initiatives start to bear fruit.

 

Despite lower short-term forecast revenue growth and margin expansion compared to peers, we believe Freelancer's current share price does not reflect its long-term potential. Freelancer trades at a 60% discount to peers using EV/sales, narrowing to 21% when compared to Upwork and Fiverr. Evidence of accelerating revenue growth across either division could act as a catalyst to the stock.


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1689133  26-Jul-2023 

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