Upwork Valuation

Is UP2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of UP2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: UP2 (€11.61) is trading below our estimate of fair value (€29.24)

Significantly Below Fair Value: UP2 is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for UP2?

Other financial metrics that can be useful for relative valuation.

UP2 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2x
Enterprise Value/EBITDA27.7x
PEG Ratio2.3x

Price to Earnings Ratio vs Peers

How does UP2's PE Ratio compare to its peers?

The above table shows the PE ratio for UP2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.9x
AAD Amadeus FiRe
12.7x7.2%€442.7m
GBF Bilfinger
7.8x2.3%€1.7b
BFSA Befesa
16.1x27.3%€927.2m
CWC CEWE Stiftung KGaA
11.1x2.7%€699.5m
UP2 Upwork
21.9x9.7%€1.6b

Price-To-Earnings vs Peers: UP2 is expensive based on its Price-To-Earnings Ratio (21.9x) compared to the peer average (11.9x).


Price to Earnings Ratio vs Industry

How does UP2's PE Ratio compare vs other companies in the European Professional Services Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a11.8%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a11.8%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: UP2 is expensive based on its Price-To-Earnings Ratio (21.9x) compared to the European Professional Services industry average (17.7x).


Price to Earnings Ratio vs Fair Ratio

What is UP2's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

UP2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.9x
Fair PE Ratio12x

Price-To-Earnings vs Fair Ratio: UP2 is expensive based on its Price-To-Earnings Ratio (21.9x) compared to the estimated Fair Price-To-Earnings Ratio (12x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst UP2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€11.61
€12.90
+11.1%
19.7%€19.47€10.20n/a11
Oct ’25€9.29
€12.50
+34.5%
19.7%€18.87€9.88n/a11
Sep ’25€8.71
€12.78
+46.7%
18.5%€19.05€9.98n/a11
Aug ’25€10.97
€16.50
+50.4%
19.0%€22.33€11.17n/a11
Jul ’25€10.13
€16.79
+65.8%
16.2%€22.02€11.93n/a10
Jun ’25€9.88
€17.34
+75.5%
13.6%€22.37€13.98n/a10
May ’25€10.92
€17.39
+59.3%
10.8%€20.57€14.02n/a10
Apr ’25€11.26
€17.13
+52.2%
10.8%€20.26€13.82n/a10
Mar ’25€12.13
€17.22
+42.0%
10.4%€20.43€13.93n/a11
Feb ’25€12.63
€15.77
+24.9%
10.5%€18.36€12.85n/a11
Jan ’25€13.77
€15.07
+9.5%
11.1%€17.60€12.04n/a11
Dec ’24€12.78
€15.26
+19.4%
11.1%€17.82€12.19n/a11
Nov ’24€9.69
€13.22
+36.5%
19.2%€17.12€7.61n/a10
Oct ’24€10.77
€12.94
+20.2%
19.9%€16.64€7.40€9.299
Sep ’24€13.80
€12.94
-6.2%
19.9%€16.64€7.40€8.719
Aug ’24€9.39
€10.91
+16.2%
23.9%€15.46€7.28€10.9710
Jul ’24€8.23
€10.72
+30.2%
24.8%€15.58€7.33€10.1310
Jun ’24€7.66
€10.56
+37.9%
26.0%€15.42€7.26€9.8811
May ’24€8.55
€16.78
+96.2%
22.9%€26.23€12.18€10.9211
Apr ’24€10.05
€16.78
+67.0%
22.9%€26.23€12.18€11.2611
Mar ’24€10.59
€16.78
+58.4%
22.9%€26.23€12.18€12.1311
Feb ’24€11.79
€17.87
+51.6%
30.0%€30.95€10.92€12.6311
Jan ’24€9.72
€19.50
+100.6%
27.2%€31.98€13.17€13.7711
Dec ’23€11.61
€21.47
+84.9%
25.6%€34.11€14.05€12.7810
Nov ’23€13.45
€21.47
+59.6%
25.6%€34.11€14.05€9.6910
Oct ’23€13.92
€29.87
+114.5%
20.5%€42.68€21.34€10.7710

Analyst Forecast: Target price is less than 20% higher than the current share price.


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