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Freelancer (ASX: FLN)

Last close As at 26/04/2024

AUD0.21

— 0.00 (0.00%)

Market capitalisation

AUD93m

Freelancer is an Australian company, operating one of the world’s largest online marketplaces for freelancers. Its marketplace division has two business units and the company also owns Escrow.com, which is a large transactions processor.

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. Escrow.com operates a large-value transaction payment processing platform, which is uniquely positioned as it is fully licensed in every US state, Canada and Australia.

Latest Insights

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TMT | Update

Freelancer — AI to drive return to growth

TMT | Update

Freelancer — Primed for margin expansion

TMT | Update

Freelancer — Delivering on cash and profit targets

TMT | Initiation

Freelancer — Building the Amazon of Services
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Sector

TMT

Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Katherine Thompson

Key Management

  • Matt Barrie

    CEO

  • Neil Katz

    CFO

Balance Sheet

Forecast net cash (A$m)

25.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.0 (2.4) (6.8)
Relative 1.7 (4.3) (11.8)
52 week high/low A$0.3/A$0.2

Financials

Freelancer’s Q124 results were mixed. Operationally, the company is seeing rising demand for AI specialists as customers seek affordable ways to develop proprietary AI. Notably, in Enterprise, the company delivered a large-scale AI pilot for a tech giant, sourcing 20,000 freelancers in 24 hours across 52 languages. This impressive achievement could lead to a substantial multi-year contract. Major initiatives across Loadshift and Escrow with leading organisations are set to be deployed over the coming months, potentially catalysing performance and diversifying revenue streams. We revise our forecasts to account for a weaker Q1 than anticipated, though positive lead indicators, especially relating to AI, underscore long-term optimism.

Y/E Dec Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 55.7 (0.7) (6.9) (1.52) N/A N/A
2023A 53.3 6.8 0.3 0.05 410.0 18.8
2024E 56.6 8.3 1.8 0.28 73.2 15.6
2025E 61.0 9.4 3.0 0.46 44.6 13.7

Research

Update

TMT

Freelancer — Primed for margin expansion

Update

TMT

Freelancer — Delivering on cash and profit targets

TMT

Update

Freelancer — AI to drive return to growth

Initiation

TMT

Freelancer — Building the Amazon of Services

edison tv

Freelancer – executive interview

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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