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, uniquely positioned as it is fully licensed in every US state, Canada and Australia.
TMT |
Update
TMT |
Initiation
edison tv
Matt Barrie
CEO
Neil Katz
CFO
Forecast net cash (A$m)
24.1
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (4.5) | (2.3) | (19.2) |
Relative | (7.6) | 0.0 | (17.0) |
52 week high/low | A$0.3/A$0.2 |
Freelancer achieved a key profitability target in Q323 by delivering positive operating EBITDA across divisions, leading to positive operating cash flow generation and an uplift in gross cash. Despite lower group gross merchandise value (GMV), revenue likely grew given the higher take rate of the marketplace division, where GMV increased. Near-term pipeline highlights include accelerating Enterprise momentum from US expansion and a Chinese retailer partnership, Loadshift’s ongoing marketplace transition and new Escrow.com partnerships to drive diversification.
Y/E Dec | Revenue (A$m) | EBITDA (A$m) | PBT (A$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2021A | 57.4 | (2.7) | (3.0) | (0.66) | N/A | 35.8 |
2022A | 55.7 | (6.6) | (6.9) | (1.52) | N/A | N/A |
2023E | 54.8 | 0.3 | 0.1 | 0.01 | 2100.0 | 21.8 |
2024E | 59.5 | 1.8 | 1.5 | 0.24 | 87.5 | 17.5 |