UPWK — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($13.12)
DCF	$26.95	+105.4%
Graham Number	$9.44	-28.1%
Reverse DCF	—	implied g: -9.0%
DDM	—	—
EV/EBITDA	$13.12	-0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $182.96M

Near-term growth (yrs 1–5)(%)Rev: 3.6% / EPS: -88.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.15%

Computed WACC: 8.15%

Cost of equity (Re)9.91%(Rf 4.30% + β 1.02 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)82.20%

Debt weight (D/V)17.80%

Results

Intrinsic Value / share$30.70

Current Price$13.12

Upside / Downside+134.0%

Net Debt (used)-$301.63M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$27.16	$32.19	$38.03	$44.80	$52.59
8.0%	$22.74	$26.78	$31.48	$36.91	$43.16
9.0%	$19.68	$23.04	$26.95	$31.46	$36.64
10.0%	$17.43	$20.30	$23.63	$27.46	$31.87
11.0%	$15.70	$18.20	$21.09	$24.41	$28.22

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $0.82

Book Value / share($)Yahoo: $4.83

Results

Graham Number$9.44

Current Price$13.12

Margin of Safety-28.1%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.15%

Terminal growth rate(%)

Computed WACC: 8.15%

Cost of equity (Re)9.91%(Rf 4.30% + β 1.02 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)82.20%

Debt weight (D/V)17.80%

Results

Current Price$13.12

Implied Near-term FCF Growth-10.9%

Historical Revenue Growth3.6%

Historical Earnings Growth-88.9%

Base FCF (TTM)$182.96M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$13.12

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $145.42M

Target EV/EBITDA multipleCurrent: 9.7×

Net Debt($B)Default: -$301.63M

Results

Implied Equity Value / share$13.12

Current Price$13.12

Upside / Downside-0.0%

Implied EV$1.41B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$2.30B	-$1.30B	-$301.63M	$698.37M	$1.70B
5.7x	$24.00	$16.33	$8.66	$0.99	$-6.68
7.7x	$26.23	$18.56	$10.89	$3.22	$-4.45
9.7x	$28.46	$20.79	$13.12	$5.45	$-2.22
11.7x	$30.69	$23.02	$15.35	$7.68	$0.01
13.7x	$32.92	$25.25	$17.58	$9.91	$2.24

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