Fiverr International (FVRR), mcap=$1.5bn, price $40.32 vs $63.75

Pitch: Two-way freelance marketplace, taking a cut from the orders on the platform. Competitor of UPWK. The thesis is that company’s move up-market and mix shift Fiverr Business will drive outperformance. A $115bn TAM, with 80% of freelance transactions still taking place offline, provides enough space for multiple winners.

Valuation: Upside based on 28% revenue CAGR for 2022-2026 and 5x EV/Revenue exit multiple in 2026, resulting in a $150/share target.

Full FVRR write-up (free guest account required):

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