Contrarian Corpus
Engine Capital vs. Upwork Inc.

Upwork Inc. · UPWK

1 deck published between 2024-09-13 and 2024-09-13 — 7 pages, 7 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2024-09-13 initial thesis

    2024 09 UPWK PR and Letter to the Board 9.13.24

    7pp · letter

    Engine argues Upwork is undervalued at ~6.5x EBITDA and that a refreshed board plus fixing the marketplace, focusing Enterprise, cutting bloat and aggressive buybacks unlocks substantial upside.