Added to YB: 2024-03-04
Pitch date: 2024-03-01
IWG.L [bullish]
International Workplace Group plc
+19.32%
current return
Author Info
No bio for this author
Company Info
International Workplace Group plc, together with its subsidiaries, provides workspace solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
Market Cap
GBP 2.8B
Pitch Price
GBP 1.86
Price Target
N/A
Dividend
0.33%
EV/EBITDA
5.77
P/E
125.82
EV/Sales
2.76
Sector
Real Estate Management and Development
Category
turnaround
$IWG.L - Embraces Capital-Light Model in the Flex Space Market
IWG.L: Shifting to asset-light model like Hilton post-COVID. Signing growth accelerating: 500 in '22, 867 in '23, 2x expected in '24. No capex, stable 14-16% revenue share. £0.6m/mature location. £2.7B EV vs £0.4B run-rate EBITDA. High-margin Worka segment undervalued. Catalysts: US listing, Worka spin-off, capital returns. Mispriced on RE label, WeWork taint.
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