Professional
Added to YB: 2024-05-06
Pitch date: 2024-04-28
IWG.L [bullish]
International Workplace Group plc
+20.15%
current return
Author Info
Greenhaven Road is a boutique hedge fund with the patience and confidence to step outside of the norm. Visit their website.
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 1.84
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
growth
Greenhaven Road Capital Main Fund Portfolio Holding: IWG plc
IWG.L: Global flex office leader transitioning to asset-light model. 800+ partnerships in 2022, 1000+ expected in 2023. Takes 1yr to open, 18mo to mature. Guidance for $1B EBITDA (2x current). Earnings growth + multiple expansion likely as partnerships ramp and risk reduces. May move listing to US for higher multiple.
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