Workspace Group (WKP)

Company name:	Workspace Grp.
Company Description:	Letting small units of business accommodation located in the South East intended primarily for new and small businesses
EPIC:	WKP	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB00B67G5X01
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.workspacegroup.co.uk	Description:	ORD GBP1
Industry Sector:	REAL ESTATE INVESTMENT TRUSTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
1,058.00	4.0 [0.38]	1,049.00	1,052.00	1,055.00	1,065.00	1,042.00	105,503
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,908.24	180.36	0.34	104.80	27.39	10.10	2.59	1,176.00 - 849.00

Workspace Group Key Figures

(at previous day's close)
Market Cap.	1,908.24	m
Shares In Issue	180.36	m
Prev. Close	1,054.00
PE Ratio	10.10
Dividend Yield	2.59	%
EPS - basic	104.80	p
Dividend PS	27.39	p
Dividend Cover	3.83
Cash Flow PS	41.14	p
Return On Equity (ROE)	10.01	%
Operating Margin	132.20	%
PEG Factor	0.11
EPS Growth Rate	92.29	%
Dividends PS Growth Rate	30.00	%
Net Debt	608.30	m
Gross Gearing	26.77	%
Quick Assets	40.40	m
Net Working Capital	-35.10	m
Intangibles / Fixed Assets	0.06	%
Turnover PS	71.47	p
Pre-Tax Profit PS	94.48	p
Retained Profit PS	74.29	p
Cash PS	9.98	p
Net Cash PS	-31.88	p
Net Tangible Asset Value PS *	948.92	p
Net Asset Value PS	949.70	p
Spread	3.00 (0.29%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Workspace Group Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	1,097.00	1,042.00
4 weeks	1,133.00	1,042.00
12 weeks	1,176.00	1,039.00
1 year	1,176.00	849.00

Share Price Chart (5 years)

Workspace Group Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,074.00	-16.00	-1.49	1,042.00	0.07		1,071.17
4 weeks	1,105.00	-47.00	-4.25	1,042.00	0.12		1,093.24
12 weeks	1,135.00	-77.00	-6.78	1,039.00	0.18		1,106.98
26 weeks	951.00	107.00	11.25	924.50	0.17		1,062.57
1 year	891.50	166.50	18.68	849.00	0.18		993.53
3 years	968.50	89.50	9.24	569.00	0.21		850.03
5 years	455.00	603.00	132.53	413.20	0.19		795.12
† periods calculated are whole weeks rather than calendar months

Workspace Group Key Management Ratios

Workspace Group Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	6.89
PE Ratio	10.10
Tobin's Q Ratio	0.90
Tobin's Q Ratio (excl. intangibles)	0.90
Dividend Yield	2.59	%
Market-to-Book Ratio	1.11
Price-to-Pre-Tax Profit PS	11.20
Price-to-Retained Profit PS	14.24
Price-to-Cash Flow PS	25.72
Price-to-Sales PS	14.80
Price-to-Net Tangible Asset Value PS	1.11
Price-to-Cash PS	106.01
Net Working Capital PS	-19.46
Price Pct to Working Capital PS	-54.37	%
Earnings Yield	9.91	%
Average PE	6.81
Years in average	5
PE to PE average	148.20	%

Workspace Group Financial Ratios

(Leverage Ratios)
Debt Ratio	24.33	%
Debt-to-Equity Ratio	0.32
Debt-to-Equity Ratio (excl. Intgbl)	0.32
Debt-to-Equity Market Value	0.29
Net Gearing	26.00	%
Net Gearing (excl. Intangibles)	26.02	%
Gross Gearing	26.77	%
Gross Gearing (excl. Intangibles)	26.79	%
Gearing Under 1 Year	3.23	%
Gearing Under 1 Year (excl. Intgbl)	3.23	%
Assets/Equity	1.37
Cash/Equity	1.05
(Liquidity Ratios)
Net Working Capital to Total Assets	-1.50	%
Current Ratio	0.54
Quick Ratio (Acid Test)	0.54
Liquidity Ratio	0.24
Cash & Equiv/Current Assets	44.55	%
(Solvency Ratios)
Enterprise Value	2,441.04	m
CFO/Sales	0.58
CFO/Attributable Profit	0.43
CFO/Assets	0.03
CFO/Debt	0.12
Total Debt/Equity Market Value	0.33
Total Debt/Sales	4.86
Total Debt/Pre-Tax Profit	3.68
Total Debt	626.30	m
Total Debt/Net Current Assets	-17.84	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	6

Beta (60-Mnth)	Beta (36-Mnth)
0.3359	0.1818

Workspace Group Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	7.53	%
Return On Assets (ROA)	8.09	%
Net Profit Margin	132.97	%
Assets Turnover	0.06
Return On Equity (ROE)	10.01	%
Return On Investment (ROI)	8.35	%
Dividend Payout Ratio	26.14	%
Plowback Ratio	73.86	%
Growth from Plowback Ratio	7.69	%
Net Income Of Revenues	103.96	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.08
Fixed Assets Turnover	0.06
Current Assets Turnover	3.25
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	16.43
Debtors-to-Sales	21.30	%
Debt Collection Period	77.73	Days

Workspace Group Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
06 Jun 2018	Final	GBX	18.55	31/03/2017	31/03/2018	05/07/2018	06/07/2018	03/08/2018	27.39
08 Nov 2017	Interim	GBX	8.84	31/03/2017	31/03/2018	11/01/2018	12/01/2018	06/02/2018	-
07 Jun 2017	Final	GBX	14.27	31/03/2016	31/03/2017	06/07/2017	07/07/2017	07/08/2017	21.07
09 Nov 2016	Interim	GBX	6.80	31/03/2016	31/03/2017	12/01/2017	13/01/2017	07/02/2017	-
08 Jun 2016	Final	GBX	10.19	31/03/2015	31/03/2016	07/07/2016	08/07/2016	05/08/2016	14.08
11 Nov 2015	Interim	GBX	3.89	31/03/2015	31/03/2016	07/01/2016	08/01/2016	02/02/2016	-
03 Jun 2015	Final	GBX	8.15	31/03/2014	31/03/2015	09/07/2015	10/07/2015	07/08/2015	12.04
12 Nov 2014	Interim	GBX	3.89	31/03/2014	31/03/2015	08/01/2015	09/01/2015	03/02/2015	-
04 Jun 2014	Final	GBX	7.09	31/03/2013	31/03/2014	09/07/2014	11/07/2014	01/08/2014	10.63
12 Nov 2013	Interim	GBX	3.54	31/03/2013	31/03/2014	08/01/2014	10/01/2014	04/02/2014	-
11 Jun 2013	Final	GBX	6.45	31/03/2012	31/03/2013	10/07/2013	12/07/2013	02/08/2013	9.67
13 Nov 2012	Interim	GBX	3.22	31/03/2012	31/03/2013	09/01/2013	11/01/2013	05/02/2013	-
12 Jun 2012	Final	GBX	5.86	31/03/2011	31/03/2012	11/07/2012	13/07/2012	03/08/2012	8.79
14 Nov 2011	Interim	GBX	2.93	31/03/2011	31/03/2012	11/01/2012	13/01/2012	07/02/2012	-
06 Jun 2011	Final	GBX	0.55	31/03/2010	31/03/2011	13/07/2011	15/07/2011	05/08/2011	0.83
15 Nov 2010	Interim	GBX	0.28	31/03/2010	31/03/2011	12/01/2011	14/01/2011	09/02/2011	-
07 Jun 2010	Final	GBX	0.50	31/03/2009	31/03/2010	16/06/2010	18/06/2010	06/08/2010	0.75
16 Nov 2009	Interim	GBX	0.25	30/03/2009	30/09/2009	13/01/2010	15/01/2010	11/02/2010	-
09 Jun 2009	Final	GBX	0.50	31/03/2008	31/03/2009	01/07/2009	03/07/2009	06/08/2009	2.02
17 Nov 2008	Interim	GBX	1.52	30/03/2008	30/09/2008	07/01/2009	09/01/2009	06/02/2009	-
09 Jun 2008	Final	GBX	3.04	31/03/2007	31/03/2008	09/07/2008	11/07/2008	06/08/2008	4.56
19 Nov 2007	Interim	GBX	1.52	30/03/2007	30/09/2007	02/01/2008	04/01/2008	04/02/2008	-
04 Jun 2007	Final	GBX	2.76	31/03/2006	31/03/2007	04/07/2007	06/07/2007	03/08/2007	4.14
17 Nov 2006	Interim	GBX	1.38	30/03/2006	30/09/2006	03/01/2007	05/01/2007	01/02/2007	-
12 Jun 2006	Final	GBX	2.51	31/03/2005	31/03/2006	05/07/2006	07/07/2006	04/08/2006	3.76
21 Nov 2005	Interim	GBX	1.25	30/03/2005	30/09/2005	04/01/2006	06/01/2006	01/02/2006	-
13 Jun 2005	Final	GBX	2.28	31/03/2004	31/03/2005	29/06/2005	01/07/2005	02/08/2005	3.41
22 Nov 2004	Interim	GBX	1.13	30/03/2004	30/09/2004	05/01/2005	07/01/2005	01/02/2005	-
14 Jun 2004	Final	GBX	20.70	31/03/2003	31/03/2004	30/06/2004	02/07/2004	02/08/2004	3.10
24 Nov 2003	Interim	GBX	10.30	30/03/2003	30/09/2003	03/01/2004	05/01/2004	02/02/2004	-
23 Jun 2003	Final	GBX	20.60	31/03/2002	31/03/2003	02/07/2003	04/07/2003	01/08/2003	2.81
25 Nov 2002	Interim	GBX	7.50	30/03/2002	30/09/2002	04/01/2003	06/01/2003	03/02/2003	-
24 Jun 2002	Final	GBX	18.50	31/03/2001	31/03/2002	03/07/2002	05/07/2002	01/08/2002	2.55
26 Nov 2001	Interim	GBX	7.00	30/03/2001	30/09/2001	02/01/2002	04/01/2002	01/02/2002	-
25 Jun 2001	Final	GBX	16.60	31/03/2000	31/03/2001	04/07/2001	06/07/2001	01/08/2001	2.31
27 Nov 2000	Interim	GBX	6.50	30/03/2000	30/09/2000	02/01/2001	08/01/2001	01/02/2001	-
26 Jun 2000	Final	GBX	15.00	31/03/1999	31/03/2000	03/07/2000	07/07/2000	01/08/2000	2.10
18 Nov 1999	Interim	GBX	6.00	30/03/1999	30/09/1999	04/01/2000	10/01/2000	01/02/2000	-
22 Jun 1999	Final	GBX	13.50	31/03/1998	31/03/1999	28/06/1999	02/07/1999	02/08/1999	1.90
16 Nov 1998	Interim	GBX	5.50	30/03/1998	30/09/1998	04/01/1999	08/01/1999	01/02/1999	-
22 Jun 1998	Final	GBX	12.00	31/03/1997	31/03/1998	29/06/1998	03/07/1998	14/08/1998	1.70

Workspace Group Fundamentals

	31 Mar 2015 (GBP)		31 Mar 2016 (GBP)		31 Mar 2017 (GBP)		31 Mar 2018 (GBP)
turnover	83.60	100.00%	101.20	100.00%	108.80	100.00%	128.90	100.00%	m
pre tax profit	360.00	430.62%	391.30	386.66%	88.80	81.62%	170.40	132.20%	m
attributable profit	350.90	419.74%	388.90	384.29%	88.70	81.53%	171.40	132.97%	m
retained profit	334.40	400.00%	368.00	363.64%	61.30	56.34%	134.00	103.96%	m
eps - basic (p)	231.40		240.30		54.50		104.80
eps - diluted (p)	227.40		237.30		53.50		104.00
dividends per share	12.04		14.08		21.07		27.39

Workspace Group Balance Sheet

	31 Mar 2015 (GBP)		31 Mar 2016 (GBP)		31 Mar 2017 (GBP)		31 Mar 2018 (GBP)


	31 Mar 2015 (GBP)		31 Mar 2016 (GBP)		31 Mar 2017 (GBP)		31 Mar 2018 (GBP)
ASSETS
fixed assets	2.00	0.13%	2.00	0.11%	2.90	0.15%	2.90	0.12%	m
intangibles	0.40	0.03%	0.60	0.03%	0.70	0.04%	1.40	0.06%	m
fixed investments	1,438.80	95.18%	1,779.80	94.85%	1,854.50	97.75%	2,294.50	98.09%	m
current assets - other	0.30	0.02%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	27.60	1.83%	66.20	3.53%	32.50	1.71%	22.40	0.96%	m
cash & securities	42.60	2.82%	27.80	1.48%	6.50	0.34%	18.00	0.77%	m

TOTAL	1,511.70	100%	1,876.40	100%	1,897.10	100%	2,339.20	100%	m

LIABILITIES
creditors - short	45.40	3.00%	49.50	2.64%	53.10	2.80%	75.50	3.23%	m
creditors - long	320.00	21.17%	309.30	16.48%	265.50	14.00%	550.80	23.55%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	365.40	24.17%	358.80	19.12%	318.60	16.79%	626.30	26.77%	m

EQUITY
ord cap, reserves	1,146.30	75.83%	1,517.60	80.88%	1,578.50	83.21%	1,712.90	73.23%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,146.30	75.83%	1,517.60	80.88%	1,578.50	83.21%	1,712.90	73.23%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Workspace Group Cash Flow Statement

	31 Mar 2015 (GBP)	31 Mar 2016 (GBP)	31 Mar 2017 (GBP)	31 Mar 2018 (GBP)
Operating CF	36.10	49.80	53.40	74.20	m
Pre-Financing CF	21.30	18.60	62.10	-235.20	m
Retained CF	38.90	-14.80	-21.30	11.50	m

Workspace Group Brokers

Name	Activity	Type	Mnemonic	Code
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Panmure Gordon (UK) Limited	Market Maker(MME)	Broker/Dealer	PMUR	PMURGB2L
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC