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Share Name Share Symbol Market Type Share ISIN Share Description
Workspace Group Plc LSE:WKP London Ordinary Share GB00B67G5X01 ORD GBP1
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -12.00 -1.38% 856.50 860.50 862.00 868.00 844.50 853.00 127,624 16:35:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 161.4 72.5 40.0 21.4 1,551

Workspace Share Discussion Threads

Showing 8376 to 8400 of 8475 messages
Chat Pages: 339  338  337  336  335  334  333  332  331  330  329  328  Older
DateSubjectAuthorDiscuss
19/8/2020
11:12
368 units of theirs are vacant including 73 new properties....so think that means 295 from the existing completed portfolio (that they quote). Units total over 3000 so over 90% occupancy in completed properties. As I've said before £2.6 bn property value - £600 m debt = £2 bn. Equity now under £1 bn so properties would have to fall by over £1 bn or approx 40%......seems cheap despite the risk of long term shift to at home working.
elsa7878
19/8/2020
11:01
Totally bombed out 540p
its the oxman
11/8/2020
13:41
Let's get the kids back to school and the workers back to the City and we'll see where we are. I'm feeling fairly optimistic. Suet
suetballs
06/8/2020
11:47
Our new chairman obviously thinks there is value at this level!
slicethepie
28/7/2020
14:28
Net rental income is £122 million and finance costs are 23.3 million. Interest cover is therefore 5.2x. Covenants are at 2x. So net rental income would have to drop from 122 to 46.6 before they're in trouble. Debt repayments start in 2023 so got some time..
elsa7878
28/7/2020
14:03
Agree but since re-opening the fact that only 15% of tenants are back is worrying. If they can navigate their way through this then it is cheap on any measure. The concern is that their capital commitments are I believe £165 million (refurb and development). If income keeps falling they might have to raise equity and dilute. These businesses have a history of raising equity as being REITs they have to pay excess income as dividends and so can only pay down debt via equity or recycling (selling).
elsa7878
28/7/2020
11:09
I wonder if it will be acquired. For a long term investor this is a perfect opportunity to acquire London property at a big discount. Most of their sites have development potential so valuing them on current yield understates true value. Whilst hard to predict current rent, however once normality returns this is the cheapest and most flexible way to have an office / workspace in London so should benefit from trading down. Working from home is not an option for most businesses.
slicethepie
28/7/2020
10:30
This was my buy target. Market cap under £1 billion. Now needs a 40% reduction in capital values to put the equity value at risk. Guess they have covenants though and with income falling and capital commitments on new projects it is not as clear cut as my figures suggest....any views anyone?
elsa7878
17/7/2020
13:33
Suspect div will be held or reduced to reflect lower rents. Property sentiment is on the floor so arguably the time to buy but who knows. Been wrong so far.
its the oxman
17/7/2020
11:57
LTV of only 21% and 35% reduction before the equity value is in question. Really should be conserving cash but REIT rules mean dividends must be paid at 90% of net income. Yield now almost 7%.
elsa7878
17/7/2020
11:52
Same - was so obviously super cheap in 2011/12 - not so obvious now - but think will be a long term winner from current trends - just hard to know what the sustainable rent is
williamcooper104
17/7/2020
11:45
This was a favourite holding of mine way back (2012-14). Since so many stocks got smashed down in March I added WKP to my watchlist for stocks rebounding. Sadly its rebound has disappeared and it is already retesting the March low, which itself was below the low of 4 years ago. Latest government guidance I presume will help stop the rot - but I am not buying at the moment.
grabster
16/7/2020
10:22
Into the 5's! Can't really see sentiment here changing for a while. Everybody wfh and London a ghost town? Don't think so. Suet
suetballs
09/7/2020
13:38
This has been a multi bagger for me twice going back to when it was London industrial, prefer to think of it as buying London property on close to a 50% discount!
slicethepie
09/7/2020
12:19
Some can and will, but front room is not a long term substitute for what wkp offer.
its the oxman
09/7/2020
11:12
Many will trade down to their front rooms The chart is telling.
hawaly
09/7/2020
10:29
Lots of moving parts but very encouraged by the enquiries number for June at circa 75% of old level, lots of businesses will be looking to trade down and wkp should be a well placed recipient given their flexible leases and cost
slicethepie
09/7/2020
08:34
Yes going to take a while to get back to the new normal. Access to cash not a problem which is a strong plus. Suet
suetballs
09/7/2020
08:10
Nothing surprising in today's update for me, occupancy will fall this year, but also good to see enquiries picking up a bit.
its the oxman
03/7/2020
17:34
Agree this is getting into bargain territory, the latest planning approval is to me indicative of the uplift they can achieve at many of their sites, any relaxation of planning would be very positive ie the nav understates true value. I am not concerned about the rent role on a 12 month view as I think they could benefit from companies downsizing as they realise they can operate from smaller premises (workspace are probably the smallest) , from the demise of shared working areas and potentially from economic slowdown as you tend to see more people start their own company following redundancy.
slicethepie
02/7/2020
23:27
No position at moment But interested as to what the recently proposed planning reform could do for WKP You will now be able to get PDR on a demolish basis which means that sites which couldn't be converted into resi within existing building envelop may now be viable for resi conversion Resi conversion would of course reduce the impact of any long term secular fall in office demand
williamcooper104
02/7/2020
20:40
Feels like a real bargain but sentiment is shot. Need some time and update on improving rent collection. If things pan out ok we may yet see previous highs one day. Just need to see what the ex covid world looks like
its the oxman
02/7/2020
16:28
Property valuation £2.6 bn Debt circa £550 m Equity value £1.2 bn. Going to take something like a 30% reduction in commercial property valuations to put the present equity value at risk.....not good on commercial property but seems like a lot...
elsa7878
26/6/2020
10:47
Feels really bombed out. Nice planning approval gained today and ex div soon.
its the oxman
18/6/2020
12:05
sp disappointing since the results.The next update will be all important. Suet
suetballs
Chat Pages: 339  338  337  336  335  334  333  332  331  330  329  328  Older
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