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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 | |
---|---|---|---|---|---|---|---|---|---|---|
9.50 | 1.89% | 512.50 | 510.00 | 512.50 | 513.00 | 497.20 | 497.20 | 184,846 | 16:29:53 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 174.2M | -37.8M | -0.1970 | -26.02 | 983.48M |
Date | Subject | Author | Discuss |
---|---|---|---|
31/8/2020 07:07 | Capita to close over a third of offices permanently. How many of these are in London? Others will do likewise. How will it affect rents? How many others will copy the wkp formula? At under £6 wkp should be a bargain but times are changing. Suet | suetballs | |
28/8/2020 21:50 | Given their last fund raise was at 1100p today's price seems something of a bargain and I'm thinking London locations will remain the place to be. | its the oxman | |
28/8/2020 09:25 | Land secs starts at 15 people min! I think workspace know this space extremely well having been the leading operator for over 20 years. Reputation and word of mouth are really important as their units tend to attract related companies ie media | slicethepie | |
28/8/2020 09:05 | Both Land Secs and BL have introduced flexible office offerings | williamcooper104 | |
28/8/2020 08:12 | Agree 100%, they also have a brand name and reputation which is important for small businesses. There is also a barrier to entry as it is not simple to carve up big floor space into small units. The resilience of these small businesses is well documented and arguably you see more formed in tough times. | slicethepie | |
28/8/2020 03:46 | Workspace have pushed rents from low teens in 2013-14 to c£43 psf At a tenner a foot - c£120-180 psf capital value alternative uses work £43 psf however is around £700-800 psf - which kills alternative uses in most areas Will still be development opportunities where extra space can be added But absent this the alternative use floor (assuming resi) is going to be £150-£300 psf (assuming c30 percent on resi values of £500-900psf) | williamcooper104 | |
27/8/2020 23:30 | shield, appreciate the view, many thanks. Will have a look in more detail. | essentialinvestor | |
27/8/2020 19:01 | Don't you think that "one or two" things have changed since February? | hawaly | |
27/8/2020 17:44 | Essential - They say that "Freehold property ownership" is part of their strategy. I am in London and bought a bit of WKP in recent months. I often walk past various properties and I can confirm there is only limited activity. WeWork is even quieter than Workspace, almost no one working in these places at all. Many Workspace properties are well located, many are older industrial buildings and some have character. A great many of these kinds of properties have been and are in the process of being converted to residential. Some of my reasoning for buying WKP: 1/ tenants are likely to be more established companies than WeWork type tenants and perhaps more resilient to economic stress. 2/ often these are companies that actually need a contained space - rather than a shared hive. 3/ Many of the properties have some car parking/loading facilities that are simply not available in new buildings occupied by WeWork type spaces. 4/ not being new buildings the rent is almost certainly going to be lower and so likely to retain tenants 5/ there is a shortage of this kind of office/studio/worksh 6/ freehold properties with huge potential for redevelopment. Despite all of this - not much sign of my being right at this point. | shieldbug | |
26/8/2020 23:24 | Does Workspace own all their own property, are there lease liabilities?. For example IWG has low net debt, however also appears to have significant lease liabilities. | essentialinvestor | |
20/8/2020 08:02 | That's why the share price is down from £13. Unless all central London prop is going to fall 50% plus then the maybe approaching a good long term entry point. Most of their sites have alternative use and development potential. | slicethepie | |
20/8/2020 07:38 | Assets like this are being repriced ... the slide rule is in flux. | hawaly | |
20/8/2020 07:18 | Ok I will rephrase....you are crudely buying central London property on a discount of 50%, a prospective yield of 5% and in a liquid form. They may need to offer short term discounts to fill empty space but this is the cheapest space in central London already. | slicethepie | |
19/8/2020 18:00 | pieman. No you are not - the business is reliant on buildings being occupied and rents being paid - the whole premise of workspace is flexibility of occupation - so go figure where that leaves them as a LL. | emso | |
19/8/2020 10:24 | Crudely you are buying central London property on a 50% discount with a yield of over 5% and in a liquid form ..what's not to like ! There is still massive opportunity for development within the portfolio which is not in the nav | slicethepie | |
19/8/2020 10:12 | 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 10:01 | Totally bombed out 540p | its the oxman | |
11/8/2020 12:41 | 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 10:47 | Our new chairman obviously thinks there is value at this level! | slicethepie | |
28/7/2020 13:28 | 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 13:03 | 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 10:09 | 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 09:30 | 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 12:33 | 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 |
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