Workspace Share Discussion Threads

[its the oxman] 27/7/2022 22:43

Just don't get this trading around 550p

[hindsight] 21/7/2022 14:52

Business update seems good. And to see planned disposals happen so LTV reverts back down in these uncertain times.

[hugepants] 05/7/2022 22:52

4 July. Barclays cuts Workspace Group price target to 640 (800) pence - 'underweight'

Epra NTA is 988p so this is already on an very large 45% discount. LTV is only 23%


and massive headroom on covenants;

All outstanding borrowings require compliance with LTV and Interest Cover covenants. As at the tightest test date in the scenarios modelled, the Group could withstand a reduction in net rental income of 51% and a fall in the asset valuation of 56% compared to 31 March 2022 (pro-forma including McKay) before these covenants are breached, assuming no mitigating actions are taken.

[hugepants] 29/6/2022 09:35

Is it something specific to London offices? British Land is down 5%

[its the oxman] 29/6/2022 09:19

Ouch , why are we down so much?

[suetballs] 29/6/2022 08:28

Another bashing this am - seems undeserved to me?
Suet

[hugepants] 28/6/2022 13:42

It's certainly on a huge discount now at 34.5%

[its the oxman] 08/6/2022 09:22

Yes prospects look good here, just need Mr Market to start appreciating that fact. Remains far too cheap imho. Sale of McKay non core interests could see a jump near term as well possibly if price achieved is decent.

[hindsight] 08/6/2022 09:15

Seems to me if one is going to go long offices this is one of the best ways now, due to high flexibility, resonable 30% LTV and 26% discount. However saying that wont be topping up today as got some via the Mckay takeover

[suetballs] 08/6/2022 07:20

Well I am not disappointed.
An excellent report - A*.
Suet

[suetballs] 01/6/2022 14:25

Full year results 8th June - I'm expecting a good set of numbers and encouraging prospects.
Suet

[hindsight] 27/5/2022 10:10

As a holder of McKay, pleased to see WKP make something on the deal too. The market never appreciated the value, partly due to McKay directors
May encourage more corporate activity in the sector

[suetballs] 27/5/2022 09:47

Looks like the Mckay deal is going to produce some unexpected short term dosh and hopefully meaningful profit.
Good news indeed.
Suet

[km18] 16/5/2022 13:35

Workspace Group plc last week completed the acquisition of McKay Securities plc. Following completion, Workspace's portfolio comprises gross property assets of £2.9bn with 5.5m sq. ft. of lettable space. Workspace has allotted 10,513,098 new ordinary shares of £1 each as part of the consideration for the transaction, nearly 5% equity dilution. Long term investments are up around 23% on end FY21 levels, pointing to a commensurate boost to revenues to come. Obviously the sector has been hard hit by COVID and multiple lockdowns, share price is still close to 50% below pre-Pandemic levels. The balance sheet is solid with plenty of cash, but valuation is average and the share price lacks momentum. A name to monitor for now....

...from WealthOracleAM

[quazie12] 14/4/2022 11:02

And forgot to mention even with combined market cap if McKay deal goes through, its still a takeover possibility from one of the bigger asset managers

[quazie12] 14/4/2022 11:00

Well I for one am buying. Have done well in this share over the last 10 or so years. Rents on the rise, occupancy on the rise, manageable debt levels, good resi redevelopment longer term, price to book ratio is great and dividends reinstated again

[hindsight] 07/4/2022 14:56

I would rephrase it "No many buyers for office at the moment"
On top of which is MCKS bid, which its not clear if they win at present offer, have to up offer or let another party have it

[its the oxman] 07/4/2022 14:25

Strong update yet the shares languish around 700p. No many buyers for anything at the moment.

[quazie12] 07/4/2022 12:06

Positive trading update for Q4 today. Picked some up just over £7

[its the oxman] 22/3/2022 10:24

Added a few near 660p , should of bought a load more.

[its the oxman] 20/1/2022 11:44

Strong viewings and lettings bode well, as may be not all , but many businesses look through covid and anticipate a return to more regular office based work , makes a lot of sense to me. Long live the office.

[suetballs] 19/1/2022 11:38

Shelving of plan B should help sentiment here.
I can see £10 by the spring.
Trading update tomorrow imo will be optimistic.
Suet

[suetballs] 02/12/2021 10:46

Bank of America upgrades from neutral to buy - tp 10.10 previously 10.00.
Suet