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Workspace Group Plc

14.00 (2.76%)
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 Shares Traded Last Trade
  14.00 2.76% 522.00 71,272 15:45:48
Bid Price Offer Price High Price Low Price Open Price
520.50 522.00 526.50 512.50 515.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trust 174.20 -37.80 - - 1,000.35
Last Trade Time Trade Type Trade Size Trade Price Currency
15:56:34 O 921 521.50 GBX

Workspace (WKP) Latest News

Workspace (WKP) Discussions and Chat

Workspace Forums and Chat

Date Time Title Posts
25/5/202313:03WKP charts and news8,432
16/7/201806:09Workspace (WKP) One to Watch on Monday 1
16/9/200916:37Workspace going bankrupt??15
26/8/200917:54Trend & Market1

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Workspace (WKP) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Workspace (WKP) Top Chat Posts

Top Posts
Posted at 15/5/2023 16:12 by its the oxman
For what it's worth Henderson smaller cos added wkp to their portfolio a while ago so we are not alone in seeing upside from these distressed levels.
Posted at 14/10/2022 13:24 by ydderf
If you renew borrowings at current rates and change capitalisation rates in accordance with normalised interest rates property valuations drop sharply - this is what lies ahead for all property companies in the UK and explains the weak share prices. There is much further to go, but not in the next few weeks, 2023 will be bloody. Property funds closing to redeemers is the canary the coal mine - soon there will cease to be a market until prices painfully adjust to long gilts at 5% and heading up.

Residential will also crater

What does it say about the CFO's judgement that he bought at £5 a month back - not a lot, I would suggest

Posted at 14/10/2022 10:11 by elsa7878
Goldmann Sachs yesterday predicted 20% falls in commercial property by the end of 2024 and financing costs rising by 75%.
Lucky that WKP has the majority of its interest costs fixed.
Sitting on a 40% discount so hard not too think it's cheap....just sentiment that's killing it.

Posted at 13/10/2022 08:11 by hugepants
Good update I'd say. They sorted the McKay debt in Q2.

I agree sliceofpie, it must be pension funds selling this down here. It's on a 65% discount based on last NAV

Posted at 07/10/2022 16:43 by giltedge1
WKP have some really 1st Class Offices modern or recently refurbished, Management has done a good job, Mayfair, Royal Parks etc, will be a beneficiary, of flexible office working. Good value here. As Central London centric locations will maintain liquidity, Sovereign Wealth funds etc. only buy in London. Tempted but still falling so will wait a few more weeks or so.
Posted at 23/8/2022 15:21 by hugepants
I missed the update in July.

LTV is 32% due to the McKay acquisition but this will go below 30% as they sell off the non-core properties. Anyway discount back up now to a crazy looking 45%.

Posted at 05/7/2022 22:52 by hugepants
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.

Posted at 08/6/2022 09:22 by its the oxman
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.
Posted at 27/5/2022 10:10 by hindsight
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

Posted at 16/5/2022 13:35 by km18
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

Workspace share price data is direct from the London Stock Exchange
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