Professional
Added to YB: 2024-02-16
Pitch date: 2024-01-25
IWG.L [bullish]
International Workplace Group plc
+18.39%
current return
Author Info
Greenhaven Road is a boutique hedge fund with the patience and confidence to step outside of the norm. Visit their website.
Company Info
International Workplace Group plc, together with its subsidiaries, provides workspace solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
Market Cap
GBP 2.8B
Pitch Price
GBP 1.88
Price Target
N/A
Dividend
0.33%
EV/EBITDA
5.77
P/E
125.82
EV/Sales
2.76
Sector
Real Estate Management and Development
Category
growth
Greenhaven Road Capital Portfolio Holding - $IWG
IWG.L: Regus parent w/ 3400 locations, 8M customers. Prudent vs WeWork: controlled growth, founder-led. Partnership model removes property costs, enables rapid expansion (462 in '22, 800 in '23, 1000+ in '24). $100K/site, $100M growth potential. $2B mkt cap, $750M debt, $400M '23 EBITDA, double-digit '24 growth, $1B medium-term EBITDA. Worka division: $450M rev, $150M EBITDA, 20%+ CAGR, $2B+ value. Misperceived due to office mkt, forced sells, delayed financials. Significant growth & 3x upside.
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