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IWG

DB:IWG
Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IWG
DB
£3B
Market Cap
  1. Home
  2. DE
  3. Commercial Services
Company description

IWG plc, together with its subsidiaries, provides office outsourcing services in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and the United Kingdom. The last earnings update was 47 days ago. More info.


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  • IWG has significant price volatility in the past 3 months.
IWG Share Price and Events
7 Day Returns
-0.6%
DB:IWG
1.5%
DE Commercial Services
1.8%
DE Market
1 Year Returns
27.4%
DB:IWG
-8.1%
DE Commercial Services
-6%
DE Market
IWG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
IWG (IWG) -0.6% 29.1% 51.2% 27.4% - -
DE Commercial Services 1.5% 2.8% 9.6% -8.1% 1.3% -41%
DE Market 1.8% 6% 7.8% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • IWG outperformed the Commercial Services industry which returned -8.1% over the past year.
  • IWG outperformed the Market in Germany which returned -6% over the past year.
Price Volatility
IWG
Industry
5yr Volatility vs Market
Related Companies

IWG Value

 Is IWG undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of IWG to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for IWG.

DB:IWG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.6%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:IWG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.735 (1 + (1- 18%) (17.65%))
0.894
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.894 * 5.96%)
5.55%

Discounted Cash Flow Calculation for DB:IWG using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for IWG is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:IWG DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 5.55%)
2019 82.27 Analyst x3 77.94
2020 137.60 Analyst x3 123.50
2021 148.00 Analyst x3 125.85
2022 170.00 Analyst x1 136.95
2023 219.00 Analyst x1 167.14
2024 243.36 Est @ 11.12% 175.96
2025 262.48 Est @ 7.86% 179.80
2026 277.09 Est @ 5.57% 179.82
2027 288.08 Est @ 3.97% 177.11
2028 296.28 Est @ 2.84% 172.57
Present value of next 10 years cash flows £1,516.63
DB:IWG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £296.28 × (1 + 0.23%) ÷ (5.55% – 0.23%)
£5,575.82
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £5,575.82 ÷ (1 + 5.55%)10
£3,247.68
DB:IWG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £1,516.63 + £3,247.68
£4,764.32
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £4,764.32 / 894.62
£5.33
DB:IWG Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:IWG represents 1.13498x of LSE:IWG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.13498x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 5.33 x 1.13498
€6.04
Value per share (EUR) From above. €6.04
Current discount Discount to share price of €3.81
= -1 x (€3.81 - €6.04) / €6.04
37%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price IWG is available for.
Intrinsic value
37%
Share price is €3.81 vs Future cash flow value of €6.04
Current Discount Checks
For IWG to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • IWG's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • IWG's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for IWG's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are IWG's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:IWG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in GBP £0.12
LSE:IWG Share Price ** LSE (2019-04-18) in GBP £3.36
Europe Commercial Services Industry PE Ratio Median Figure of 105 Publicly-Listed Commercial Services Companies 16.64x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of IWG.

DB:IWG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:IWG Share Price ÷ EPS (both in GBP)

= 3.36 ÷ 0.12

28.8x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IWG is overvalued based on earnings compared to the Europe Commercial Services industry average.
  • IWG is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does IWG's expected growth come at a high price?
Raw Data
DB:IWG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28.8x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
12.4%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 54 Publicly-Listed Commercial Services Companies 1.39x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:IWG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 28.8x ÷ 12.4%

2.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IWG is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on IWG's assets?
Raw Data
DB:IWG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in GBP £0.84
LSE:IWG Share Price * LSE (2019-04-18) in GBP £3.36
Germany Commercial Services Industry PB Ratio Median Figure of 8 Publicly-Listed Commercial Services Companies 2.03x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:IWG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:IWG Share Price ÷ Book Value per Share (both in GBP)

= 3.36 ÷ 0.84

4x

* Primary Listing of IWG.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IWG is overvalued based on assets compared to the DE Commercial Services industry average.
X
Value checks
We assess IWG's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Commercial Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Commercial Services industry average (and greater than 0)? (1 check)
  5. IWG has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

IWG Future Performance

 How is IWG expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is IWG expected to grow at an attractive rate?
  • IWG's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • IWG's earnings growth is expected to exceed the Germany market average.
  • IWG's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:IWG Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:IWG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 12.4%
DB:IWG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 6.4%
Germany Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 31.2%
Germany Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:IWG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:IWG Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 3,548 1
2022-12-31 3,251 172 2
2021-12-31 3,116 530 160 5
2020-12-31 2,903 480 134 7
2019-12-31 2,700 438 119 8
DB:IWG Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-12-31 2,535 511 106
2018-09-30 2,461 463 100
2018-06-30 2,387 415 94
2018-03-31 2,369 403 104
2017-12-31 2,352 391 114
2017-09-30 2,339 395 124
2017-06-30 2,326 399 135
2017-03-31 2,279 416 137
2016-12-31 2,233 433 139
2016-09-30 2,151 420 129
2016-06-30 2,068 407 120
2016-03-31 1,997 373 120

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • IWG's earnings are expected to grow by 12.4% yearly, however this is not considered high growth (20% yearly).
  • IWG's revenue is expected to grow by 6.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:IWG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from IWG Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:IWG Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.18 0.19 0.17 3.00
2020-12-31 0.14 0.16 0.10 6.00
2019-12-31 0.13 0.14 0.12 5.00
DB:IWG Past Financials Data
Date (Data in GBP Millions) EPS *
2018-12-31 0.12
2018-09-30 0.11
2018-06-30 0.10
2018-03-31 0.11
2017-12-31 0.12
2017-09-30 0.14
2017-06-30 0.15
2017-03-31 0.15
2016-12-31 0.15
2016-09-30 0.14
2016-06-30 0.13
2016-03-31 0.13

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • IWG is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess IWG's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
IWG has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

IWG Past Performance

  How has IWG performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare IWG's growth in the last year to its industry (Commercial Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • IWG's year on year earnings growth rate has been positive over the past 5 years.
  • IWG's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • IWG's 1-year earnings growth is negative, it can't be compared to the Europe Commercial Services industry average.
Earnings and Revenue History
IWG's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from IWG Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:IWG Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,535.40 105.70 249.30
2018-09-30 2,461.00 99.90 245.50
2018-06-30 2,386.60 94.10 252.20
2018-03-31 2,369.45 104.05 244.20
2017-12-31 2,352.30 114.00 225.70
2017-09-30 2,338.90 124.35 237.90
2017-06-30 2,325.50 134.70 250.10
2017-03-31 2,279.45 136.75 256.20
2016-12-31 2,233.40 138.80 262.30
2016-09-30 2,150.50 129.45 265.40 2.60
2016-06-30 2,067.60 120.10 268.50 5.20
2016-03-31 1,997.30 120.00 258.50 7.75
2015-12-31 1,927.00 119.90 248.50 10.30
2015-09-30 1,867.70 116.10 250.90 9.90
2015-06-30 1,808.40 112.30 253.30 9.50
2015-03-31 1,742.25 91.10 261.45 9.10
2014-12-31 1,676.10 69.90 269.60 8.70
2014-09-30 1,634.80 67.70 268.30 8.50
2014-06-30 1,593.50 65.50 267.00 8.30
2014-03-31 1,563.50 66.20 270.05 7.75
2013-12-31 1,533.50 66.90 273.10 7.20
2013-09-30 1,456.85 68.45 260.15 6.40
2013-06-30 1,380.20 70.00 247.20 5.60
2013-03-31 1,312.15 70.45 236.00 5.05
2012-12-31 1,244.10 70.90 224.80 4.50
2012-09-30 1,224.85 57.15 225.25 3.30
2012-06-30 1,205.60 43.40 225.70 2.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • IWG has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • IWG used its assets less efficiently than the Europe Commercial Services industry average last year based on Return on Assets.
  • IWG's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess IWG's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Commercial Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
IWG has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

IWG Health

 How is IWG's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up IWG's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • IWG's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • IWG's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of IWG's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from IWG Company Filings, last reported 3 months ago.

DB:IWG Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 751.20 529.80 69.00
2018-09-30 751.20 529.80 69.00
2018-06-30 737.90 432.00 48.80
2018-03-31 737.90 432.00 48.80
2017-12-31 727.70 351.40 55.00
2017-09-30 727.70 351.40 55.00
2017-06-30 723.60 392.20 85.60
2017-03-31 723.60 392.20 85.60
2016-12-31 742.00 201.70 50.10
2016-09-30 742.00 201.70 50.10
2016-06-30 678.50 248.80 74.60
2016-03-31 678.50 248.80 74.60
2015-12-31 583.70 269.50 63.90
2015-09-30 583.70 269.50 63.90
2015-06-30 537.60 234.60 79.40
2015-03-31 537.60 234.60 79.40
2014-12-31 537.40 218.50 72.80
2014-09-30 537.40 218.50 72.80
2014-06-30 499.10 233.50 72.20
2014-03-31 499.10 233.50 72.20
2013-12-31 514.20 142.00 84.70
2013-09-30 514.20 142.00 84.70
2013-06-30 521.60 87.80 73.80
2013-03-31 521.60 87.80 73.80
2012-12-31 527.40 12.30 132.30
2012-09-30 527.40 12.30 132.30
2012-06-30 505.90 8.20 161.50
  • IWG's level of debt (70.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (27.8% vs 70.5% today).
  • Debt is well covered by operating cash flow (96.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 12.6x coverage).
X
Financial health checks
We assess IWG's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. IWG has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

IWG Dividends

 What is IWG's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.88%
Current annual income from IWG dividends. Estimated to be 2.24% next year.
If you bought €2,000 of IWG shares you are expected to receive €38 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • IWG's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • IWG's dividend is below the markets top 25% of dividend payers in Germany (3.71%).
Upcoming dividend payment

Purchase IWG before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:IWG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Germany Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:IWG Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.09 1.00
2021-12-31 0.08 6.00
2020-12-31 0.07 7.00
2019-12-31 0.07 8.00
DB:IWG Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-03-06 0.063 2.392
2018-03-06 0.057 2.330
2018-01-15 0.057 2.335
2017-02-28 0.051 1.824
2016-12-19 0.045 1.777

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, IWG has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but IWG only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of IWG's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (2x coverage).
X
Income/ dividend checks
We assess IWG's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can IWG afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. IWG has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

IWG Management

 What is the CEO of IWG's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mark Dixon
COMPENSATION £1,450,000
AGE 59
CEO Bio

Mr. Mark Dixon is a Founder of Regus plc and serves as its Group Chief Executive Officer. Mr. Dixon serves as the Chief Executive Officer and Director at Regus Business Center Corp. Mr. Dixon serves as Chief Executive Officer of Regus Business Center Corp. He has been an Executive Director of Regus PLC since August 18, 2008. He serves as a Director of Regus Business Center Corp. Since founding Regus in Brussels, Belgium in 1989, he has achieved a formidable reputation for leadership and innovation. Prior to Regus he established businesses in the retail and wholesale food industry. In 1999, Ernst & Young presented Mr. Dixon with the award for the United Kingdom Entrepreneur of the Year.

CEO Compensation
  • Mark's compensation has increased by more than 20% in the past year.
  • Mark's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the IWG management team in years:

0.6
Average Tenure
59
Average Age
  • The average tenure for the IWG management team is less than 2 years, this suggests a new team.
Management Team

Mark Dixon

TITLE
CEO & Director
COMPENSATION
£1M
AGE
59

Dominik de Daniel

TITLE
Executive Officer
COMPENSATION
£759K
AGE
43
TENURE
0.6 yrs

Eric Hageman

TITLE
CFO & Director
TENURE
0.6 yrs

Wayne Gerry

TITLE
Group Investor Relations Director

Matt Young

TITLE
Group Corporate Affairs Director

Guillermo Rotman

TITLE
President of the Regus Group Americas

Filippo Sarti

TITLE
Chief Executive Officer of Middle East & Africa

Paulo Dias

TITLE
Chief Executive Officer of Europe
TENURE
16.3 yrs

Lynsey Blair

TITLE
Company Secretary

Stephen Gleadle

TITLE
Group Finance Director
COMPENSATION
£676K
AGE
59
Board of Directors Tenure

Average tenure and age of the IWG board of directors in years:

5.9
Average Tenure
60
Average Age
  • The tenure for the IWG board of directors is about average.
Board of Directors

Doug Sutherland

TITLE
Chairman of the Board
COMPENSATION
£250K
AGE
61
TENURE
8.9 yrs

Mark Dixon

TITLE
CEO & Director
COMPENSATION
£1M
AGE
59
TENURE
10.7 yrs

Eric Hageman

TITLE
CFO & Director
TENURE
0.3 yrs

Elmar Heggen

TITLE
Independent Non-Executive Director
COMPENSATION
£72K
AGE
50
TENURE
8.8 yrs

Nina Henderson

TITLE
Non-Executive Director
COMPENSATION
£77K
AGE
68
TENURE
4.9 yrs

François Pauly

TITLE
Senior Independent Director
COMPENSATION
£72K
AGE
54
TENURE
1.9 yrs

Florence Pierre

TITLE
Independent Non-Executive Director
COMPENSATION
£60K
AGE
67
TENURE
5.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
26. Oct 18 Buy Mark Dixon Individual 25. Oct 18 25. Oct 18 1,255,089 €2.59 €3,253,745
24. Oct 18 Buy Mark Dixon Individual 23. Oct 18 23. Oct 18 522,798 €2.43 €1,271,699
23. Oct 18 Buy Mark Dixon Individual 22. Oct 18 22. Oct 18 432,326 €2.46 €1,063,178
07. Aug 18 Buy Standard Life Aberdeen plc Company 06. Aug 18 06. Aug 18 1,344,000 €2.65 €3,563,452
07. Aug 18 Sell Mawer Investment Management Limited Company 06. Aug 18 06. Aug 18 -7,100 €2.63 €-18,642
02. Aug 18 Buy UBS Asset Management Company 01. Aug 18 01. Aug 18 1,298 €3.36 €4,359
01. Aug 18 Sell Legal & General Investment Management Limited Company 31. Jul 18 31. Jul 18 -117,880 €3.38 €-398,851
02. Aug 18 Sell Standard Life Aberdeen plc Company 01. Aug 18 01. Aug 18 -8,623 €3.34 €-28,800
02. Aug 18 Sell Barclays Bank PLC, Securities Investments Company 01. Aug 18 01. Aug 18 -145,613 €3.37 €-490,499
02. Aug 18 Buy Barclays Bank PLC, Securities Investments Company 01. Aug 18 01. Aug 18 122,770 €3.39 €416,340
02. Aug 18 Buy BlackRock, Inc. Company 01. Aug 18 01. Aug 18 1,664 €3.36 €5,588
01. Aug 18 Sell Barclays Bank PLC, Securities Investments Company 19. Jul 18 19. Jul 18 -213,746 €3.33 €-711,745
01. Aug 18 Buy Barclays Bank PLC, Securities Investments Company 19. Jul 18 19. Jul 18 446,157 €3.32 €1,483,293
01. Aug 18 Sell BlackRock, Inc. Company 31. Jul 18 31. Jul 18 -13,838 €3.40 €-47,042
01. Aug 18 Buy BlackRock, Inc. Company 31. Jul 18 31. Jul 18 120,687 €3.40 €410,539
01. Aug 18 Sell Barclays Bank PLC, Securities Investments Company 31. Jul 18 31. Jul 18 -324,899 €3.40 €-1,105,823
01. Aug 18 Buy Barclays Bank PLC, Securities Investments Company 31. Jul 18 31. Jul 18 140,417 €3.40 €477,969
20. Jun 18 Sell Standard Life Aberdeen plc Company 19. Jun 18 19. Jun 18 -960,801 €3.57 €-3,431,870
19. Jun 18 Sell M&G Investment Management Limited Company 18. Jun 18 18. Jun 18 -48,063 €3.55 €-170,748
15. Jun 18 Buy UBS Asset Management Company 14. Jun 18 14. Jun 18 4,683 €3.64 €17,032
11. Jun 18 Buy Toscafund Asset Management LLP Company 08. Jun 18 08. Jun 18 155,844 €3.56 €554,035
08. Jun 18 Sell BlackRock, Inc. Company 07. Jun 18 07. Jun 18 -76,087 €3.56 €-270,700
07. Jun 18 Buy Toscafund Asset Management LLP Company 06. Jun 18 06. Jun 18 219,609 €3.56 €781,246
01. Jun 18 Sell BlackRock, Inc. Company 31. May 18 31. May 18 -193,919 €3.55 €-687,475
01. Jun 18 Buy BlackRock, Inc. Company 31. May 18 31. May 18 55,291 €3.54 €196,002
01. Jun 18 Buy UBS Asset Management Company 31. May 18 31. May 18 23,611 €3.54 €83,699
18. Jun 18 Sell Standard Life Aberdeen plc Company 15. Jun 18 15. Jun 18 -730,000 €3.57 €-2,605,637
18. Jun 18 Buy Standard Life Aberdeen plc Company 15. Jun 18 15. Jun 18 66,367 €3.58 €237,268
18. Jun 18 Buy Legal & General Investment Management Limited Company 15. Jun 18 15. Jun 18 39,288 €3.61 €142,018
30. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 27. Jul 18 27. Jul 18 -200,045 €3.38 €-676,098
30. Jul 18 Buy Barclays Bank PLC, Securities Investments Company 27. Jul 18 27. Jul 18 200,512 €3.38 €677,451
30. Jul 18 Sell Lansdowne Partners Limited Company 27. Jul 18 27. Jul 18 -173,658 €3.38 €-586,890
30. Jul 18 Sell Legal & General Investment Management Limited Company 27. Jul 18 27. Jul 18 -167,471 €3.36 €-563,424
30. Jul 18 Buy BlackRock, Inc. Company 27. Jul 18 27. Jul 18 98,490 €3.38 €332,856
27. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 26. Jul 18 26. Jul 18 -120,828 €3.43 €-414,013
27. Jul 18 Buy Barclays Bank PLC, Securities Investments Company 26. Jul 18 26. Jul 18 93,033 €3.41 €317,097
27. Jul 18 Sell Legal & General Investment Management Limited Company 26. Jul 18 26. Jul 18 -1,346 €3.41 €-4,585
27. Jul 18 Sell Standard Life Aberdeen plc Company 26. Jul 18 26. Jul 18 -2,515 €3.36 €-8,451
27. Jul 18 Sell BlackRock, Inc. Company 26. Jul 18 26. Jul 18 -26,531 €3.37 €-89,296
27. Jul 18 Buy BlackRock, Inc. Company 26. Jul 18 26. Jul 18 50,258 €3.37 €169,279
30. May 18 Buy Toscafund Asset Management LLP Company 29. May 18 29. May 18 109,579 €3.57 €391,031
30. May 18 Buy BlackRock, Inc. Company 29. May 18 29. May 18 122,564 €3.58 €438,914
24. May 18 Sell BlackRock, Inc. Company 23. May 18 23. May 18 -21,930 €3.45 €-75,690
24. May 18 Buy BlackRock, Inc. Company 23. May 18 23. May 18 50,876 €3.46 €175,840
21. May 18 Buy Odey Asset Management LLP Company 18. May 18 18. May 18 5,477 €3.50 €19,160
18. May 18 Sell UBS Asset Management Company 17. May 18 17. May 18 -101,651 €3.52 €-357,310
17. May 18 Buy Odey Asset Management LLP Company 16. May 18 16. May 18 54,722 €3.50 €191,310
16. May 18 Buy Odey Asset Management LLP Company 15. May 18 15. May 18 46,482 €3.48 €161,664
16. May 18 Sell BlackRock, Inc. Company 15. May 18 15. May 18 -11 €3.50 €-39
16. May 18 Buy BlackRock, Inc. Company 15. May 18 15. May 18 554 €3.52 €1,949
15. May 18 Sell UBS Asset Management Company 14. May 18 14. May 18 -125,457 €3.47 €-435,287
15. May 18 Buy UBS Asset Management Company 14. May 18 14. May 18 50,457 €3.52 €177,472
15. May 18 Buy Toscafund Asset Management LLP Company 14. May 18 14. May 18 6,463,602 €3.50 €22,370,156
14. May 18 Buy BlackRock, Inc. Company 11. May 18 11. May 18 4,995 €2.86 €14,280
24. Jul 18 Sell Odey Asset Management LLP Company 23. Jul 18 23. Jul 18 -200,000 €3.40 €-680,868
24. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 23. Jul 18 23. Jul 18 -105,182 €3.39 €-356,167
24. Jul 18 Buy Barclays Bank PLC, Securities Investments Company 23. Jul 18 23. Jul 18 128,630 €3.38 €435,019
20. Jul 18 Buy BlackRock, Inc. Company 19. Jul 18 19. Jul 18 64,271 €3.31 €213,021
20. Jul 18 Buy Toscafund Asset Management LLP Company 19. Jul 18 19. Jul 18 389,884 €3.31 €1,291,575
20. Jul 18 Sell Legal & General Investment Management Limited Company 19. Jul 18 19. Jul 18 -1,455 €3.31 €-4,820
20. Jul 18 Sell Standard Life Aberdeen plc Company 19. Jul 18 19. Jul 18 -96,930 €3.32 €-321,657
18. Jul 18 Buy The Bank of Nova Scotia, Banking Investments Company 17. Jul 18 17. Jul 18 1,522,286 €3.37 €5,131,349
17. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 25. Jun 18 25. Jun 18 -1,039,866 €3.71 €-3,860,340
17. Jul 18 Buy Barclays Bank PLC, Securities Investments Company 25. Jun 18 25. Jun 18 728,980 €3.73 €2,719,958
17. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 27. Jun 18 27. Jun 18 -1,478,492 €3.61 €-5,344,055
17. Jul 18 Buy Barclays Bank PLC, Securities Investments Company 27. Jun 18 27. Jun 18 1,724,337 €3.61 €6,232,670
18. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 11. Jul 18 11. Jul 18 -933,450 €3.46 €-3,233,439
18. Jul 18 Buy Barclays Bank PLC, Securities Investments Company 11. Jul 18 11. Jul 18 2,042,082 €3.46 €7,073,704
18. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 16. Jul 18 16. Jul 18 -289,175 €3.39 €-981,414
18. Jul 18 Buy Barclays Bank PLC, Securities Investments Company 16. Jul 18 16. Jul 18 610,528 €3.39 €2,069,897
18. Jul 18 Sell M&G Investment Management Limited Company 17. Jul 18 17. Jul 18 -14,241 €3.38 €-48,180
18. Jul 18 Sell Standard Life Aberdeen plc Company 17. Jul 18 17. Jul 18 -682,071 €3.35 €-2,282,989
18. Jul 18 Buy HG Vora Capital Company 17. Jul 18 17. Jul 18 275,000 €3.33 €915,814
18. Jul 18 Sell BlackRock, Inc. Company 17. Jul 18 17. Jul 18 -3,988 €3.33 €-13,281
16. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 12. Jul 18 12. Jul 18 -573,016 €3.47 €-1,985,882
16. Jul 18 Buy Toscafund Asset Management LLP Company 13. Jul 18 13. Jul 18 400,000 €3.41 €1,358,917
20. Jun 18 Buy Toscafund Asset Management LLP Company 19. Jun 18 19. Jun 18 5,848 €3.55 €20,763
16. Jul 18 Buy HG Vora Capital Company 13. Jul 18 13. Jul 18 225,000 €3.39 €762,596
13. Jun 18 Sell BlackRock, Inc. Company 12. Jun 18 12. Jun 18 -39,622 €3.59 €-142,394
14. Jun 18 Sell Standard Life Aberdeen plc Company 13. Jun 18 13. Jun 18 -600,000 €3.55 €-2,132,909
09. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 06. Jul 18 06. Jul 18 -298,192 €3.48 €-1,038,651
09. Jul 18 Buy Barclays Bank PLC, Securities Investments Company 06. Jul 18 06. Jul 18 517,043 €3.49 €1,804,097
09. Jul 18 Sell BlackRock, Inc. Company 06. Jul 18 06. Jul 18 -6,254 €3.49 €-21,615
09. Jul 18 Buy BlackRock, Inc. Company 06. Jul 18 06. Jul 18 38,442 €3.44 €132,398
09. Jul 18 Buy Toscafund Asset Management LLP Company 06. Jul 18 06. Jul 18 115,000 €3.49 €401,005
09. Jul 18 Buy Legal & General Investment Management Limited Company 06. Jul 18 06. Jul 18 4,618 €3.48 €16,088
13. Jul 18 Sell UBS Asset Management Company 12. Jul 18 12. Jul 18 -252,941 €3.46 €-875,464
20. Jun 18 Sell M&G Investment Management Limited Company 19. Jun 18 19. Jun 18 -6,477 €3.56 €-23,084
20. Jun 18 Sell BlackRock, Inc. Company 19. Jun 18 19. Jun 18 -22,903 €3.58 €-81,728
19. Jun 18 Sell Odey Asset Management LLP Company 18. Jun 18 18. Jun 18 -149,653 €3.56 €-532,357
18. Jun 18 Sell BlackRock, Inc. Company 15. Jun 18 15. Jun 18 -5,246 €3.58 €-18,755
18. Jun 18 Buy BlackRock, Inc. Company 15. Jun 18 15. Jun 18 122,151 €3.58 €436,700
18. Jun 18 Buy UBS Asset Management Company 15. Jun 18 15. Jun 18 8,655 €3.58 €30,942
11. Jun 18 Sell Standard Life Aberdeen plc Company 08. Jun 18 08. Jun 18 -126 €3.62 €-456
08. Jun 18 Buy UBS Asset Management Company 07. Jun 18 07. Jun 18 75,771 €3.57 €270,269
08. Jun 18 Buy Legal & General Investment Management Limited Company 07. Jun 18 07. Jun 18 12,000 €3.57 €42,800
01. Jun 18 Buy Toscafund Asset Management LLP Company 31. May 18 31. May 18 1,321,964 €3.56 €4,689,028
30. May 18 Sell Standard Life Aberdeen plc Company 29. May 18 29. May 18 -349,116 €3.55 €-1,241,007
25. May 18 Sell BlackRock, Inc. Company 24. May 18 24. May 18 -15,400 €3.46 €-53,260
25. May 18 Buy BlackRock, Inc. Company 24. May 18 24. May 18 10,547 €3.46 €36,476
21. May 18 Sell BlackRock, Inc. Company 18. May 18 18. May 18 -7,546 €3.51 €-26,450
21. May 18 Buy BlackRock, Inc. Company 18. May 18 18. May 18 22,963 €3.51 €80,488
18. May 18 Buy Odey Asset Management LLP Company 17. May 18 17. May 18 2,837 €3.50 €9,930
24. May 18 Sell UBS Asset Management Company 23. May 18 23. May 18 -101,615 €3.44 €-349,073
23. May 18 Sell Standard Life Aberdeen plc Company 22. May 18 22. May 18 -580,851 €3.46 €-2,012,096
17. May 18 Sell UBS Asset Management Company 16. May 18 16. May 18 -801,745 €3.52 €-2,822,652
10. Jul 18 Sell Barclays Bank PLC, Securities Investments Company 09. Jul 18 09. Jul 18 -185,033 €3.49 €-645,465
10. Jul 18 Buy Barclays Bank PLC, Securities Investments Company 09. Jul 18 09. Jul 18 1,059,060 €3.49 €3,697,268
10. Jul 18 Sell BlackRock, Inc. Company 09. Jul 18 09. Jul 18 -2,003 €3.49 €-6,993
11. Jul 18 Sell Odey Asset Management LLP Company 10. Jul 18 10. Jul 18 -330,495 €3.55 €-1,167,748
03. Jul 18 Buy HG Vora Capital Company 02. Jul 18 02. Jul 18 55,000 €3.57 €196,572
18. May 18 Buy Toscafund Asset Management LLP Company 17. May 18 17. May 18 342,211 €3.52 €1,203,719
01. Jun 18 Sell Standard Life Aberdeen plc Company 31. May 18 31. May 18 -185,196 €3.55 €-656,716
05. Jun 18 Buy Toscafund Asset Management LLP Company 04. Jun 18 04. Jun 18 563,443 €3.55 €2,001,096
05. Jun 18 Buy BlackRock, Inc. Company 04. Jun 18 04. Jun 18 12,792 €3.64 €46,595
06. Jun 18 Sell BlackRock, Inc. Company 05. Jun 18 05. Jun 18 -29,495 €3.58 €-105,532
06. Jun 18 Buy BlackRock, Inc. Company 05. Jun 18 05. Jun 18 95,834 €3.58 €343,417
06. Jun 18 Buy Toscafund Asset Management LLP Company 05. Jun 18 05. Jun 18 276,106 €3.54 €968,940
30. May 18 Buy Odey Asset Management LLP Company 29. May 18 29. May 18 72,000 €3.56 €256,286
29. May 18 Sell BlackRock, Inc. Company 25. May 18 25. May 18 -29,139 €3.47 €-101,033
29. May 18 Sell Standard Life Aberdeen plc Company 25. May 18 25. May 18 -1,797 €3.47 €-6,244
X
Management checks
We assess IWG's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. IWG has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

IWG News

Simply Wall St News

IWG Company Info

Description

IWG plc, together with its subsidiaries, provides office outsourcing services in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and the United Kingdom. The company offers virtual office services; 24/7 workspace recovery solutions; mobile and digital self-service solutions; co-working solutions; fully managed offices; networking and knowledge-sharing meetings; and meeting spaces. It provides its services to property owners and investors, franchisees, brokers, and customers under the Regus, Spaces, No18, HQ, Signature, Open Office, and Basepoint brands. As of December 31, 2018, the company operated 3,306 locations in 1,109 towns and cities across approximately 110 countries. The company was formerly known as Regus plc and changed its name to IWG plc in December 2016. IWG plc was founded in 1989 and is headquartered in Zug, Switzerland.

Details
Name: IWG plc
IWG
Exchange: DB
Founded: 1989
£3,461,832,279
894,620,484
Website: http://www.iwgplc.com
Address: IWG plc
Dammstrasse 19,
Zug,
Zug, 6300,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE IWG New Ordinary Shares London Stock Exchange GB GBP 19. Dec 2016
OTCPK IWGF.F New Ordinary Shares Pink Sheets LLC US USD 19. Dec 2016
DB IWG New Ordinary Shares Deutsche Boerse AG DE EUR 19. Dec 2016
BATS-CHIXE IWGL New Ordinary Shares BATS 'Chi-X Europe' GB GBP 19. Dec 2016
Number of employees
Current staff
Staff numbers
9,615
IWG employees.
Industry
Office Services and Supplies
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 22:32
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/03/06
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.