International Workplace Group plc

DB:IWG Stock Report

Market Cap: €2.0b

International Workplace Group Valuation

Is IWG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IWG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IWG (€1.98) is trading above our estimate of fair value (€0.83)

Significantly Below Fair Value: IWG is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IWG?

Key metric: As IWG is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IWG. This is calculated by dividing IWG's market cap by their current revenue.
What is IWG's PS Ratio?
PS Ratio0.6x
SalesUS$3.74b
Market CapUS$2.15b

Price to Sales Ratio vs Peers

How does IWG's PS Ratio compare to its peers?

The above table shows the PS ratio for IWG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.2x
GYC Grand City Properties
3.6x1.8%€2.2b
DEQ Deutsche EuroShop
5.2x-0.2%€1.5b
ADL Adler Real Estate
2.1xn/a€980.4m
TEG TAG Immobilien
2x-34.1%€2.8b
IWG International Workplace Group
0.6x6.1%€1.7b

Price-To-Sales vs Peers: IWG is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (3.6x).

Price to Sales Ratio vs Industry

How does IWG's PS Ratio compare vs other companies in the DE Real Estate Industry?

10 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.3.5x-10.9%
IWG International Workplace Group
 0.6x6.1%US$2.15b
DMRE DEMIRE Deutsche Mittelstand Real Estate
0.5x-42.0%US$85.41m
ADJ Adler Group
0.1xn/aUS$53.79m
IWG 0.6xIndustry Avg. 3.5xNo. of Companies9PS02.44.87.29.612+
10 CompaniesEstimated GrowthMarket Cap
Industry Avg.3.5x96.4%
IWG International Workplace Group
 0.6x124.7%US$2.15b
No more companies

Price-To-Sales vs Industry: IWG is good value based on its Price-To-Sales Ratio (0.6x) compared to the German Real Estate industry average (3.6x).

Price to Sales Ratio vs Fair Ratio

What is IWG's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IWG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.6x
Fair PS Ratio1.6x

Price-To-Sales vs Fair Ratio: IWG is good value based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IWG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.98
€2.73
+38.0%
14.4%€3.12€1.92n/a8
Nov ’25€1.88
€2.67
+42.1%
13.3%€3.04€1.87n/a8
Oct ’25€2.11
€2.67
+26.7%
13.3%€3.04€1.87n/a8
Sep ’25€2.08
€2.67
+28.3%
13.3%€3.04€1.87n/a8
Aug ’25€2.03
€2.67
+31.8%
13.3%€3.05€1.87n/a8
Jul ’25€2.03
€2.67
+31.9%
13.3%€3.05€1.87n/a8
Jun ’25€2.13
€2.67
+25.7%
13.3%€3.05€1.87n/a8
May ’25€2.18
€2.68
+23.0%
13.3%€3.05€1.88n/a8
Apr ’25€2.26
€2.63
+16.4%
16.2%€3.08€1.89n/a8
Mar ’25€2.17
€2.60
+19.7%
16.3%€3.06€1.88n/a8
Feb ’25€2.18
€2.50
+14.8%
17.5%€3.06€1.88n/a8
Jan ’25€2.11
€2.36
+12.2%
22.8%€3.04€1.46n/a8
Dec ’24€1.65
€2.27
+37.5%
21.8%€3.01€1.45€1.988
Nov ’24€1.50
€2.54
+68.9%
23.5%€3.52€1.58€1.888
Oct ’24€1.60
€2.54
+58.7%
23.5%€3.52€1.58€2.118
Sep ’24€2.07
€2.54
+22.4%
23.5%€3.52€1.58€2.088
Aug ’24€1.75
€2.52
+44.6%
23.5%€3.51€1.75€2.038
Jul ’24€1.50
€2.56
+70.6%
21.1%€3.48€1.74€2.038
Jun ’24€1.68
€2.62
+56.4%
19.1%€3.47€1.73€2.138
May ’24€1.87
€2.44
+30.7%
15.7%€2.98€1.71€2.188
Apr ’24€1.81
€2.54
+40.2%
11.2%€2.98€2.16€2.267
Mar ’24€2.06
€2.35
+14.0%
24.7%€3.40€1.70€2.178
Feb ’24€2.08
€2.26
+8.8%
18.5%€2.92€1.72€2.188
Jan ’24€1.81
€2.26
+25.0%
18.5%€2.92€1.72€2.118
Dec ’23€1.82
€2.26
+24.2%
18.5%€2.92€1.72€1.658

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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