International Workplace Group plc

BATS-CHIXE:IWGL Stock Report

Market Cap: UK£1.7b

International Workplace Group Valuation

Is IWGL 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 IWGL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IWGL (£1.65) is trading above our estimate of fair value (£0.69)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for IWGL. This is calculated by dividing IWGL's market cap by their current revenue.
What is IWGL's PS Ratio?
PS Ratio0.6x
SalesUS$3.74b
Market CapUS$2.12b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for IWGL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average6.2x
GRI Grainger
6x-30.7%UK£1.7b
SRE Sirius Real Estate
5.1x-4.0%UK£1.3b
TPFG Property Franchise Group
6.7x42.4%UK£273.5m
ASLI abrdn European Logistics Income
7.2xn/aUK£238.2m
IWGL International Workplace Group
0.6x6.1%UK£1.7b

Price-To-Sales vs Peers: IWGL is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (6.2x).

Price to Sales Ratio vs Industry

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

11 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.n/a0.2%
IWGL International Workplace Group
 0.6x6.1%US$2.12b
IWG International Workplace Group
0.6x6.1%US$2.12b
ETLN Etalon Group
0.3x10.5%US$210.89m
No. of Companies10PS02.44.87.29.612+
11 CompaniesEstimated GrowthMarket Cap
Industry Avg.n/a52.1%
IWGL International Workplace Group
 0.6x124.7%US$2.12b
No more companies

Price-To-Sales vs Industry: IWGL is good value based on its Price-To-Sales Ratio (0.6x) compared to the UK Real Estate industry average (4.2x).

Price to Sales Ratio vs Fair Ratio

What is IWGL'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.

IWGL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.6x
Fair PS Ratio2.3x

Price-To-Sales vs Fair Ratio: IWGL is good value based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (2.3x).

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 IWGL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£1.65
UK£2.29
+38.6%
14.4%UK£2.62UK£1.61n/a8
Nov ’25UK£1.63
UK£2.30
+41.2%
13.3%UK£2.62UK£1.61n/a8
Oct ’25UK£1.75
UK£2.30
+31.3%
13.3%UK£2.62UK£1.61n/a8
Sep ’25UK£1.81
UK£2.30
+27.1%
13.3%UK£2.62UK£1.61n/a8
Aug ’25UK£1.71
UK£2.30
+34.2%
13.3%UK£2.62UK£1.61n/a8
Jul ’25UK£1.72
UK£2.30
+33.7%
13.3%UK£2.62UK£1.61n/a8
Jun ’25UK£1.82
UK£2.30
+26.2%
13.3%UK£2.62UK£1.61n/a8
May ’25UK£1.88
UK£2.30
+22.1%
13.3%UK£2.62UK£1.61n/a8
Apr ’25UK£1.94
UK£2.24
+15.6%
16.2%UK£2.62UK£1.61n/a8
Mar ’25UK£1.88
UK£2.22
+18.0%
16.3%UK£2.62UK£1.61n/a8
Feb ’25UK£1.85
UK£2.14
+16.0%
17.5%UK£2.62UK£1.61n/a8
Jan ’25UK£1.87
UK£2.04
+9.0%
22.8%UK£2.62UK£1.26n/a8
Dec ’24UK£1.48
UK£1.98
+33.4%
21.8%UK£2.62UK£1.26n/a8
Nov ’24UK£1.32
UK£2.17
+64.3%
23.5%UK£3.00UK£1.35UK£1.638
Oct ’24UK£1.42
UK£2.17
+52.6%
23.5%UK£3.00UK£1.35UK£1.758
Sep ’24UK£1.75
UK£2.17
+24.1%
23.5%UK£3.00UK£1.35UK£1.818
Aug ’24UK£1.49
UK£2.16
+44.7%
23.5%UK£3.00UK£1.50UK£1.718
Jul ’24UK£1.37
UK£2.20
+60.4%
21.1%UK£3.00UK£1.50UK£1.728
Jun ’24UK£1.49
UK£2.27
+51.8%
19.1%UK£3.00UK£1.50UK£1.828
May ’24UK£1.69
UK£2.14
+26.9%
15.7%UK£2.62UK£1.50UK£1.888
Apr ’24UK£1.64
UK£2.23
+35.8%
11.2%UK£2.62UK£1.90UK£1.947
Mar ’24UK£1.81
UK£2.07
+14.6%
24.7%UK£3.00UK£1.50UK£1.888
Feb ’24UK£1.86
UK£1.97
+6.1%
18.5%UK£2.55UK£1.50UK£1.858
Jan ’24UK£1.68
UK£1.97
+17.8%
18.5%UK£2.55UK£1.50UK£1.878
Dec ’23UK£1.64
UK£1.97
+20.0%
18.5%UK£2.55UK£1.50UK£1.488
Nov ’23UK£1.31
UK£2.01
+53.0%
17.4%UK£2.55UK£1.50UK£1.328

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

Discover undervalued companies

Aroundtown

€3.5b

Operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally.

0RUH

€3.05

7D

12.7%

1Y

38.0%

UBM Development

€127.8m

Focuses on the development, management, and sale of real estate properties in Germany, Austria, Poland, and internationally.

0GD5

€17.90

7D

0%

1Y

-10.9%

VIB Vermögen

€229.4m

A real estate holding company, develops, buys, holds, rents, and manages commercial real estate properties in Germany.

VIH1D

€9.92

7D

0%

1Y

n/a