Workspace Group
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Workspace is focused on helping businesses perform at their very best. The last earnings update was 7 days ago. More info.
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WKP Share Price and Events
7 Day Returns
1 Year Returns
WKP Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Workspace Group (WKP) | -0.2% | -10.6% | -14.7% | -21.7% | 3.6% | 50.9% |
| GB REITs | -0.1% | -2.1% | -3.7% | -8.3% | -7.2% | 8% |
| GB Market | -0.1% | 0.4% | 0.6% | -3.5% | 15.8% | 3.9% |
1 Year Return vs Industry and Market
- WKP underperformed the REITs industry which returned -8.3% over the past year.
- WKP underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -3.5% over the past year.
Value
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
Workspace Group
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Workspace Group.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 4 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 6.5% |
| Perpetual Growth Rate | 10-Year GB Government Bond Rate | 1.2% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year GB Govt Bond Rate | 1.2% |
| Equity Risk Premium | S&P Global | 6.7% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.49 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.493 (1 + (1- 19%) (40.3%)) |
0.768 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.8 * 6.65%) |
6.55% |
Discounted Cash Flow Calculation for LSE:WKP using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Workspace Group 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.
Workspace Group is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (GBP, Millions) | Source |
Present Value Discounted (@ 6.55%) |
|
|---|---|---|---|
| 2019 | 66.00 | Analyst x2 | 61.94 |
| 2020 | 79.80 | Analyst x2 | 70.29 |
| 2021 | 84.70 | Analyst x2 | 70.03 |
| 2022 | 92.22 | Est @ 8.88% | 71.56 |
| 2023 | 98.30 | Est @ 6.59% | 71.59 |
| 2024 | 103.19 | Est @ 4.98% | 70.53 |
| 2025 | 107.17 | Est @ 3.85% | 68.75 |
| 2026 | 110.45 | Est @ 3.07% | 66.50 |
| 2027 | 113.23 | Est @ 2.51% | 63.99 |
| 2028 | 115.64 | Est @ 2.13% | 61.33 |
| Present value of next 10 years cash flows | £676.51 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= £115.64 × (1 + 1.23%) ÷ (6.55% – 1.23%) |
£2,200.28 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= £2,200.28 ÷ (1 + 6.55%)10 |
£1,166.99 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= £676.51 + £1,166.99 |
£1,843.50 |
| Equity Value per Share (GBP) |
= Total value / Shares Outstanding
= £1,843.50 / 180.25 |
£10.23 |
| Calculation | Result | |
|---|---|---|
| Value per share (GBP) | From above. | £10.23 |
| Current discount | Discount to share price of
£8.58
= -1 x (£8.58 - £10.23) / £10.23 |
16.1% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Workspace Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- Workspace Group'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 Workspace Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Workspace Group's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in GBP | £0.78 |
| LSE:WKP Share Price ** | LSE (2019-06-18) in GBP | £8.58 |
| United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio | Median Figure of 43 Publicly-Listed REITs Companies | 12.76x |
| United Kingdom of Great Britain and Northern Ireland Market PE Ratio | Median Figure of 789 Publicly-Listed Companies | 16.27x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Workspace Group.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = LSE:WKP Share Price ÷ EPS (both in GBP) = 8.58 ÷ 0.78 |
11.07x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Workspace Group is good value based on earnings compared to the GB REITs industry average.
- Workspace Group is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does
Workspace Group's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 11.07x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts |
-3%per year |
| United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio | Median Figure of 23 Publicly-Listed REITs Companies | 0.86x |
| United Kingdom of Great Britain and Northern Ireland Market PEG Ratio | Median Figure of 576 Publicly-Listed Companies | 1.47x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 11.07x ÷ -3% |
-3.74x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Workspace Group earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Workspace Group's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in GBP | £11.00 |
| LSE:WKP Share Price * | LSE (2019-06-18) in GBP | £8.58 |
| United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio | Median Figure of 54 Publicly-Listed REITs Companies | 0.9x |
| United Kingdom of Great Britain and Northern Ireland Market PB Ratio | Median Figure of 1,371 Publicly-Listed Companies | 1.48x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = LSE:WKP Share Price ÷ Book Value per Share (both in GBP) = 8.58 ÷ 11.00 |
0.78x |
* Primary Listing of Workspace Group.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Workspace Group is good value based on assets compared to the GB REITs industry average.
Value checks
We assess Workspace Group's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Workspace Group has a total score of 3/6, 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.
Future Performance
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!
Earnings growth vs Low Risk Savings
- Workspace Group's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.2%.
Growth vs Market Checks
- Workspace Group's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
- Workspace Group's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| LSE:WKP Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts | -3% |
| LSE:WKP Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts | 7.7% |
| United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 16.4% |
| United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 2.6% |
| United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate | Market Cap Weighted Average | 10.7% |
| United Kingdom of Great Britain and Northern Ireland 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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| Date (Data in GBP Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2024-03-31 | 195 | |||
| 2023-03-31 | 189 | |||
| 2022-03-31 | 188 | 98 | 73 | 2 |
| 2021-03-31 | 179 | 99 | 71 | 2 |
| 2020-03-31 | 164 | 92 | 178 | 2 |
| Date (Data in GBP Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 149 | 76 | 137 |
| 2018-12-31 | 144 | 71 | 143 |
| 2018-09-30 | 139 | 66 | 149 |
| 2018-06-30 | 134 | 70 | 160 |
| 2018-03-31 | 129 | 74 | 171 |
| 2017-12-31 | 123 | 69 | 188 |
| 2017-09-30 | 117 | 64 | 205 |
| 2017-06-30 | 113 | 59 | 147 |
| 2017-03-31 | 109 | 53 | 89 |
| 2016-12-31 | 108 | 54 | 161 |
| 2016-09-30 | 107 | 54 | 233 |
| 2016-06-30 | 106 | 52 | 311 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
All data from Workspace Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in GBP Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2024-03-31 | 1.08 | 1.08 | 1.08 | 1.00 |
| 2023-03-31 | 1.04 | 1.04 | 1.04 | 1.00 |
| 2022-03-31 | 0.40 | 1.00 | -0.05 | 4.00 |
| 2021-03-31 | 0.15 | 1.11 | -0.61 | 4.00 |
| 2020-03-31 | 1.02 | 1.20 | 0.85 | 2.00 |
| Date (Data in GBP Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.78 |
| 2018-12-31 | 0.83 |
| 2018-09-30 | 0.88 |
| 2018-06-30 | 0.96 |
| 2018-03-31 | 1.05 |
| 2017-12-31 | 1.15 |
| 2017-09-30 | 1.26 |
| 2017-06-30 | 0.90 |
| 2017-03-31 | 0.54 |
| 2016-12-31 | 0.99 |
| 2016-09-30 | 1.43 |
| 2016-06-30 | 1.92 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Workspace Group's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Workspace Group has a total score of 1/6, 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.
Past Performance
How has Workspace Group 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
Past Earnings growth analysis
- Workspace Group's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
- Workspace Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Workspace Group's 1-year earnings growth is negative, it can't be compared to the GB REITs industry average.
Earnings and Revenue History
All data from Workspace Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in GBP Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 149.40 | 137.30 | 17.10 | |
| 2018-12-31 | 144.35 | 143.30 | 16.80 | |
| 2018-09-30 | 139.30 | 149.30 | 16.50 | |
| 2018-06-30 | 134.10 | 160.35 | 16.30 | |
| 2018-03-31 | 128.90 | 171.40 | 16.10 | |
| 2017-12-31 | 122.90 | 188.35 | 15.90 | |
| 2017-09-30 | 116.90 | 205.30 | 15.70 | |
| 2017-06-30 | 112.90 | 147.00 | 15.40 | |
| 2017-03-31 | 108.90 | 88.70 | 15.10 | |
| 2016-12-31 | 108.00 | 160.65 | 14.75 | |
| 2016-09-30 | 107.10 | 232.60 | 14.40 | |
| 2016-06-30 | 106.25 | 310.75 | 14.50 | |
| 2016-03-31 | 105.40 | 388.90 | 14.60 | |
| 2015-12-31 | 101.45 | 369.25 | 14.65 | |
| 2015-09-30 | 97.50 | 349.60 | 14.70 | |
| 2015-06-30 | 94.75 | 350.25 | 14.25 | |
| 2015-03-31 | 92.00 | 350.90 | 13.80 | |
| 2014-12-31 | 89.75 | 328.10 | 13.40 | |
| 2014-09-30 | 87.50 | 305.30 | 13.00 | |
| 2014-06-30 | 83.10 | 273.35 | 12.70 | |
| 2014-03-31 | 78.70 | 241.40 | 12.40 | |
| 2013-12-31 | 76.25 | 197.00 | 12.00 | |
| 2013-09-30 | 73.80 | 152.60 | 11.60 | |
| 2013-06-30 | 72.50 | 114.50 | 11.30 | |
| 2013-03-31 | 71.20 | 76.40 | 11.00 | |
| 2012-12-31 | 70.35 | 66.65 | 10.75 | |
| 2012-09-30 | 69.50 | 56.90 | 10.50 | |
| 2012-06-30 | 69.00 | 52.95 | 10.35 |
*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.
- Workspace Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Workspace Group used its assets more efficiently than the GB REITs industry average last year based on Return on Assets.
- Workspace Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Workspace Group's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Workspace Group 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.
Health
How is Workspace Group'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 Workspace Group's finances.
The net worth of a company is the difference between its assets and liabilities.
- Workspace Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Workspace Group's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.1x 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.
All data from Workspace Group Company Filings, last reported 2 months ago.
| Date (Data in GBP Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 1,982.00 | 623.20 | 26.70 |
| 2018-12-31 | 1,982.00 | 623.20 | 26.70 |
| 2018-09-30 | 1,958.50 | 533.40 | 66.30 |
| 2018-06-30 | 1,958.50 | 533.40 | 66.30 |
| 2018-03-31 | 1,712.90 | 550.80 | 18.00 |
| 2017-12-31 | 1,712.90 | 550.80 | 18.00 |
| 2017-09-30 | 1,679.90 | 463.20 | 21.70 |
| 2017-06-30 | 1,679.90 | 463.20 | 21.70 |
| 2017-03-31 | 1,578.50 | 265.50 | 6.50 |
| 2016-12-31 | 1,578.50 | 265.50 | 6.50 |
| 2016-09-30 | 1,513.70 | 258.40 | 6.50 |
| 2016-06-30 | 1,513.70 | 258.40 | 6.50 |
| 2016-03-31 | 1,517.60 | 309.30 | 27.80 |
| 2015-12-31 | 1,517.60 | 309.30 | 27.80 |
| 2015-09-30 | 1,299.10 | 338.30 | 8.60 |
| 2015-06-30 | 1,299.10 | 338.30 | 8.60 |
| 2015-03-31 | 1,146.30 | 320.00 | 42.60 |
| 2014-12-31 | 1,146.30 | 320.00 | 42.60 |
| 2014-09-30 | 901.20 | 338.90 | 6.40 |
| 2014-06-30 | 901.20 | 338.90 | 6.40 |
| 2014-03-31 | 726.10 | 343.00 | 3.70 |
| 2013-12-31 | 726.10 | 343.00 | 3.70 |
| 2013-09-30 | 589.40 | 333.20 | 6.50 |
| 2013-06-30 | 589.40 | 333.20 | 6.50 |
| 2013-03-31 | 500.40 | 348.80 | 11.80 |
| 2012-12-31 | 500.40 | 348.80 | 11.80 |
| 2012-09-30 | 452.70 | 353.20 | 21.20 |
| 2012-06-30 | 452.70 | 353.20 | 21.20 |
- Workspace Group's level of debt (31.4%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (47.1% vs 31.4% today).
- Debt is not well covered by operating cash flow (12.2%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 4.4x coverage).
Financial health checks
We assess Workspace Group's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Workspace Group has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
Dividends
What is Workspace Group'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
If you bought
£2,000 of
Workspace Group
shares you are expected to receive
£77
in your first year as a dividend.
Dividend Amount
- Workspace Group's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.96%).
- Workspace Group's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.45%).
Upcoming dividend payment
Purchase Workspace Group before the 'Buy Limit' to receive their next dividend payment.
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.
| 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 4 Analyst Estimates (S&P Global) | See Below |
| United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield | Market Cap Weighted Average of 49 Stocks | 4.3% |
| United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield | Market Cap Weighted Average of 705 Stocks | 4.3% |
| United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield | 10th Percentile | 1.1% |
| United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield | 25th Percentile | 2% |
| United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield | 75th Percentile | 5.5% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in £) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2024-03-31 | 0.47 | 2.00 |
| 2023-03-31 | 0.44 | 3.00 |
| 2022-03-31 | 0.42 | 8.00 |
| 2021-03-31 | 0.40 | 10.00 |
| 2020-03-31 | 0.37 | 10.00 |
| Date (Data in £) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-06-11 | 0.329 | 3.824 |
| 2019-06-05 | 0.329 | 3.768 |
| 2018-07-13 | 0.274 | 2.860 |
| 2017-06-13 | 0.211 | 2.189 |
| 2017-06-07 | 0.211 | 2.320 |
| 2016-06-14 | 0.151 | 2.052 |
| 2016-06-08 | 0.151 | 1.765 |
| 2015-06-16 | 0.120 | 1.384 |
| 2015-06-03 | 0.120 | 1.276 |
| 2014-06-16 | 0.106 | 1.502 |
| 2014-06-04 | 0.106 | 1.713 |
| 2013-06-11 | 0.097 | 1.936 |
| 2012-06-25 | 0.088 | 2.899 |
| 2012-06-12 | 0.088 | 3.846 |
| 2011-06-06 | 0.083 | 3.468 |
| 2011-06-03 | 0.083 | 2.833 |
| 2010-06-07 | 0.075 | 3.218 |
| 2010-06-01 | 0.075 | 3.490 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, Workspace Group has been paying a dividend for less than 10 years.
- Dividend payments have increased, but Workspace Group only paid a dividend in the past 9 years.
Income/ dividend checks
We assess Workspace Group's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Workspace Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Workspace Group 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.
Management
CEO
| COMPENSATION | £1,075,500 |
| AGE | 57 |
| TENURE AS CEO | 0.1 years |
CEO Bio
Mr. Graham Clemett, BSc., ACA serves as the Chief Financial Officer of Workspace Group plc and served as its Group Finance Director since July 2007. Mr. Clemett has been the Interim Chief Executive Officer of Workspace Group plc since 31 May 2019. Mr. Clemett oversees Workspace Group’s financial activity, treasury, tax, Company secretarial, governance and compliance, and managing its IT strategy. Mr. Clemett has extensive experience in finance and banking. Mr. Clemett trained with KPMG and spent eight years at Reuters Group PLC, latterly as Group Financial Controller and spent five years at RBS Group PLC as Finance Director, UK Corporate Banking. Mr. Clemett held senior finance roles in Royal Bank of Scotland and Reuters Holdings plc. Mr. Clemett served at Thomson Reuters UK Limited. Mr. Clemett has been an Executive Director of Workspace Group plc since July 2007. Mr. Clemett has been an Independent Non-Executive Director of The Restaurant Group plc since June 1, 2016. Mr. Clemett's skills and business experience includes: significant experience of financing and capital raising. With over ten years in the Group, he has a detailed knowledge of operations. He has strong strategic and commercial skills. He has strong experience of investor relations. Mr. Clemett qualified as a chartered accountant with KPMG.
CEO Compensation
- Graham's compensation has been consistent with company performance over the past year, both up more than 20%.
- Graham's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure
Average tenure and age of the Workspace Group management team in years:
- The average tenure for the Workspace Group management team is less than 2 years, this suggests a new team.
Management Team
Graham Clemett
Interim CEO
£1M
57
0.1 yrs
Chris Pieroni
Operations Director
£17K
60
11.7 yrs
Richard Swayne
Head of Investment
Kate Ankers
Chief Accountant
Dundas Marland
Head of Corporate Communications
Simon Webb
Head of Professional Services
Angus Boag
Development Director
58
Claire Dracup
Head of Support Services
John Robson
Asset Management Director
1.7 yrs
Vivienne Frankham
Head of Finance
Board of Directors Tenure
Average tenure and age of the Workspace Group board of directors in years:
- The tenure for the Workspace Group board of directors is about average.
Board of Directors
Danny Kitchen
Non-Executive Chairman of the Board
£184K
66
7.9 yrs
Graham Clemett
Interim CEO
£1M
57
11.9 yrs
Maria Moloney
Non-Executive Director
£60K
7.1 yrs
Chris Girling
Senior Independent Non-Executive Director
£60K
64
4.9 yrs
Damon Russell
Non-Executive Director
£50K
6.1 yrs
Stephen Hubbard
Non-Executive Director
£50K
4.9 yrs
Ishbel Jean Macpherson
Non-Executive Director
£10K
58
0.4 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (£) | Value (£) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18. Jul 18 | Sell | Jameson Hopkins | Individual | 18. Jul 18 | 18. Jul 18 | -40,000 | £10.91 | £-436,544 | ||
| 28. Jun 18 | Sell | Jameson Hopkins | Individual | 27. Jun 18 | 27. Jun 18 | -22,824 | £10.79 | £-246,239 | ||
| 18. Jul 18 | Sell | Angus Boag | Individual | 18. Jul 18 | 18. Jul 18 | -55,697 | £10.91 | £-607,855 | ||
| 18. Jul 18 | Sell | Christopher Pieroni | Individual | 18. Jul 18 | 18. Jul 18 | -8,353 | £10.91 | £-91,161 | ||
| 18. Jul 18 | Sell | Graham Clemett | Individual | 18. Jul 18 | 18. Jul 18 | -40,000 | £10.91 | £-436,544 | ||
| 28. Jun 18 | Sell | Angus Boag | Individual | 27. Jun 18 | 27. Jun 18 | -16,131 | £10.79 | £-174,031 | ||
| 28. Jun 18 | Sell | Christopher Pieroni | Individual | 27. Jun 18 | 27. Jun 18 | -16,131 | £10.79 | £-174,031 | ||
| 28. Jun 18 | Sell | Graham Clemett | Individual | 27. Jun 18 | 27. Jun 18 | -17,920 | £10.79 | £-193,332 | ||
Management checks
We assess Workspace Group's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Workspace Group 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.
News
Simply Wall St News
Should You Think About Buying Workspace Group plc (LON:WKP) Now?
Let’s take a look at Workspace Group’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … It’s trading around 17% below my intrinsic value, which means if you buy Workspace Group today, you’d be paying a reasonable price for it. … What does the future of Workspace Group look like?
Simply Wall St - – Full articleHere's How We Evaluate Workspace Group plc's (LON:WKP) Dividend
Could Workspace Group plc (LON:WKP) be an attractive dividend share to own for the long haul? Investors are often drawn to strong companies with the idea of reinvesting the dividends. Unfortunately, it's common for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. While Workspace Group's 2.9% dividend yield is not the highest, we think its lengthy payment history is quite interesting. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Earnings per share have been growing rapidly, but given that it is paying out more than half of its earnings as dividends, we wonder how Workspace Group will keep funding its growth projects in the future. … Conclusion To summarise, shareholders should always check that Workspace Group's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend.
Simply Wall St - – Full articleIs Workspace Group plc (LON:WKP) A Healthy REIT?
real estate investment trust (REIT) based in London, United Kingdom. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.
Simply Wall St - – Full articleWho Has Been Selling Workspace Group plc (LON:WKP) Shares?
So before you buy or sell Workspace Group plc (LON:WKP), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Workspace Group insiders didn't buy any shares over the last year
Simply Wall St - – Full articleCan You Imagine How Workspace Group's (LON:WKP) Shareholders Feel About The 81% Share Price Increase?
For example, the Workspace Group plc (LON:WKP) share price is up 81% in the last 5 years, clearly besting than the market return of around 4.4% (ignoring dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During five years of share price growth, Workspace Group actually saw its EPS drop 3.7% per year.
Simply Wall St - – Full articleTaking A Look At Workspace Group plc's (LON:WKP) ROE
Our data shows Workspace Group has a return on equity of 7.6% for the last year. … One way to conceptualize this, is that for each £1 of shareholders' equity it has, the company made £0.076 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleIs It Time To Consider Buying Workspace Group plc (LON:WKP)?
Workspace Group plc (LON:WKP), which is in the reits business, and is based in United Kingdom,. … As a well-established company, which tends to be well-covered by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Today I will analyse the most recent data on Workspace Group’s outlook and valuation to see if the opportunity still exists
Simply Wall St - – Full articleShould You Invest In Workspace Group plc (LON:WKP)?
real estate investment trust (REIT) based in London, United Kingdom. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of WKP’s daily operations
Simply Wall St - – Full articleWho Has Been Selling Workspace Group plc (LON:WKP) Shares?
So before you buy or sell Workspace Group plc (LON:WKP), you may well want to know whether insiders have been buying or selling. … The Last 12 Months Of Insider Transactions At Workspace Group. … All up, insiders sold more shares in Workspace Group than they bought, over the last year
Simply Wall St - – Full articleWhy Workspace Group plc's (LON:WKP) CEO Pay Matters To You
First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Jamie Hopkins's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Workspace Group plc has a market cap of UK£1.5b, and is paying total annual CEO compensation of UK£1.6m.
Simply Wall St - – Full articleCompany Info
Description
Workspace is focused on helping businesses perform at their very best. The Workspace Advantage is our unique customer offer and is open to all – we provide inspiring, flexible work spaces with super-fast technology in dynamic London locations. Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages 3.9 million sq. ft. of business space across 64 London properties which it lets directly to customers. We are home to thousands of businesses including some of the fastest growing and established brands across a wide range of sectors. The way businesses work is changing. That’s why we continually invest in providing the technology infrastructure that enables our customers to think and move fast, and alongside their working environment, is tailored to each individual business. Workspace (WKP) is a FTSE 250 listed Real Estate Investment Trust (REIT) and a member of the European Public Real Estate Association (EPRA).
Details
| Name: | Workspace Group plc |
| WKP | |
| Exchange: | LSE |
| Founded: | 1987 |
| £1,546,541,156 | |
| 180,249,552 | |
| Website: | http://www.workspace.co.uk |
| Address: |
Workspace Group plc Canterbury Court, Kennington Park, Business Centre, 1-3 Brixton Road, London, East Lothian, SW9 6DE, United Kingdom |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| LSE | WKP | Ordinary Shares | London Stock Exchange | GB | GBP | 15. Dec 1993 | |
| DB | WRX1 | Ordinary Shares | Deutsche Boerse AG | DE | EUR | 15. Dec 1993 | |
| BATS-CHIXE | WKPL | Ordinary Shares | BATS 'Chi-X Europe' | GB | GBP | 15. Dec 1993 |
Number of employees
Current staff
Industry
| Office REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/06/18 20:40 |
| End of day share price update: | 2019/06/18 00:00 |
| Last estimates confirmation: | 2019/06/18 |
| Last earnings filing: | 2019/06/11 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2019/03/31 |
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.
