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Workspace Group

LSE:WKP
Snowflake Description

Fair value with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WKP
LSE
£2B
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

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
-0.2%
LSE:WKP
-0.1%
GB REITs
-0.1%
GB Market
1 Year Returns
-21.7%
LSE:WKP
-8.3%
GB REITs
-3.5%
GB Market
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.
Price Volatility
WKP
Industry
5yr Volatility vs Market

Value

 Is Workspace Group 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 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.
Raw Data

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

LSE:WKP Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for LSE:WKP
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.

LSE:WKP DCF 1st Stage: Next 10 year cash flow forecast
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
LSE:WKP DCF 2nd Stage: Terminal Value
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
LSE:WKP Total Equity Value
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
LSE:WKP Discount to Share Price
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
Amount off the current price Workspace Group is available for.
Intrinsic value
16%
Share price is £8.58 vs Future cash flow value of £10.23
Current Discount Checks
For Workspace Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
LSE:WKP PE (Price to Earnings) Ratio Data Sources
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.

LSE:WKP PE (Price to Earnings) Ratio Calculation
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?
Raw Data
LSE:WKP PEG (Price to Earnings to Growth) Ratio Data Sources
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 .

LSE:WKP PEG (Price to Earnings to Growth) Ratio Calculation
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?
Raw Data
LSE:WKP PB (Price to Book) Ratio Data Sources
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
LSE:WKP PB (Price to Book) Ratio Calculation
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.
X
Value checks
We assess Workspace Group'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 REITs 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 REITs industry average (and greater than 0)? (1 check)
  5. 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

 How is Workspace Group expected to perform in the next 1 to 3 years based on estimates from 4 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
-3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Workspace Group expected to grow at an attractive rate?
  • 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
Raw Data
LSE:WKP Future Growth Rates Data Sources
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
Raw Data
LSE:WKP Analysts Growth Expectations Data Sources
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 numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:WKP Future Estimates Data
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
LSE:WKP Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Workspace Group's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Workspace Group's revenue is expected to grow by 7.7% 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
LSE:WKP 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.

LSE:WKP Future Estimates Data
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
LSE:WKP Past Financials Data
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.

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.
  • Workspace Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Workspace Group'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 United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. 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)
  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.
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
Below we compare Workspace Group's growth in the last year to its industry (REITs).
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.
  • 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
Workspace Group'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 Workspace Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:WKP Past Revenue, Cash Flow and Net Income Data
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).
X
Past performance checks
We assess Workspace Group'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 REITs 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.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Workspace Group'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 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.
Raw Data

All data from Workspace Group Company Filings, last reported 2 months ago.

LSE:WKP Past Debt and Equity Data
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).
X
Financial health checks
We assess Workspace Group'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. Workspace Group has a total score of 3/6, 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.

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
Dividend payments
3.83%
Current annual income from Workspace Group dividends. Estimated to be 4.71% next year.
If you bought £2,000 of Workspace Group shares you are expected to receive £77 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?
  • 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.

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
LSE:WKP 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 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.

LSE:WKP Future Dividends Estimate Data
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
LSE:WKP Past Annualized Dividends Data
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.
Current Payout to shareholders
What portion of Workspace Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Workspace Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 Workspace Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. 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

 What is the CEO of Workspace Group'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
Graham Clemett
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:

1.7
Average Tenure
58
Average Age
  • The average tenure for the Workspace Group management team is less than 2 years, this suggests a new team.
Management Team

Graham Clemett

TITLE
Interim CEO
COMPENSATION
£1M
AGE
57
TENURE
0.1 yrs

Chris Pieroni

TITLE
Operations Director
COMPENSATION
£17K
AGE
60
TENURE
11.7 yrs

Richard Swayne

TITLE
Head of Investment

Kate Ankers

TITLE
Chief Accountant

Dundas Marland

TITLE
Head of Corporate Communications

Simon Webb

TITLE
Head of Professional Services

Angus Boag

TITLE
Development Director
AGE
58

Claire Dracup

TITLE
Head of Support Services

John Robson

TITLE
Asset Management Director
TENURE
1.7 yrs

Vivienne Frankham

TITLE
Head of Finance
Board of Directors Tenure

Average tenure and age of the Workspace Group board of directors in years:

6.1
Average Tenure
61
Average Age
  • The tenure for the Workspace Group board of directors is about average.
Board of Directors

Danny Kitchen

TITLE
Non-Executive Chairman of the Board
COMPENSATION
£184K
AGE
66
TENURE
7.9 yrs

Graham Clemett

TITLE
Interim CEO
COMPENSATION
£1M
AGE
57
TENURE
11.9 yrs

Maria Moloney

TITLE
Non-Executive Director
COMPENSATION
£60K
TENURE
7.1 yrs

Chris Girling

TITLE
Senior Independent Non-Executive Director
COMPENSATION
£60K
AGE
64
TENURE
4.9 yrs

Damon Russell

TITLE
Non-Executive Director
COMPENSATION
£50K
TENURE
6.1 yrs

Stephen Hubbard

TITLE
Non-Executive Director
COMPENSATION
£50K
TENURE
4.9 yrs

Ishbel Jean Macpherson

TITLE
Non-Executive Director
COMPENSATION
£10K
AGE
58
TENURE
0.4 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 (£)
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
X
Management checks
We assess Workspace Group'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. 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 -

Here'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 -

Is 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 -

Who 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 -

Can 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 -

Taking 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 -

Is 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 -

Should 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 -

Who 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 -

Why 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 -

Company 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
Staff numbers
202
Workspace Group employees.
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.