Workspace Group Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: WKPP.F ($8.78) is trading below our estimate of fair value ($12.48)

Significantly Below Fair Value: WKPP.F is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for WKPP.F?

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

The above table shows the Price to Sales ratio for WKPP.F. This is calculated by dividing WKPP.F's market cap by their current revenue.
What is WKPP.F's PS Ratio?
PS Ratio	5.8x
Sales	UK£186.00m
Market Cap	UK£1.07b

WKPP.F key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	10.5x
Enterprise Value/EBITDA	19.3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does WKPP.F's PS Ratio compare to its peers?

The above table shows the PS ratio for WKPP.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	2.7x
PDM Piedmont Office Realty Trust	2x	0.8%	US$1.2b
DEA Easterly Government Properties	4.4x	8.9%	US$1.3b
JBGS JBG SMITH Properties	2.5x	-11.2%	US$1.4b
PGRE Paramount Group	1.9x	4.4%	US$1.0b
WKPP.F Workspace Group	5.8x	-1.9%	US$1.1b

Price-To-Sales vs Peers: WKPP.F is expensive based on its Price-To-Sales Ratio (5.8x) compared to the peer average (2.7x).

Price to Sales Ratio vs Industry

How does WKPP.F's PS Ratio compare vs other companies in the US Office REITs Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
OPI Office Properties Income Trust	0.2x	-4.9%	US$63.59m
CMCT Creative Media & Community Trust	0.2x	n/a	US$19.46m

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: WKPP.F is expensive based on its Price-To-Sales Ratio (5.8x) compared to the US Office REITs industry average (3x).

Price to Sales Ratio vs Fair Ratio

What is WKPP.F'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.

WKPP.F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	5.8x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate WKPP.F's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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