Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WORKSPACE GROUP PLC. We currently have 16 research reports from 2 professional analysts.
|10Nov16 11:42||RNS||Correction of Record Date|
|09Nov16 07:00||RNS||Half-year Report|
|03Nov16 07:00||RNS||Blocklisting Application|
|31Oct16 07:00||RNS||Change of Registered Office|
|28Oct16 03:15||RNS||Voting Rights and Share Capital|
|20Oct16 08:30||RNS||Holding(s) in Company|
|20Oct16 07:00||RNS||Sale of Residential Redevelopments|
Frequency of research reports
Research reports on
WORKSPACE GROUP PLC
WORKSPACE GROUP PLC
Panmure Morning Note 22-01-16
22 Jan 16
The pace of growth achieved by Workspace over the last two years has been extraordinary and today's operating metrics suggest that the group will meet our new FY16E forecasts. The total rent roll is growing at an annualised rate of 16.4%. Our upgrades to earnings reflect the continued strong results and represent a CAGR of 25.5% between FY15A-FY18E. The group has positioned itself defensively with a very strong balance sheet but has also embraced the future providing contemporary working environments for which demand should remain robust. The share price has been particularly badly hit in the current rout (-14.6% YTD) so that the shares are now trading 3.4% above the historic NAV of 792p. Our Target Price of 1074p reflects the one year forward forecast total return and we retain our BUY recommendation.
Panmure Morning Note 11-11-15
11 Nov 15
Workspace is benefiting from a confluence of strong drivers so that the group is producing excellent results. Today's figures do not disappoint. The strength of the SME sector in London, the underlying rental appreciation due to supply constraints and the underlying low base rents have led strong results and management confidence in the momentum is underpinned by the 25% increase in dividend. Competition is growing in the temporary leasing market but the models differ from Workspace in type of offer and target customer. Importantly most are not landlords and so have to compensate for the duration risk with higher rents. We continue to expect the group to generate strong growth over the next two years and so increase our TP to 1074p, a 20% premium of our T+1 NAV/s plus dividend. BUY.
Panmure Morning Note 23-10-15
23 Oct 15
The two acquisitions this morning add to the immediate letting pipeline for the group. Surrey Quays and Alexandra House (in Wood Green) will provide refurbishment opportunities into 2021 while providing solid income in the near term. We have upgraded our estimates since the strong FY15A and 1Q16 figures and retain our target price of 1010p and BUY recommendation.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.