Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WORKSPACE GROUP PLC. We currently have 18 research reports from 2 professional analysts.
|13Apr17 16:58||RNS||Blocklisting Application|
|13Apr17 14:48||RNS||Voting Rights and Share Capital|
|28Mar17 15:18||RNS||Director/PDMR Shareholding|
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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.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
03 Apr 17
After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.