Workspace Group (WKP)

Sector:

Property Investment Trusts

Index:

FTSE 250

491.00p
   
  • Change Today:
      6.50p
  • 52 Week High: 604.00
  • 52 Week Low: 454.40
  • Currency: UK Pounds
  • Shares Issued: 191.91m
  • Volume: 1,187,168
  • Market Cap: £942.28m
  • RiskGrade: 166

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 5.9% 3.1% 2.2% 4.8% 3.4%
           
Continuing Operations          
PE Ratio - Adjusted 13.8 26.6 37.6 17.0 24.0
PE Ratio - Diluted n/a
13.9		 10.1
26.6		 n/a
n/a		 19.1
8.5		 12.5
24.0
PEG - Adjusted 0.6 1.3 n/a 1.7 2.4
PEG - Diluted n/a
0.6		 n/a
n/a		 n/a
n/a		 n/a
0.1		 n/a
2.4
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Operating Margin (1.44%)
54.94%		 108.73%
50.71%		 (137.39%)
43.78%		 59.36%
114.68%		 108.37%
62.85%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 13.8 26.6 3,720.9 17.0 24.0
PE Ratio - Diluted n/a
13.9		 10.1
26.3		 n/a
n/a		 19.1
8.5		 12.5
24.0
PEG - Adjusted 0.6 0.0 n/a 1.7 0.1
PEG - Diluted n/a
0.7		 n/a
n/a		 n/a
n/a		 n/a
0.1		 0.1
0.1

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Net Gearing 51.75% 32.09% 34.20% 28.79% 30.10%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Price/Book Value 0.5 0.7 0.8 0.7 0.9
Price/Tangible Book Value 0.5 0.7 0.8 0.7 0.9
Price/ Cash Flow 10.6 21.4 37.7 16.2 22.7
Price/Revenue 4.78 9.33 1,007.20 8.49 11.57
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 937.52p 993.29p 949.51p 1,106.03p 1,118.00p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Continuing Operations          
Revenue 174.20 132.90 1.44 161.40 149.40
EBITDA (0.20)
98.00		 147.20
70.10		 (1.94)
0.66		 95.80
185.10		 163.30
95.30
Depreciation (2.30)
(2.30)		 (2.70)
(2.70)		 (0.03)
(0.03)		 n/a
n/a		 (1.40)
(1.40)
Net Interest (35.00)
(35.00)		 (20.50)
(20.50)		 (0.41)
(0.24)		 (23.30)
(23.30)		 (24.60)
(21.50)
Profit Before Tax (37.50)
60.70		 124.00
46.90		 (2.38)
(2.21)		 72.50
161.80		 137.30
72.40
           
Revenue per Share 91.46p 73.43p 0.79p 89.44p 84.34p
Pre-Tax Profit per Share (19.69p)
31.87p		 68.51p
25.91p		 (1.32p)
(1.22p)		 40.17p
89.66p		 77.51p
40.87p
Market Capitalisation £ (Millions) 837.08 1,240.71 1,448.91 1,372.78 1,760.56
Enterprise Value (EV) £ (Millions) 1,657.68 1,801.31 2,228.01 2,016.18 2,358.26
EBITDA/EV (0.01%)
5.91%		 8.17%
3.89%		 (0.09%)
0.03%		 4.75%
9.18%		 6.92%
4.04%
Operating Margin (1.44%)
54.94%		 108.73%
50.71%		 (137.39%)
43.78%		 59.36%
114.68%		 108.37%
62.85%
Capital Employed £ (Millions) 2,729.30 2,424.20 2,496.20 2,650.40 2,603.60
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Invested Equity Capital £ (Millions) 1,787.70 1,799.60 1,719.50 1,998.00 1,982.00
           
Earnings per Share - Basic (19.90p)
31.71p		 68.50p
25.86p		 (130.30p)
(121.21p)		 40.00p
89.44p		 78.90p
40.87p
Earnings per Share - Diluted (19.90p)
31.52p		 68.10p
25.72p		 (130.30p)
(121.21p)		 39.70p
88.95p		 78.30p
40.58p
Earnings per Share - Adjusted 31.70p 25.80p 21.30p 44.60p 40.60p
Earnings per Share Growth - Basic n/a
23%		 n/a
n/a		 n/a
n/a		 -49%
119%		 -25%
10%
Earnings per Share Growth - Diluted n/a
23%		 n/a
n/a		 n/a
n/a		 -49%
119%		 -25%
10%
Earnings per Share Growth - Adjusted 23% 21% -52% 10% 10%
PE Ratio - Diluted n/a
13.9		 10.1
26.6		 n/a
n/a		 19.1
8.5		 12.5
24.0
PEG - Diluted n/a
0.6		 n/a
n/a		 n/a
n/a		 n/a
0.1		 n/a
2.4
Tax Rate (0.80%) 0.08% n/a 0.55% n/a
Dividend Cover 1.23
1.23		 1.20
1.20		 1.20
(6.83)		 1.23
2.47		 1.24
1.24
Interest Cover (0.07)
2.73		 7.05
3.29		 (4.86)
(8.21)		 4.11
7.94		 6.58
4.37
           
Continuing & Discontinued Operations          
Earnings per Share - Basic (19.90p)
31.71p		 68.50p
26.19p		 (1.31p)
(1.32p)		 40.00p
89.44p		 78.90p
40.87p
Earnings per Share - Diluted (19.90p)
31.52p		 68.10p
26.05p		 (1.31p)
(1.32p)		 39.70p
88.95p		 78.30p
40.58p
Earnings per Share - Adjusted 31.70p 25.80p 0.21p 44.60p 40.60p
Earnings per Share Growth - Basic n/a
21%		 n/a
n/a		 n/a
n/a		 -49%
119%		 126%
231%
Earnings per Share Growth - Diluted n/a
21%		 n/a
n/a		 n/a
n/a		 -49%
119%		 126%
231%
Earnings per Share Growth - Adjusted 23% 11,900% -100% 10% 231%
PE Ratio - Diluted n/a
13.9		 10.1
26.3		 n/a
n/a		 19.1
8.5		 12.5
24.0
PEG - Diluted n/a
0.7		 n/a
n/a		 n/a
n/a		 n/a
0.1		 0.1
0.1
Dividend Cover 1.23
1.23		 1.20
1.22		 0.01
(0.07)		 1.23
2.47		 1.24
1.24
Return on Equity (ROE) (2.11%)
3.38%		 6.88%
2.63%		 (0.14%)
(0.14%)		 3.61%
8.08%		 6.93%
3.65%
Operating Cash Flow per Share 41.37p 31.99p 21.23p 46.93p 42.96p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (16.01p) (78.46p) 0.62p 29.09p 4.91p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 25.80p 21.50p 17.75p 36.16p 32.87p
Dividend per Share Growth 20.00% 21.13% (50.91%) 10.01% 20.01%
Dividend Yield 5.9% 3.1% 2.2% 4.8% 3.4%
Shareholders Funds 1,787.70 1,799.60 1,719.50 1,998.00 1,982.00
Net Borrowings £ (Millions) 925.10 577.50 588.10 575.20 596.50
Net Asset Value per Share (inc. Intangibles) 937.52p 993.29p 949.51p 1,106.03p 1,118.00p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds inc Intangibles 1,787.70 1,799.60 1,719.50 1,998.00 1,982.00
Net Borrowings £ (Millions) 925.10 577.50 588.10 575.20 596.50
Net Gearing 51.75% 32.09% 34.20% 28.79% 30.10%
Cash & Near Cash 18.50 49.00 191.00 79.20 26.70
Cash 1.03% 2.72% 11.11% 3.96% 1.35%
Gross Borrowings 943.60 626.50 779.10 654.40 623.20
Gross Gearing 52.78% 34.81% 45.31% 32.75% 31.44%
Borrowings Under 5 years 943.60 626.50 779.10 654.40 623.20
Under 5 years 52.78% 34.81% 45.31% 32.75% 31.44%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds exc Intangibles 1,785.70 1,797.70 1,717.10 1,996.00 1,980.40
Net Borrowings £ (Millions) 925.10 577.50 588.10 575.20 596.50
Net Gearing 51.81% 32.12% 34.25% 28.82% 30.12%
Cash & Near Cash 18.50 49.00 191.00 79.20 26.70
Cash 1.04% 2.73% 11.12% 3.97% 1.35%
Gross Borrowings 943.60 626.50 779.10 654.40 623.20
Gross Gearing 52.84% 34.85% 45.37% 32.79% 31.47%
Borrowings Under 5 years 943.60 626.50 779.10 654.40 623.20
Under 5 years 52.84% 34.85% 45.37% 32.79% 31.47%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Quick Ratio n/a n/a n/a n/a n/a
Current Ratio 1.19 1.61 0.88 1.25 0.86
Interest Cover (0.07)
2.73		 7.05
3.29		 (4.86)
(8.21)		 4.11
7.94		 6.58
4.37

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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