Jefferies starts coverage of IWG at 'buy'
By Michele Maatouk
Date: Monday 12 May 2025
(Sharecast News) - Jefferies started coverage of flexible office space provider IWG on Monday with a 'buy' rating and 240p price target as it argued that momentum is building and said it was "time to flex".
"The group is moving through an inflection point in growth for its Managed & Franchise assets, we forecast circa 40% divisional EBITDA CAGR to FY27e, while also accelerating the transition to a capital-light model," the bank said.
It also said that improving free cash flow can drive more than $400m of potential excess cash to be returned to shareholders over FY25-27, which alongside consistent delivery can drive a re-rating in IWG shares.
At 0955 BST, the shares were up 2.9% at 189.38p.
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