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Prices & Quotes - UK Markets - Workspace Group (WKP)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 860.50p
Change Today:
1.00p
Market Cap:
1,558.50m
Sector:
Real Estate Investment Trusts

Workspace slumps on Berenberg downgrade

By Michele Maatouk

Date: Thursday 10 Dec 2020

LONDON (ShareCast) - (Sharecast News) - Workspace was under the cosh on Thursday as Berenberg downgraded its stance on the office space provider to 'sell' from 'hold' as it said the stock's re-rating was overdone.
The bank said Workspace's share price recovery, up by 40% over the last three months - versus the UK real estate sector up 7% up - fails to account for the significant operational risks, reduced demand and increased competition facing the company.

The bank lifted its price target on the shares to 670p from 590p to reflect greater certainty in light of vaccine developments.

"However, with operations likely to remain challenged and both earnings and net tangible assets (NTA) unlikely to recover to pre-pandemic levels over our forecast horizon, we downgrade our recommendation," it said.

Berenberg said it expects the headwinds that have arisen from the pandemic to be most pronounced in the flexible workspace sector and persist for longer versus traditional office peers.

"Our view is based on a number of reasons, including Workspace's higher level of operational gearing, the lower covenant quality of tenants, reduced enquiry rates - which we expect to persist - challenges of social distancing within Workspace's co-working offices and increased competition."

At 1250 GMT, the shares were down 5.4% at 730p.

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

 

Workspace Group Market Data

Currency UK Pounds
Price 860.50p
Change Today 1.00p
52 Week High 920.50p
52 Week Low 482.40p
Volume 166,910
Shares Issued 181.12m
Market Cap 1,558.50m

Performance Indicators

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Operating Margin
Not Available

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 5
Sell 1
Strong Sell 2
Total 11
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Workspace Group Dividends

  Latest Previous
  Final Final
Ex-Div 01-Jul-21 02-Jul-20
Paid 06-Aug-21 07-Aug-20
Amount 17.75p 24.49p

Trades for 22-Jun-2021

Time Volume / Share Price
16:35 84,733 @ 860.50p
16:29 90 @ 862.00p
16:29 150 @ 862.00p
16:29 140 @ 861.00p
16:29 350 @ 861.50p

Workspace Group Key Personnel

CEO Graham Clemett
CFO David Benson