Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
/
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Workspace Group plc is a real estate investment trust (REIT) specializing in the acquisition, design, development, and ownership of office buildings primarily in London. Established in 1987 through the privatization of the Greater London Council's industrial property portfolio, it initially operated as London Industrial before listing on the London Stock Exchange in 1993 and rebranding. The company focuses on leasing flexible, multi-tenanted workspaces to small and medium-sized enterprises (SMEs), including firms in marketing, business consultancy, fashion, finance, software, and architecture. Its portfolio, valued at approximately £2.4 billion as of March 2025, spans over 4 million square feet across 58-73 properties concentrated in key areas like Farringdon, northern and central London, and the South East. Workspace Group plc generates most revenue from short-term rental leases, emphasizing sustainable business spaces that support growing businesses. As a FTSE 250 constituent, it plays a vital role in London's commercial real estate market by providing adaptable, character-filled environments for innovators and disruptors.
£3.34
£0.01 (-0.36%)
EOD Jul 3, 2026
50.55% operating margin is above average. ROIC at 3.22%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 2.1% YoY. Margins deteriorated 2.8pp alongside, both lines moving the wrong way.
Free cash flow declined 32% versus the prior year, cash generation momentum has weakened. Net debt of £790M represents 75.3x FCF, leverage limits flexibility.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£181M
▼ -2.1% YoY
Net Income (TTM)
-£120M
▼ -2327.8% YoY
Op. Margin
50.55%
▼ -2.8pp YoY
ROIC
3.22%
▼ -0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
£11M
▼ -32.3% YoY
Op. Cash Flow (TTM)
£11M
▼ -76.1% YoY
Net Debt
£790M
Cash & Equiv.
£3M
3Y CAGR: +1.4%
3Y CAGR: -17.5%
Continue Research
Workspace Group (WKP.XLON) trades above a two-stage DCF intrinsic value of about £-3.17 per share, so at £3.34 the stock looks overvalued (194.8% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Workspace Group scores 28/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 8.5%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £-3.17 per share for WKP.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £-2.37. At today's £3.34, that puts the stock about 194.8% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Workspace Group scores 28 out of 100 on Intrinsiqq's quality score, a weighted blend of 5 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 50.6% operating margin and a 3.2% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Workspace Group pays a regular dividend of about £0.28 per share per year (typically in quarterly installments), a yield of roughly 8.5% at the current price. Workspace Group has grown the dividend at roughly 6.0% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For WKP.XLON's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. WKP.XLON currently trades above its estimated intrinsic value and scores 28/100 on quality (lower-quality). It also yields about 8.5%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.