WKP

Workspace (WKP)

Nom de la société:	Workspace Group Plc
Company Description:	Letting small units of business accommodation located in the South East intended primarily for new and small businesses
EPIC:	WKP	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB00B67G5X01
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.workspacegroup.co.uk	Description:	ORD GBP1
Secteur Industriel:	REAL ESTATE INVESTMENT TRUSTS

Prix	Prix chgmt [%]	Achat	Vente	Ouverture	High	+ Bas	Volume
573.50	-7.5 [-1.29]	571.50	573.00	590.00	590.00	572.00	302,226
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,038.75	181.13	0.32	68.50	21.50	8.37	3.75	979.00 - 518.50

CHIFFRES CLES - fermeture de la veille

CHIFFRES CLES - fermeture de la veille
(at previous day's close)
Market Cap.	1,038.75	m
Shares In Issue	181.13	m
Prev. Close	581.00
PE Ratio	8.37
Taux de rendement des actions	3.75	%
EPS - basic	68.50	p
Dividend PS	21.50	p
Dividend Cover	3.19
Cash Flow PA	31.97	p
Rentabilité des capitaux propres (ROE)	6.88	%
Excedent Brut D'exploitation	93.30	%
PEG Factor	0.05
BNA Taux de croissance	152.57	%
Dividendes PA Taux de Croissance	21.13	%
Endettement Net	663.30	m
Gearing Brut	28.36	%
Avoirs liquides	138.70	m
Fonds de roulement Nets	52.90	m
Incorporels / Actifs immobilisés	0.08	%
Turnover PS	73.37	p
Pre-Tax Profit PS	68.46	p
Retained Profit PS	44.50	p
Cash pA	27.05	p
Cash net PA	-20.32	p
Net Tangible Asset Value PS *	992.52	p
Net Asset Value PS	993.57	p
Écart de Taux	1.50 (0.26%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Bilan (en résumé)

Performance de l'action

Performance de l'action
Sample Period ^†	High	+ Bas
1 sem.	598.50	565.50
4 Semaines	601.50	532.00
12 Semaines	734.50	518.50
1 an	979.00	518.50

Performance de l'action - 5 dernieres années

Workspace Historic Returns

%1$s Historic Returns
Période ^†	Ouverture	Chg à ce jour	%	Moy. Ouvert.	Vol moyen / jour [m]	Total Vol [m]	VWAP
1 sem.	573.50	-	-	565.50	0.54		583.61
4 Semaines	554.00	19.50	3.52	532.00	0.44		566.67
12 Semaines	665.00	-91.50	-13.76	518.50	0.44		609.90
26 Semaines	769.50	-196.00	-25.47	518.50	0.46		647.32
1 an	897.00	-323.50	-36.06	518.50	0.34		720.07
3 Années	840.00	-266.50	-31.73	422.80	0.29		768.71
5 Années	868.50	-295.00	-33.97	422.80	0.25		828.49
† periods calculated are whole weeks rather than calendar months

Workspace Key Management Ratios

DEEPER ANALYSIS

Workspace Investment Ratios

%1$s Investment Ratios
(Market value analysis) at previous day's close
PQ Ratio	5.10
PE Ratio	8.37
Tobin's Q Ratio	0.41
Tobin's Q Ratio (excl. intangibles)	0.41
Taux de rendement des actions	3.75	%
Market-to-Book Ratio	0.58
Price-to-Pre-Tax Profit PS	8.38
Price-to-Retained Profit PS	12.89
Price-to-Cash Flow PS	17.94
Price-to-Sales PS	7.82
Price-to-Net Tangible Asset Value PS	0.58
Price-to-Cash PS	21.20
Net Working Capital PS	29.21
Price Pct to Working Capital PS	19.64	%
Earnings Yield	11.94	%
Average PE	12.56
Years in average	4
PE to PE average	66.64	%

Ratios Financiers

Ratios Financiers
(Ratios de Levier)
Ratio d'endettement	25.82	%
Ratio Dettes/ Fond Propres	0.35
Ratio Dettes/ Fond Propres (excl Incorp)	0.35
Valeur du Marché - Dettes/ Fond Propres	0.60
Gearing Net	26.41	%
Gearing Net (excl. Intangibles)	26.43	%
Gearing Brut	28.36	%
Gearing Brut (excl. Intangibles)	28.38	%
Gearing moins d'un an	3.42	%
Gearing moins d'un an (excl Intangibles)	3.42	%
Actifs / Capitaux propres	1.40
Cash/Capitaux propres	2.72
(Liquidité ratios)
Fonds de roulement Nets - Total Actifs	2.11	%
Ratio de Liquidité Generale	1.62
Ratio de liquidité immédiate (Acid Test)	1.62
Ratio de Liquidité	0.57
Cash et Equiv/ Actifs circulants	35.33	%
Solvabilité ratios
Enterprise Value	1,616.25	m
CFO/Sales	0.44
CFO/Attributable Profit	0.47
CFO/Actifs	0.02
CFO/Debt	0.08
Total Dettes/ capitaux propres Valeur du marché	0.69
Total Dettes/Ventes	5.36
Total Dettes/ Profit avant imposition	5.74
Total Debt	712.30	m
Total Debt/Net Current Assets	13.47	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	19.64	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	2.54	%
Earn drops > 5% in 10yrs	9

Beta coefficients
Beta (60 mois)	Beta (36mois)
0.3189	0.2546

Ratios Operationnels

Ratios Operationnels
Ratio de Rentabilité)
Rentabilité des capitaux investis	5.11	%
Rentabilité Des Actifs (ROA)	4.85	%
Marge Beneficiaire Nette	93.23	%
Assets Turnover	0.05
Rentabilité des capitaux propres (ROE)	6.88	%
Retour sur investissement	5.20	%
Ratio de distribution des dividendes	31.39	%
Plowback Ratio	68.61	%
Growth from Plowback Ratio	4.83	%
Net Income Of Revenues	60.65	%
(Asset Utilisation Multiples)
Chiffres d'affaires Fonds Propres	0.08
Fixed Assets Turnover	0.06
Current Assets Turnover	0.74
Chiffre d'affaires Fonds de roulement Nets
Inventory Turnover	-
(Autres Ratios Operationnels)
Total Assets-to-Sales	19.21
Debtors-to-Sales	20.13	%
Debt Collection Period	73.47	Jours

Dividendes

Dividendes
Jour de Publication	Type	Dern.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Jour du paiement	Montant Total Dividende
08 Juin 2022	Final	GBX	14.50	31/03/2021	31/03/2022	07/07/2022	08/07/2022	05/08/2022	21.50
17 Nov 2021	Interim	GBX	7.00	30/03/2021	30/09/2021	06/01/2022	07/01/2022	02/02/2022	-
03 Juin 2021	Final	GBX	17.75	31/03/2020	31/03/2021	01/07/2021	02/07/2021	06/08/2021	17.75
05 Juin 2020	Final	GBX	24.49	31/03/2019	31/03/2020	02/07/2020	03/07/2020	07/08/2020	36.16
13 Nov 2019	Interim	GBX	11.67	31/03/2019	31/03/2020	09/01/2020	10/01/2020	05/02/2020	-
05 Juin 2019	Final	GBX	22.26	31/03/2018	31/03/2019	04/07/2019	05/07/2019	02/08/2019	32.87
14 Nov 2018	Interim	GBX	10.61	31/03/2018	31/03/2019	10/01/2019	11/01/2019	06/02/2019	-
06 Juin 2018	Final	GBX	18.55	31/03/2017	31/03/2018	05/07/2018	06/07/2018	03/08/2018	27.39
08 Nov 2017	Interim	GBX	8.84	31/03/2017	31/03/2018	11/01/2018	12/01/2018	06/02/2018	-
07 Juin 2017	Final	GBX	14.27	31/03/2016	31/03/2017	06/07/2017	07/07/2017	07/08/2017	21.07
09 Nov 2016	Interim	GBX	6.80	31/03/2016	31/03/2017	12/01/2017	13/01/2017	07/02/2017	-
08 Juin 2016	Final	GBX	10.19	31/03/2015	31/03/2016	07/07/2016	08/07/2016	05/08/2016	14.08
11 Nov 2015	Interim	GBX	3.89	31/03/2015	31/03/2016	07/01/2016	08/01/2016	02/02/2016	-
03 Juin 2015	Final	GBX	8.15	31/03/2014	31/03/2015	09/07/2015	10/07/2015	07/08/2015	12.04
12 Nov 2014	Interim	GBX	3.89	31/03/2014	31/03/2015	08/01/2015	09/01/2015	03/02/2015	-
04 Juin 2014	Final	GBX	7.09	31/03/2013	31/03/2014	09/07/2014	11/07/2014	01/08/2014	10.63
12 Nov 2013	Interim	GBX	3.54	31/03/2013	31/03/2014	08/01/2014	10/01/2014	04/02/2014	-
11 Juin 2013	Final	GBX	6.45	31/03/2012	31/03/2013	10/07/2013	12/07/2013	02/08/2013	9.67
13 Nov 2012	Interim	GBX	3.22	31/03/2012	31/03/2013	09/01/2013	11/01/2013	05/02/2013	-
12 Juin 2012	Final	GBX	5.86	31/03/2011	31/03/2012	11/07/2012	13/07/2012	03/08/2012	8.79
14 Nov 2011	Interim	GBX	2.93	31/03/2011	31/03/2012	11/01/2012	13/01/2012	07/02/2012	-
06 Juin 2011	Final	GBX	0.55	31/03/2010	31/03/2011	13/07/2011	15/07/2011	05/08/2011	0.83
15 Nov 2010	Interim	GBX	0.28	31/03/2010	31/03/2011	12/01/2011	14/01/2011	09/02/2011	-
07 Juin 2010	Final	GBX	0.50	31/03/2009	31/03/2010	16/06/2010	18/06/2010	06/08/2010	0.75
16 Nov 2009	Interim	GBX	0.25	30/03/2009	30/09/2009	13/01/2010	15/01/2010	11/02/2010	-
09 Juin 2009	Final	GBX	0.50	31/03/2008	31/03/2009	01/07/2009	03/07/2009	06/08/2009	2.02
17 Nov 2008	Interim	GBX	1.52	30/03/2008	30/09/2008	07/01/2009	09/01/2009	06/02/2009	-
09 Juin 2008	Final	GBX	3.04	31/03/2007	31/03/2008	09/07/2008	11/07/2008	06/08/2008	4.56
19 Nov 2007	Interim	GBX	1.52	30/03/2007	30/09/2007	02/01/2008	04/01/2008	04/02/2008	-
04 Juin 2007	Final	GBX	2.76	31/03/2006	31/03/2007	04/07/2007	06/07/2007	03/08/2007	4.14
17 Nov 2006	Interim	GBX	1.38	30/03/2006	30/09/2006	03/01/2007	05/01/2007	01/02/2007	-
12 Juin 2006	Final	GBX	2.51	31/03/2005	31/03/2006	05/07/2006	07/07/2006	04/08/2006	3.76
21 Nov 2005	Interim	GBX	1.25	30/03/2005	30/09/2005	04/01/2006	06/01/2006	01/02/2006	-
13 Juin 2005	Final	GBX	2.28	31/03/2004	31/03/2005	29/06/2005	01/07/2005	02/08/2005	3.41
22 Nov 2004	Interim	GBX	1.13	30/03/2004	30/09/2004	05/01/2005	07/01/2005	01/02/2005	-
14 Juin 2004	Final	GBX	20.70	31/03/2003	31/03/2004	30/06/2004	02/07/2004	02/08/2004	3.10
24 Nov 2003	Interim	GBX	10.30	30/03/2003	30/09/2003	03/01/2004	05/01/2004	02/02/2004	-
23 Juin 2003	Final	GBX	20.60	31/03/2002	31/03/2003	02/07/2003	04/07/2003	01/08/2003	2.81
25 Nov 2002	Interim	GBX	7.50	30/03/2002	30/09/2002	04/01/2003	06/01/2003	03/02/2003	-
24 Juin 2002	Final	GBX	18.50	31/03/2001	31/03/2002	03/07/2002	05/07/2002	01/08/2002	2.55
26 Nov 2001	Interim	GBX	7.00	30/03/2001	30/09/2001	02/01/2002	04/01/2002	01/02/2002	-
25 Juin 2001	Final	GBX	16.60	31/03/2000	31/03/2001	04/07/2001	06/07/2001	01/08/2001	2.31
27 Nov 2000	Interim	GBX	6.50	30/03/2000	30/09/2000	02/01/2001	08/01/2001	01/02/2001	-
26 Juin 2000	Final	GBX	15.00	31/03/1999	31/03/2000	03/07/2000	07/07/2000	01/08/2000	2.10
18 Nov 1999	Interim	GBX	6.00	30/03/1999	30/09/1999	04/01/2000	10/01/2000	01/02/2000	-
22 Juin 1999	Final	GBX	13.50	31/03/1998	31/03/1999	28/06/1999	02/07/1999	02/08/1999	1.90
16 Nov 1998	Interim	GBX	5.50	30/03/1998	30/09/1998	04/01/1999	08/01/1999	01/02/1999	-
22 Juin 1998	Final	GBX	12.00	31/03/1997	31/03/1998	29/06/1998	03/07/1998	14/08/1998	1.70

Workspace Fondamentaux

Profit and Loss Account
	31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)		31 Mar 2022 (GBP)
turnover	149.40	100.00%	161.40	100.00%	142.30	100.00%	132.90	100.00%	m
pre tax profit	137.30	91.90%	72.50	44.92%	-235.70	-165.64%	124.00	93.30%	m
attributable profit	137.30	91.90%	72.10	44.67%	-235.70	-165.64%	123.90	93.23%	m
retained profit	85.20	57.03%	11.10	6.88%	-282.00	-198.17%	80.60	60.65%	m
eps - basic (p)	78.90		40.00		-130.30		68.50
eps - diluted (p)	78.30		39.70		-130.30		68.10
dividends per share	32.87		36.16		17.75		21.50

Bilan (en résumé)

Bilan (en résumé)
	31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)		31 Mar 2022 (GBP)


	31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)		31 Mar 2022 (GBP)
ACTIFS
Actifs immobilisés	3.40	0.13%	4.80	0.18%	4.00	0.15%	2.90	0.12%	m
intangibles	1.60	0.06%	2.00	0.07%	2.40	0.09%	1.90	0.08%	m
fixed investments	2,611.30	97.36%	2,612.70	95.51%	2,366.50	91.24%	2,368.40	94.29%	m
Actifs circulants - autres	25.50	0.95%	11.00	0.40%	-	-%	65.90	2.62%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
débiteurs	13.70	0.51%	25.80	0.94%	29.70	1.15%	23.80	0.95%	m
cash & securities	26.70	1.00%	79.20	2.90%	191.00	7.36%	49.00	1.95%	m

TOTAL	2,682.20	100%	2,735.50	100%	2,593.60	100%	2,511.90	100%	m

PASSIF
creditors - short	77.00	2.87%	92.10	3.37%	251.60	9.70%	85.80	3.42%	m
creditors - long	623.20	23.23%	645.40	23.59%	622.50	24.00%	626.50	24.94%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	700.20	26.11%	737.50	26.96%	874.10	33.70%	712.30	28.36%	m

FONDS PROPRES
ord cap, reserves	1,982.00	73.89%	1,998.00	73.04%	1,719.50	66.30%	1,799.60	71.64%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,982.00	73.89%	1,998.00	73.04%	1,719.50	66.30%	1,799.60	71.64%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Workspace Cash Flow Statement

%1$s Cash Flow Statement
	31 Mar 2019 (GBP)	31 Mar 2020 (GBP)	31 Mar 2021 (GBP)	31 Mar 2022 (GBP)
Operating CF	76.10	84.70	38.40	57.90	m
Pre-Financing CF	-178.50	99.30	23.50	67.10	m
Retained CF	8.70	52.50	111.80	-142.00	m

Workspace Brokers

%1$s Brokers
Nom	Activité	Type	Mnemonic	Code
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Panmure Gordon (UK) Limited	Market Maker(MME)	Broker/Dealer	PMUR	PMURGB2L
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC