International Workplace Group plc

IWG.F · Real Estate · Real Estate Services · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

-5.99B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

-408.41M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

-408.41M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

-2.27B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.31B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

-0.98×

the ratio the screener ranks by

Margin of Safety

—

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: -5.99B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.47B USD
−②Net Debt Today7.46B USD
+③Growth Value0 USD
=Value-5.99B USD

EPV of the Operations (NOPAT over WACC)

1.47B USD

Net debt today

-7.46B USD

Growth Value

0 USD

Value

-5.99B USD

①EPV (earnings power value)

1.47B USD

②Net Debt Today

7.46B USD

③Growth Value

0 USD

Market value

Market Cap2.31B USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): -408.41M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, -408.41M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap2.31B USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): -408.41M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, -408.41M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap2.31B USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 3.40%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.57×Market Risk Premium 6.00%= 13.93%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 32.03M USDPretax Income 43.04M USD= 74.42%

The tax the interest saves.

Interest Expense =EBIT 130.13M USD−Pretax Income 43.04M USD= 87.09M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 87.09M USDTotal Debt 7.83B USD×(1 − Tax Rate for WACC 74.42%)= 0.28%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 7.83B USDMarket Cap + Total Debt 2.31B USD + 7.83B USD= 77.21%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 22.79%×Cost of Equity 13.93%+Debt Weight 77.21%×Cost of Debt 0.28%= 3.40%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 9.78B USD − Total Liabilities 10.19B USD = Book Value Today -408.41M USD

Total Debt 7.83B USD − Cash and Short-Term Investments 372.37M USD = Net Debt Today 7.46B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-4.9%at most 5%passes957,416,761 / 1,006,690,450
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.5%at least -10.0%passes(364.36M USD − 18.02M USD) ÷ 9.78B USD
Price to bookMarket Cap ÷ Book Value Today—at most 3×not measured2.31B USD ÷ -408.41M USD
Operating marginOperating Income ÷ Revenue4.6%above 10.0%does not pass174.17M USD ÷ 3.77B USD
Revenue growthRevenue ÷ Revenue a Year Before − 12.0%above 10.0%does not pass3.77B USD / 3.69B USD
Net cash(Cash − Total Debt) ÷ Market Cap-322.6%above -30%does not pass(372.37M USD − 7.83B USD) ÷ 2.31B USD
Operating efficiencyOperating Income ÷ Gross Profit16.9%above 25.0%does not pass174.17M USD ÷ 1.03B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

2.20 EUR

Enterprise value

9.56B EUR

the provider's own figure

EV / EBITDA

19.89×

Price / book

-5.80×

the provider's book

Price / earnings

219.80×

Return on equity

—

the provider's figure, not this page's

Profit margin

0.2%

Revenue growth

6.5%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

3.44B3.77B3.69B3.77B

Gross profit

628.63M885.88M1.11B1.03B

Operating income

-118.12M77.08M517.52M174.17M

EBITDA

operating income before depreciation and amortisation

69.07M275.27M455.45M487.49M

Pretax income

-230.23M-165.16M53.05M43.04M

Net income

-188.19M-207.21M20.02M18.02M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

-145.79M-66.45M26.07M42.16M

R&D

————
Balance sheet, year end

Total assets

11.13B9.99B9.64B9.33B

Total liabilities

10.75B10.23B9.50B9.63B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

314.97M-304.30M93.09M-305.30M

Total debt

8.35B7.83B7.00B7.42B

Cash and equivalents

194.19M130.13M137.14M302.30M

Net PP&E

fixed assets after depreciation

7.53B6.81B6.12B6.08B

Working capital

current assets less current liabilities

-2.26B-2.22B-2.23B-2.07B
Cash flow

Operating cash flow

185.18M399.40M1.33B364.36M

Capital expenditure

paid out, so below zero

-269.27M-233.23M-237.24M-223.22M

Depreciation and amortisation

265.26M386.39M333.33M357.36M

Free cash flow

operating cash flow plus capital expenditure

-84.08M166.17M1.09B141.14M