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Workspace Group PLC (WKP) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Workspace Group PLC £0.69, price £3.56, upside -80.6%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Real Estate · GB · ISIN GB00B67G5X01

WG Thin data Sep 24, 2026

Workspace Group PLC

WKP · LSE

Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value £0.6900 · Strongly overvalued (−81%)
!Quality 55/100
!Mixed Growth (revenue 5y +5.0 %/yr)
!Loss-making · -66.3% net margin (TTM)
Moderate debt · generates free cash flow
·7.98% dividend yield
!Mixed vs. peers (6/14)
!Narrow moat 39/100
!Evidence only low, so the estimate is less certain
!The models disagree: range £0.3100 to £2.39

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

£7.35 £2.69 Fair Value £0.6900 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range £2.69 – £7.35 · fair‑value band £0.3100 – £2.39 · the £3.56 price screens above the £0.6900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Workspace Group Plc is London's leading owner and operator of flexible workspace, currently managing 3.8 million sq. ft. of sustainable space at 57 locations in London and the Southeast. The firm is home to some 4,000 of London's fastest growing and established brands from a diverse range of sectors.

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Workspace Group Plc is London's leading owner and operator of flexible workspace, currently managing 3.8 million sq. ft. of sustainable space at 57 locations in London and the Southeast. The firm is home to some 4,000 of London's fastest growing and established brands from a diverse range of sectors. Their purpose, to give businesses the freedom to grow, is based on the belief that in the right space, teams can achieve more. That in environments they tailor themselves, free from constraint and compromise, teams are best able to collaborate, build their culture and realise their potential. They have a unique combination of a highly effective and scalable operating platform, a portfolio of distinctive properties, and an ownership model that allows us to offer true flexibility. The firm provide customers with space to create a home for their business, alongside leases that give them the freedom to easily scale up and down within our well-connected, extensive portfolio. They are inherently sustainable and invest across the capital, breathing new life into old buildings and creating hubs of economic activity that help flatten London's working map. Workspace Group Plc work closely with their local communities to ensure they make a positive and lasting environmental and social impact, creating value over the long term. Workspace was established in July 10, 1987 and incorporated in United Kingdom and has been listed on the London Stock Exchange since 1993.

Stock analysis

Workspace Group PLC (WKP) currently trades at £3.56, while our model-based Fair Value estimate is £0.6900, implying the stock looks roughly 416.0% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of £4.62 per share, and 3 of the 11 models we run sit above the £3.56 price.

Bear case: the Growth DCF group reads lowest at £0.1900, and 8 of the 11 models stay below the price. Evidence for this calculation is low.

Scenario range: £0.3100 (bear) to £2.39 (bull), the price of £3.56 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 55/100 (solid quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Workspace Group PLC reported revenue of £181M in FY2026 versus £133M in FY2022, a compound +8.1%/yr. Reported net income was −£120M in FY2026.

Key figures

Market cap 684M GBX · P/S ratio 3.75 · EPS (TTM) £−0.6300 · Dividend yield 8.0% · Net margin −66.3% · Return on equity −8.5% · Return on assets (EBIT) 1.1% · Operating margin 53.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at −81%, WKP screens richer than that median.

Fair Value models

Bear £0.3100 Fair Value £0.6900 Bull £2.39
Model Each model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence Evidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF £0.6900 £3.01 £6.24 73
5Y EBITDA Exit n/a £0.8700 £2.65 72
Growth DCF £0.6900 £2.86 £5.76 72
All 12 models by family
DCF Models
FCF DCF £0.6900 £3.01 £6.24 73
5Y Revenue Exit n/a £0.1300 £1.60 69
5Y EBITDA Exit n/a £0.8700 £2.65 72
10Y Revenue Exit n/a £0.7800 £2.38 64
10Y EBITDA Exit n/a £1.25 £3.12 65
Dividend Discount
Gordon GGM £2.20 £3.97 £5.46 68
DDM Multi-Stage £2.20 £3.62 £4.24 67
Multiples
EV/EBIT n/a £0.4000 £1.46 61
EV/EBITDA n/a n/a £0.4500 62
Asset-Based
NCAV (Graham) £3.45 £4.62 £6.89 54
Growth DCF
Growth DCF £0.6900 £2.86 £5.76 72
Rev-Margin DCF n/a £0.1900 £1.64 69

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Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 51

Profitability 2
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 41
Distance to the 52-week high (market factor)
Net Issuance 84
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality Growth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.1%
Revenue growth 3 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.4%
Revenue growth 5 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.0%
Start year 2021 (pandemic). Over 10 years: +5.6% a year
Revenue growth 37 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.8%
Profit margin (trend) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
64.6% (2020) → 20.2% (2025)
What shareholders gained per year We only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes This turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+18.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect Analysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−7.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +15.8% a year for the price and −10.0% for the forecasts.
Forecast 2027 (sales)−44.1%
Forecast 2028 (sales)+4.9%
Projected 2029 (sales)+4.5%
Projected 2030 (sales)+4.2%
Projected 2031 (sales)+3.8%

WKP screens 416% overvalued. Compare with BXP, Inc →

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Peer GroupHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Office · 68 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 56 · Above median
Fair Value upside −81% · Bottom 25%
Profitability
Return on assets 2% · Above median
Net margin (TTM) −66% · Bottom 25%
Operating margin (TTM) 54% · Above median
Growth and dividend
Revenue growth −2% · Below median
Dividend yield (TTM) 8.0% · Above median
Balance sheet
Debt / equity 0.57× · Below median

Valuation Multiplesvs REIT - Office median · lower = cheaper

P/B 0.68× · Pricier than median
P/S (TTM) 5.00× · Pricier than median
P/FCF 15.1× · Pricier than median
EV/EBITDA 17.7× · Pricier than median
PEG 1.54× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 39
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 11
HEALTH (low debt)72 · sector 66
DIVIDEND (yield)100 · sector 100

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Office stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
BXP, Inc BXP $64.31 $53.27 −17%
MERLIN Properties SOCIMI, S.A MRL €12.58 €8.81 −30%
Vornado Realty Trust VNORP $70.25 $48.20 −31%
Alexandria Real Estate Equities, Inc ARE $53.85 $96.26 +79%
Hudson Pacific Properties, Inc HPP $12.08 $2.97 −75%
Gecina GFC €65.80 €75.35 +15%
Mapletree Pan Asia Commercial Trust N2IU 1.22 SGD 1.26 SGD +3%
Cousins Properties Incorporated CUZ $28.90 $7.87 −73%
Kilroy Realty Corporation KRC $34.74 $35.56 +2%
Keppel DC REIT AJBU 2.14 SGD 3.04 SGD +42%

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Cite: Fair Value Calculator (2026). "Workspace Group PLC Fair Value". https://www.fairvalue-calculator.com/stock/WKP

Frequently asked questions

Is Workspace Group PLC (WKP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of £0.6900 versus a price of £3.56, about −81% upside (overvalued).
What is the fair value of WKP?
Our model-based fair value for Workspace Group PLC is £0.6900 (as of Sep 24, 2026), built from audited fundamentals. The current price: £3.56.
What is the quality score of WKP?
Workspace Group PLC has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Workspace Group PLC (WKP)?
Our model-based price target is the fair value of £0.6900 (as of Sep 24, 2026) from 12 valuation models. Cautious scenario £0.3100, optimistic scenario £2.39. It is a calculation from audited fundamentals, not an analyst target.
What is the Workspace Group PLC stock forecast for 2026?
Our models put fair value at £0.6900, about −81% upside versus a price of £3.56 (overvalued). Cautious scenario £0.3100, optimistic scenario £2.39. The calculation is refreshed regularly with new filings.
What is the revenue of Workspace Group PLC (WKP)?
Workspace Group PLC reported trailing-twelve-month revenue of about £183M (latest available figure, as of Sep 24, 2026).
Does Workspace Group PLC pay a dividend?
Workspace Group PLC currently shows a dividend yield of about 7.98% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Workspace Group PLC (WKP)?
For today's price to be fair in a discounted-cash-flow model, Workspace Group PLC would have to grow free cash flow by +18.5 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of WKP use?
Our models discount Workspace Group PLC at 12.0 %: a base by market capitalisation (small), damped by beta 1.09, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Workspace Group PLC that is +18.5 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Workspace Group PLC (WKP) delivered so far?
Over the past 5 years revenue at Workspace Group PLC grew +5.0 % a year. The price currently implies +18.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Workspace Group PLC (WKP) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Workspace Group PLC (+18.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Workspace Group PLC (WKP)?
The free-cash-flow yield on the price is 8.80 %: that much free cash flow Workspace Group PLC produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Workspace Group PLC (WKP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Workspace Group PLC it is £0.6900 per share (as of Sep 24, 2026), against a price of £3.56. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Workspace Group PLC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, WKP trades above its calculated fair value: price £3.56, fair value £0.6900, a gap of about −81% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WKP?
No. The price is what the market pays today (£3.56); the fair value is what the company's own numbers justify (£0.6900). For Workspace Group PLC the two are £2.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is Workspace Group PLC worth?
The market values Workspace Group PLC at about 684M GBX (market capitalisation, as of Sep 24, 2026). Per share that is £3.56; our models calculate a fair value of £0.6900 per share.
What do the bullish and bearish scenarios say about WKP?
Our models span a range for Workspace Group PLC: cautious scenario £0.3100, base £0.6900, optimistic £2.39 per share (as of Sep 24, 2026, price £3.56). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of WKP?
The PEG ratio of Workspace Group PLC is 1.54 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Workspace Group PLC (WKP)?
Balance-sheet figures for Workspace Group PLC (as of Sep 24, 2026): return on equity −8.5%, debt of 0.57 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
Which stocks are comparable to Workspace Group PLC?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Workspace Group PLC stock attractive at the current price?
The data as of Sep 24, 2026: price £3.56, calculated fair value £0.6900 (−81%), Quality Score 55/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WKP calculated?
We run Workspace Group PLC through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £0.6900, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Workspace Group PLC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Workspace Group PLC (WKP)?
The closing price on Sep 23, 2026 was £3.56. Our model-based fair value is £0.6900, about −81% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Workspace Group PLC right now?
The price sits above even our optimistic bull case (£2.39). The favourable scenario is already priced in. The model range is unusually wide (£0.3100 to £2.39). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Workspace Group PLC

How large is the market capitalisation of Workspace Group PLC (WKP)?
The market capitalisation of Workspace Group PLC is 684M GBX. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Workspace Group PLC (WKP)?
The price-to-sales ratio of Workspace Group PLC is 3.75 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Workspace Group PLC (WKP)?
Earnings per share at Workspace Group PLC are £−0.6300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Workspace Group PLC (WKP)?
The dividend yield of Workspace Group PLC is 8.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Workspace Group PLC (WKP)?
The net margin of Workspace Group PLC is −66.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Workspace Group PLC (WKP)?
The return on equity (ROE) of Workspace Group PLC is −8.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Workspace Group PLC (WKP)?
On an EBIT basis the return on assets of Workspace Group PLC is 1.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Workspace Group PLC (WKP)?
The operating margin of Workspace Group PLC is 53.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Workspace Group PLC (WKP)?
Revenue at Workspace Group PLC is growing −1.6% versus a year earlier (3y avg +1.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Workspace Group PLC (WKP)?
Earnings per share at Workspace Group PLC are growing +901% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Workspace Group PLC (WKP) carry?
The net debt of Workspace Group PLC is 783M GBX (fiscal year 2026, ≈ 13.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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