Dear all,
As mentioned yesterday, I launched a Substack. The first post is a $IWG.L (IWG PLC) deep dive. You can find it here: tinyurl.com/IWG-office-etoro
TL;DR:
IWG is the largest global flex operator - orders of magnitude larger than WeWork. It has massive scale advantages.
The market still values it through the old lens (lease-heavy, cyclical, balance-sheet risk). But IWG has been steadily shifting toward asset-light growth via management deals: partners fund the capex, IWG earns management fees.
At a valuation of only 6x EBITDA, IWG only needs to execute for us to win. In my view, three things need to happen:
- The M&F pipeline needs to convert into open, full centres for fees to accrue.
- Unit economics need hold at scale: occupancy / pricing need to be resilient enough that partners keep coming back for more sites.
- Legacy owned/leased centres must keep improving margins so the “old IWG” stops dominating the narrative.
Although it doesn't need it to work - if the business mix keeps moving in the right direction, the risk profile improves, and the valuation multiple should improve.
I’ve put the full write-up on Substack - link below.
Please let me know your thoughts, and if you like the write-up, make sure to subscribe - it's free.... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
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Wed Jun 17 2026 04:14:35 GMT+0000 (Coordinated Universal Time)
