Workspace Group Plc (WKP:LN)

Real Estate/Office REITs Price: 841.50 GBX Report Date: October 1, 2021 Business Description and Key Statistics

Workspace Group is a real estate investment trust. Co. is engaged Current YTY % Chg in property investment in the form of letting of business accommodation to businesses across London. Co.'s property Revenue LFY (M) 142 -11.8 portfolio consists of office and industrial properties located in EPS Diluted LFY -1.30 London. Market Value (M) 1,523 Shares Outstanding LFY (000) 181,038 Book Value Per Share 9.50 EBITDA Margin % -135.30

Net Margin % -166.0 Website: www.workspace.co.uk Long-Term Debt / Capital % 25.7 ICB Industry: Real Estate Dividends and Yield TTM 0.00 - 0.00% ICB Subsector: Office REITs Payout Ratio TTM % 0.0 Address: Canterbury Court;Kennington Park;1-3 Brixton Road 60-Day Average Volume (000) 211 London 52-Week High & Low 971.00 - 552.00 GBR Employees: 223 Price / 52-Week High & Low 0.87 - 1.52

Price, Moving Averages & Volume

991.8 991.8 Workspace Group Plc is currently trading at 841.50 which is 6.4% below its 50 day 934.6 934.6 moving average price of 899.32 and 1.6% above its 877.3 877.3 200 day moving average price of 828.39.

820.1 820.1 WKP:LN is currently 13.3% below its 52-week high price of 971.00 and is 52.4% above its 762.9 762.9 52-week low price of 552.00. Over the past 52-weeks, 705.6 705.6 WKP:LN is up 52.5% while on a calendar year-to-date basis it is up 9.4%. 648.4 648.4 The Relative Strength Index (RSI) indicator for WKP:LN is 591.1 591.1 currently 38.52. An RSI value of 70 and above is considered 533.9 533.9 overbought and 30 and below 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 oversold. Volume (000) 2,077 2,077

1,557 1,557

1,038 1,038

519 519 Mean (250.29)

0 0 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Real Estate/Office REITs Price: 841.50 GBX Report Date: October 1, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % 2.00 2.73 50-Day Average Price 899.32 1-Week % -2.83 -2.06 Price / 50-Day Average 0.94 4-Week % -11.88 -9.37 200-Day Average Price 828.39 52-Week % 52.45 30.77 Price / 200-Day Average 1.02 RSI - Relative Strength Index 38.52 Quarter-to-Date % 2.00 2.73

Year-to-Date % 9.43 0.06 Risk Metrics Last Month % -11.34 -10.14 Price Volatility 30.42 Last Quarter % -1.08 -2.17 Sharpe Ratio 0.07 Last Calendar Year % -35.27 -22.28 Sortino Ratio 0.11

5-Year Price Performance vs. FTSE 350

Workspace Group Plc Current: 1.25 CAGR: 4.6% Over the past five years, FTSE 350 Index Current: 1.20 CAGR: 3.7% Workspace Group Plc's stock price is up 25.1% which is 2.0 2.0 5.1% above the FTSE 350 Index performance of 20.1% over the same period. 1.9 1.9 Workspace Group Plc's cumulative annualized growth 1.8 1.8 rate (CAGR) over the five year period has been 4.6% while that of the FTSE 350 Index 1.7 1.7 has been 3.7%.

Over the past year, Workspace 1.6 1.6 Group Plc's stock price performance of 52.5% has 1.4 1.4 outperformed that of the FTSE 350 Index by 30.8%. On a year-to-date basis, Workspace 1.3 1.3 Group Plc's stock price WKP:LN performance of 9.4% has outperformed the FTSE 350 1.2 ^NMX:LN 1.2 Index by 0.1%.

1.1 1.1 Over the past week, Workspace Group Plc's stock price performance of -2.8% 1.0 1.0 has underperformed that of the FTSE 350 Index by 2.1%. 0.9 0.9

0.8 0.8

0.7 0.7 2017 2018 2019 2020 2021 2022

Real Estate/Office REITs Price: 841.50 GBX Report Date: October 1, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % 3.4 7.1 7.5 Gross Margin % 57.3 72.0 70.5 Revenues Per Share % 0.3 4.0 28.8 EBITDA Margin % -135.3 69.6 182.4 EBITDA % -100.0 -100.0 -100.0 Pre-Tax Margin % -165.6 57.5 164.1 EPS Diluted % -100.0 -100.0 -100.0 Net Margin % -166.0 56.6 176.2 Free Cash Flow % -22.6 -8.1 32.5 Return on Equity % -12.2 4.5 20.0 Cash from Operations % -19.7 -5.1 10.6 Return on Capital % -9.2 3.7 14.8 Book Value % -3.2 0.3 41.8 Return on Assets % -8.7 3.6 14.1

Revenue (M) Workspace Group Plc's cumulative annualized revenue Current: 142.30 Median: 142.30 High: 161.40 Low: 108.80 CAGR: 6.9% growth rate over the charted 171.9 171.9 161.4 period is 6.9%. This compares 149.4 to cumulatative annualized 150.0 142.3 150.0 growth of 3.4% over the past 3

128.9 years. 128.1 128.1 108.8 106.2 106.2 2017 2018 2019 2020 2021 Workspace Group Plc's EPS Diluted cumulative annualized EPS Current: -1.30 Median: 0.54 High: 1.04 Low: -1.53 CAGR: -0.3% growth rate over the charted 1.55 1.55 period is -0.3%. This 1.04 0.78 compares to cumulatative 0.54 0.40 0.48 0.48 annualized growth of -100.0% over the past 3 years. -0.59 -0.59 -1.30 -1.66 -1.66 2016 2017 2018 2019 2020 2021

Net Profit Margin % Workspace Group Plc's net profit margin of -166.0% is Current: -166.01 Median: 84.42 High: 152.44 Low: -166.01 CAGR: 222.6% below the period's 168.4 168.4 mean net margin of 56.6%. Mean (56.63) During the charted period, the 51.6 51.6 observed net profit margin high and low were 152.4% and -65.2 -65.2 -166.0% respectively.

-181.9 -181.9 2017 2018 2019 2020 2021 Workspace Group Plc's return Return on Equity % on equity of -12.2% is 16.7% Current: -12.20 Median: 6.70 High: 10.60 Low: -12.20 CAGR: -3.0% below the period's mean return 11.7 11.7 on equity of 4.5%. During the charted period, the observed Mean (4.49) 3.4 3.4 ROE high and low were 10.6% and -12.2% respectively. -5.0 -5.0

-13.3 -13.3 2016 2017 2018 2019 2020 2021

Real Estate/Office REITs Price: 841.50 GBX Report Date: October 1, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 99.9 13.3 8.0 Earnings Yield % -13.70 7.67 12.60

Price / Sales 10.7 11.3 11.7 Free Cash Flow Yield % 2.44 4.18 3.72

Price / Operating Cash Flow 99.9 13.2 8.0 Dividend Yield % 0.00 2.80 2.10

Price / Book Value 0.9 0.9 1.0 Enterprise Value / EBITDA 50.0 15.2 10.6

Price / EPS TTM Workspace Group Plc is trading at 99.90 times its EPS Current: 99.90 Median: 13.32 High: 99.90 Low: 4.33 CAGR: 85.2% generated during the latest 104.7 104.7 fiscal year. This multiple is above the historically observed 69.6 69.6 median of 13.32, while high and low observations have been 99.90 and 4.33. 34.6 34.6 Median (13.32) -0.4 -0.4 2017 2018 2019 2020 2021 Price / Sales Workspace Group Plc is trading at a Price to Sales ratio Current: 10.72 Median: 11.27 High: 14.78 Low: 5.54 CAGR: 0.7% of 10.72 based on sales 15.24 15.24 generated during the latest fiscal year. This ratio is below 11.85 Median (11.27) 11.85 the historically observed median ratio of 11.27, while high and low observations 8.47 8.47 have been 14.78 and 5.54.

5.08 5.08 2017 2018 2019 2020 2021 Workspace Group Plc is Price / Book Value trading at a Price to Book ratio Current: 0.89 Median: 0.89 High: 1.19 Low: 0.44 CAGR: 4.3% of 0.89 based on book value at 1.2 1.2 the latest fiscal year end. This ratio is equal to the historically observed Price/Book Value 1.0 1.0 Median (0.89) ratio of 0.89, while high and low observations have been 0.7 0.7 1.19 and 0.44.

0.4 0.4 2016 2017 2018 2019 2020 2021 Workspace Group Plc has a Free Cash Flow Yield % Free Cash Flow Yield of 2.44% Current: 2.44 Median: 4.18 High: 8.19 Low: 2.11 CAGR: -12.1% based on free cash flow 8.5 8.5 generated during the latest fiscal year. This value is below the historically observed 6.3 6.3 median yield of 4.18%, while high and low observations Median (4.18) 4.0 4.0 have been 8.19 and 2.11.

1.8 1.8 2016 2017 2018 2019 2020 2021

Real Estate/Office REITs Price: 841.50 GBX Report Date: October 1, 2021 Dividends Data

Dividends Per Share TTM 0.00 Payout Ratio TTM % 0.00% Dividend Yield TTM % 0.00%

Rate Ex Date Record Date Payment Date Currency Note 0.245 02-07-2020 03-07-2020 07-08-2020 GBP FINAL 100% PID 0.117 09-01-2020 10-01-2020 05-02-2020 GBP INTERIM 100% PID 0.223 04-07-2019 05-07-2019 02-08-2019 GBP FINAL 100% PID 0.106 10-01-2019 11-01-2019 06-02-2019 GBP INTERIM 100% PID 0.186 05-07-2018 06-07-2018 03-08-2018 GBP FINAL 100% PID 0.088 11-01-2018 12-01-2018 06-02-2018 GBP INTERIM 100% PID 0.143 06-07-2017 07-07-2017 07-08-2017 GBP FINAL 100% PID 0.068 12-01-2017 13-01-2017 07-02-2017 GBP INTERIM 100% PID 0.102 07-07-2016 08-07-2016 05-08-2016 GBP FINAL 100% PID 0.049 07-01-2016 08-01-2016 02-02-2016 GBP INTERIM 100% PID

Dividend Growth and Yield

Dividends Per Share TTM Workspace Group Plc's trailing 12-month dividend per share Current: 0.00 Median: 0.26 High: 0.36 Low: 0.00 CAGR: 0.0% is 0.00 and its dividend has 0.38 0.38 grown at a cumulative annualized rate of 0.0% over 0.31 0.31 the charted period. This compares to dividend growth 0.25 0.25 of -100.00% over the past year and cumulative annualized growth of -100.00% over the 0.18 0.18 past 3 years.

0.11 0.11

0.05 0.05

-0.02 -0.02 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Workspace Group Plc's current dividend yield is 0.00% Current: 0.00 Median: 2.80 High: 7.03 Low: 0.00 CAGR: 0.0% based on trailing 12 month 7.38 7.38 dividends. The current yield is below the historically observed 6.09 6.09 median of 2.80% and, over the charted time period, the 4.80 4.80 observed high yield has been 7.03% and the observed low yield has been 0.00%. 3.51 3.51

2.23 2.23

0.94 0.94

-0.35 -0.35 2016 2017 2018 2019 2020 2021

Real Estate/Office REITs Price: 841.50 GBX Report Date: October 1, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -8.3 -0.6 7.2 14.9 22.6 -38.4 -28.5 -18.6 -8.8 1.1

Yew Grove REIT PLC 21.2 Yew Grove REIT PLC -15.4

Derwent London plc 12.9 Hibernia REIT PLC -20.9

Great Portland Estates PLC 12.5 Ediston Property Investment Co PLC -21.6

Workspace Group Plc 9.4 Great Portland Estates PLC -22.3

Peer Group Average 9.0 Derwent London plc -22.8

Ediston Property Investment Co PLC 5.7 Peer Group Average -23.6

Regional REIT Ltd 5.3 Regional REIT Ltd -27.1

Hibernia REIT PLC -4.3 Workspace Group Plc -35.3

-8.3 -0.6 7.2 14.9 22.6 -38.4 -28.5 -18.6 -8.8 1.1

Price / EPS TTM Price / Book Value 0.0 26.2 52.4 78.5 104.7 0.0 0.3 0.5 0.8 1.0

Workspace Group Plc 99.9 Yew Grove REIT PLC 1.0

Great Portland Estates PLC 99.9 Great Portland Estates PLC 1.0

Hibernia REIT PLC 99.9 Workspace Group Plc 0.9

Ediston Property Investment Co PLC 99.9 Derwent London plc 0.9

Peer Group Average 49.7 Ediston Property Investment Co PLC 0.9

Derwent London plc 13.8 Peer Group Average 0.8

Regional REIT Ltd 13.2 BriQ Properties Real Estate Investment Co 0.8

Yew Grove REIT PLC 12.5 Regional REIT Ltd 0.8

BriQ Properties Real Estate Investment Co 4.6 Argan SA 0.7

Argan SA 3.4 Hibernia REIT PLC 0.6

0.0 26.2 52.4 78.5 104.7 0.0 0.3 0.5 0.8 1.0

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -120.6 -80.4 -40.1 0.2 40.5 -10.6 -0.6 9.4 19.3 29.3

Argan SA 33.2 Ediston Property Investment Co PLC 27.5

Hibernia REIT PLC 15.2 Derwent London plc -17.1

Peer Group Average 9.0 Peer Group Average -64.0 Argan SA 9.0 Workspace Group Plc -100.0 Workspace Group Plc 7.1 Great Portland Estates PLC -100.0 Derwent London plc 6.1

Hibernia REIT PLC -100.0 McKay Securities PLC 3.9

McKay Securities PLC -100.0 Great Portland Estates PLC -5.5

-120.6 -80.4 -40.1 0.2 40.5 -10.6 -0.6 9.4 19.3 29.3

Real Estate/Office REITs Price: 841.50 GBX Report Date: October 1, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Real Estate/Office REITs Price: 841.50 GBX Report Date: October 1, 2021

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