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Is IWG's re-rating premature?

News of the vaccine rollout sparked a rally in the flexible workspace provider's shares but the scale of its lease liabilities presents a key risk
Is IWG's re-rating premature?
  • Costs associated with closing centres drives the group into a higher than anticipated loss
  • A post-pandemic increase in hybrid working could present a longer-term opportunity
  • However, hefty lease liabilities present a risk to IWG

The short-term leases offered by flexible workspace providers such as IWG (IWG) and Workspace (WKP) may just mean that the injuries dealt by the pandemic are more immediately visible than for permanent office landlords. Yet could they also be quicker to heal?

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