KATE RENN | PEEL HUNT
Workspace’s vast 43 per cent net asset value growth for the year is around 11 per cent ahead of consensus and 15 per cent ahead of our forecast. There was no doubt this growth would come through, but it was not expected to all fall into this year. We are re-assessing our “hold” recommendation.
ALISON WATSON | INVESTEC
Full-year results are well ahead of expectations. Acceleration in both yield compression (after only modest tightening to date this cycle) and rental growth, alongside added value surpluses, has delivered a 27 per cent year-on-year portfolio growth...We remain buyers.
MICHAEL BURT | LIBERUM
Workspace delivered an outstanding 43 per cent year-on-year increase in net asset value, coming in six per cent ahead of our 468p forecast. This growth was underpinned by a 27 per cent revaluation uplift as all of the key drivers of value creation...delivered surpluses ahead of our expectations.