IWG (LON:IWG) Board of Directors Approves Share Repurchase Plan

IWG (LON:IWG) announced that its board has initiated a stock repurchase program on Tuesday, March 3rd, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on IWG. Peel Hunt reiterated a “hold” rating and set a GBX 199 price objective on shares of IWG in a research note on Tuesday, November 4th. Jefferies Financial Group increased their target price on IWG from GBX 245 to GBX 265 and gave the stock a “buy” rating in a research note on Monday, November 24th. Finally, Berenberg Bank restated a “buy” rating and issued a GBX 270 price target on shares of IWG in a research note on Tuesday, November 4th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, IWG has a consensus rating of “Moderate Buy” and an average price target of GBX 248.50.

IWG Price Performance

IWG opened at GBX 203.40 on Wednesday. IWG has a fifty-two week low of GBX 146 and a fifty-two week high of GBX 250.60. The firm has a 50-day moving average of GBX 232.98 and a 200 day moving average of GBX 223.66. The company has a debt-to-equity ratio of -3,635.81, a quick ratio of 0.45 and a current ratio of 0.45. The firm has a market cap of £2.02 billion, a P/E ratio of 92.45, a PEG ratio of -5.59 and a beta of 1.62.

About IWG

IWG plc, together with its subsidiaries, provides workspace solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers office, coworking and collaboration, flexible and scalable, meeting, and lounges spaces; workplace recovery; memberships workspaces; and reception services and conference products. It provides its services franchise partners, landlords, and property owners under the Regus, Spaces, HQ, Signature, Basepoint, Stop & Work, The Office Operators, BizDojo, Open Office, No18, The Clubhouse, Central Working, and Copernico brands.