Yaron Naymark, Founder of 1 Main Capital, is back for the fourth time on the podcast to provide an update on his thesis for International Workplace Group plc (LSE: IWG).
For more information about Yaron Naymark and 1 Main Capital, please visit: [ Ссылка ]
Yaron's original YAVP appearance talking $IWG.L: [ Ссылка ]
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[1:47] Quick $IWG.L pitch
[6:45] CEO recently sells block of shares, putting into perspective CEO's ownership
[11:43] $IWG.L inflection - ramping of management franchise
[18:11] December 2023 investor day
[21:00] $IWG.L bear case
[28:45] Franchise revenue margins / understanding IWG market
[33:11] Discrepancy between informed IWG analysts vs. speaking with building owners / impact from WeWork
[38:23] Competitive environment (post-WeWork emerging from bankruptcy)
[42:56] Why didn't IWG take out WeWork and why IWG should own WeWork
[52:10] What worries Yaron about IWG thesis (if management franchise business hits a wall)
[56:36] Enterprise and final thoughts / US Listing / Buybacks and Dividend / Catalysts for 2024-25
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