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International Workplace (IWGLN: BBB): Comps

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IWGLN - Fitch are using Sodexo SWFP (catering) and Rentokil RTOLN (pest control) as comps.

  • As IWG moves to a much more capital light service orientated model there is some sense in this approach.
  • Historically though, it is much more correlated to the office sector. See graph for comps vs Gecina and Colonial.
  • IWG exhibits more volatility than GFCFP or COLSM.

Source: MNI, Bloomberg

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