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Yaron Naymark on IWG's value case
Yet Another Value Podcast
IFRS 16 Accounting
I do think like there's a lot to be desired for the reporting here. They've shifted to this IFRS 16 accounting and so they have one EBITDA which is kind of the way us, you know, American gap investors are using EBITDA. And I think they could do a better job breaking out the franchise revenue and profitability and manage revenue and profitability. The business needs to get some scalapers, right, before they do it. Maybe they'll two step it first and then break out profitability once it scales. But maybe it all slips into the second half at that point. There's a lot of potential catalysts in terms of the business inflecting, pricing,
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