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: https://www.1maincapital.com/

Yaron's original YAVP appearance talking $IWG.L: https://www.youtube.com/watch?v=QmVjVOoG6Sc

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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