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WeWork has looong been the outlier in terms of public market scorn for unicorns. So hats off to Chris Lane at Bernstein for this report.
TL,DR: cause you won't read the thread, he gets a $5B DCF value for core member biz, and $11B for a hypothetical managed space as a service.
TL,DR: cause you won't read the thread, he gets a $5B DCF value for core member biz, and $11B for a hypothetical managed space as a service.
Here are the assumptions used to value the member business
Here's the mature steady profile of the member biz, and the resulting DCF. Again, this values the core biz at $5B.
The analyst surmises that the bull case is "managed space as a service"
Here's the DCF for managed space as a service that yields an $11B valuation
conclusion:
"However, while they like to promote their expertise in space optimization, we struggle to see how a this is really proprietary, and believe an experienced interior office designer could achieve something similar."
"However, while they like to promote their expertise in space optimization, we struggle to see how a this is really proprietary, and believe an experienced interior office designer could achieve something similar."
