1 Main Capital's Yaron Naymark returns to share update on International Workplace Group $IWG.L

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 Today's sponsor: Fundamental Edge You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not. The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint. But what is the Academy NOT? It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process. It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM. It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst. To learn more and access a 10% discount code, go to fundamentedge.com/YAVP