Yaron Naymark returns to the podcast to discuss the value case for IWG (London Listed). IWG is best known for their Regus brand, which competes with WeWork in the flex office space. Yaron thinks the market is discounting the operating leverage IWG will realize as they put COVID behind them and begin to accelerate their managed locations offering.   
Chapters 

0:00 Intro 
2:10 IWG overview 
12:05 How does the current high vacancy office space impact flex 
17:00 Why COVID and tech layoffs could be a tailwind for flex office demand 
20:05 Why office owners can't do flex themselves 
28:30 Discussing WeWork's brand versus IWG 
39:15 IWG's operating leverage and current valuation
52:35 Why is it taking IWG so long to accelerate their franchise business / refranchise corporate locations 
55:50 Is pitching value creation / operating leverage just a Waiting for Godot story? 
1:05:00 Looking at a potential Instant sale 
1:12:30 The complexities of IWG's financial reporting