Competition from peers such as Smartworks, IndiQube, and Awfis could also test pricing power in an increasingly crowded market. Given that the players are at different stages of their debt cycles and profit trajectories, their price-to-earnings multiples are not comparable. On EV/Ebitda, WeWork is the most expensively valued at 6.5x based on consensus Bloomberg FY28 estimates, against 6.4x, 5.5x, and 4.7x for Indiqube, SmartWorks, and Awfis.
