Games Workshop is a leading international specialist designer, manufacturer and multi-channel retailer of miniatures, scenery, artwork and fiction for tabletop miniature games set in its fantasy Warhammer worlds.
More Games Workshop Group content >Investment summary
Games Workshop Group’s (GAW’s) trading update for the year ending May 2022 indicates ongoing good demand following the standout performance of the prior year. The lower profitability (profit before tax margin) for FY22 versus FY21 reflects the already-flagged economy-wide inflationary cost pressures and internal investment, offset by a notable improvement in royalties income (£28m versus £16.3m FY21). The royalties income was the highest ever generated by the company, indicating the success it is having in leveraging its intellectual property. We trim our FY22 and FY23 profit before tax (PBT) estimates by c 2%. The prospective P/E multiple of 15.9x is below recent average multiples (17.2x FY17-21).
Y/E May |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2020A | 269.7 | 115.6 | 89.4 | 217.8 | 30.7 | 21.0 |
2021A | 353.2 | 178.3 | 150.9 | 370.5 | 18.0 | 16.5 |
2022E | 385.5 | 183.5 | 155.7 | 380.4 | 17.6 | 14.5 |
2023E | 407.3 | 189.6 | 160.5 | 390.9 | 17.1 | 14.0 |
Industry outlook
Games Workshop is the global leader for tabletop miniature gaming, a market it created. Tabletop miniature gaming is the fastest-growing segment of the global non-digital games market, which is expected to grow at a CAGR of 9% between 2017 and 2023 and reach a value exceeding $12bn.
Last updated on 30/06/2022Content on Games Workshop Group















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Consumer
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Balance sheet |
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Forecast net debt (£m) | 116.2 |
Forecast gearing ratio (%) | 47 |
Price performance
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Key management |
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Kevin Rountree | CEO |
Rachel Tongue | CFO |
Elaine O’Donnell | Non-executive chairman |