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
With profit in line with expectations, Games Workshop Group’s (GAW) H122 trading update is reassuring. The previously flagged forex and freight cost pressures have negatively affected pre-licensing profit. This was partially offset by an exceptional level of licensing income versus GAW’s trading history. Our FY22 forecasts are unchanged ahead of the publication of H122 results. The FY22e P/E of 25.0x is in line with GAW’s recent average multiple. Our DCF-based valuation remains £129 per share.
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 | 39.9 | 27.3 |
| 2021A | 353.2 | 178.3 | 150.9 | 370.5 | 23.5 | 21.4 |
| 2022E | 376.9 | 185.9 | 158.1 | 387.1 | 22.5 | 18.6 |
| 2023E | 395.3 | 192.5 | 163.4 | 398.8 | 21.8 | 17.9 |
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 12/01/2022Content on Games Workshop Group
Sector |
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Consumer
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Share price graph
Balance sheet |
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| Forecast net cash (£m) | 113.8 |
| Forecast gearing ratio (%) | N/A |
Price performance
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12m |
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Key management |
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| Kevin Rountree | CEO |
| Rachel Tongue | CFO |
| Elaine O’Donnell | Non-executive chairman |