Games Workshop

Games Workshop Group


Market Cap£2,194m

Last Close 6680p

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.

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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)
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 30/06/2022
Content on Games Workshop Group
Games Workshop Group – Upgrading forecast for FY22 cash returns
Consumer | research Update | 24 March 2022
Games Workshop Group – Forecasts maintained for FY22 and FY23
Consumer | research Update | 17 January 2022
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Share price graph
Balance sheet
Forecast net debt (£m) 116.2
Forecast gearing ratio (%) 47
Price performance
Actual (9) (8.1) (41.4)
Relative* (3) (2.3) (40.3)
52-week high/low 12220.0p/6005.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO
Elaine O’Donnell Non-executive chairman