Games Workshop

Games Workshop Group


Market Cap£3049m

Last Close 9285p

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)
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 12/01/2022
Content on Games Workshop Group
Games Workshop Group – Indomitable
Consumer | Update | 10 August 2021
View more
Register to receive research on Games Workshop Group as it is published
Share price graph
Balance sheet
Forecast net cash (£m) 113.8
Forecast gearing ratio (%) N/A
Price performance
Actual (8.4) (11.7) (25.2)
Relative* (10.5) (15.3) (32.4)
52-week high/low 12220.0p/8695.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO
Elaine O’Donnell Non-executive chairman