Games Workshop

Games Workshop Group


Market Cap£2696.1m

Last Close 8210p

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) H122 results reflect lower year-on-year revenue growth after a very strong FY21, as expected, with positive comments on new launches, specifically the third edition of Age of Sigmar. Ongoing internal investment to support future growth and new external cost pressures led to a reduction in operating profit pre-royalties, which was more than offset by the notable increase in royalty income. As previously flagged, the shape of our FY22 forecasts has changed to reflect the above dynamics, but our FY22 and FY23 PBT forecasts are broadly unchanged. Our DCF-based valuation increases by c 3% to £134/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 37.7 25.8
2021A 353.2 178.3 150.9 370.5 22.2 20.2
2022E 377.8 186.0 158.2 386.5 21.2 17.5
2023E 403.7 192.6 163.5 398.3 20.6 17.0
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 20/01/2022
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Share price graph
Balance sheet
Forecast net debt (£m) 123.7
Forecast gearing ratio (%) 49
Price performance
Actual (15.4) (21.7) (23.8)
Relative* (19.1) (24.6) (32.0)
52-week high/low 12220.0p/8040.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO
Elaine O’Donnell Non-executive chairman