Games Workshop

Games Workshop Group


£1482.8m market cap

4562p last close

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.

Investment summary

Games Workshop (GAW) has bucked wider consumer trends and delivered a third consecutive year of record sales and earnings growth. FY19 sales and PBT increased by 15.9% and 9.5% respectively, comfortably ahead of closing guidance. The company continues to leverage its rich IP via relationships with the major digital gaming publishers. Royalty income rose by 18% to £11.4m in the period. Dividends of £50.3m (155p per share) were paid during FY19, leaving net cash of £29.4m at year end (2018: £28.5m). A further 30p dividend was declared alongside the results announcement, to be paid on 13 September 2019. Our modest forecast assumptions, which have not materially changed, drive a DCF valuation of 4,703p.

Y/E May
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2018A 221.3 86.5 74.3 181.6 25.1 21003.2
2019A 256.6 97.1 81.3 200.8 22.7 20389.7
2020E 267.6 103.4 85.2 210.3 21.7 17286.2
2021E 278.9 108.6 89.8 221.7 20.6 16252.1
Last updated on 16/09/2019
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 16/09/2019
Share price graph
Balance sheet
Forecast net cash (£m) 40.8
Forecast gearing ratio (%) N/A
Price performance
Actual 4.5 (9.6) 24.3
Relative* 1.0 (10.0) 24.6
52-week high/low 5085.0p/2800.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO