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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The trading update for the year ended May 2022 indicated ongoing good demand following the standout performance of the prior year. Revenue will be not less than £385m (our prior estimate of £378m and FY21 £353m) and PBT not less than £155m (our prior estimate £158m and FY21 £151m). The lower profitability PBT margin for FY22 versus FY21 reflected the already flagged economy wide inflationary cost pressures and internal investment, offset by a notable improvement in royalties income (£28m vs £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 trimmed our FY22 PBT estimate by c 2% to be in line with indicated guidance, and a similar percentage for FY23.
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 | 31.1 | 21.2 |
2021A | 353.2 | 178.3 | 150.9 | 370.5 | 18.3 | 16.7 |
2022E | 385.5 | 183.5 | 155.7 | 380.4 | 17.8 | 14.7 |
2023E | 407.3 | 189.6 | 160.5 | 390.9 | 17.3 | 14.2 |
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 04/07/2022Content on Games Workshop Group















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Consumer
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Balance sheet |
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Forecast net debt (£m) | 116.2 |
Forecast gearing ratio (%) | 47 |
Price performance
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Key management |
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Kevin Rountree | CEO |
Rachel Tongue | CFO |
Elaine O’Donnell | Non-executive chairman |