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Games Workshop Group (LSE: GAW)

Last close As at 19/09/2024

GBP104.80

▲ −20.00 (−0.19%)

Market capitalisation

GBP3,454m

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.

Games Workshop Group 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.

Latest Insights

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Consumer | Flash note

Games Workshop Group — Another record year in FY24

Consumer | Update

Games Workshop Group — FY24 profit estimates beaten

Consumer | Flash note

Games Workshop Group — Steady as she goes

Consumer | Update

Games Workshop Group — Core growth in H124
Craftworld Eldar_games workshop
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Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Milo Bussell

Analyst, Consumer and TMT

Key Management

  • John Brewis

    Non-executive chairman

  • Kevin Rountree

    CEO

  • Rachel Tongue

    CFO

Balance Sheet

Forecast net debt (£m)

117.5

Forecast gearing ratio (%)

44

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.1 11.1 (4.1)
Relative 2.9 10 (11.7)
52 week high/low 10950.0p/9125.0p

Financials

Games Workshop Group (GAW) enjoyed a record year in FY24 with the launch of the 10th edition of its largest intellectual property (IP), Warhammer 40K, and strong growth in licensing income. Looking to FY25, management has an ambitious plan for growth. However, it also highlights the challenge of generating year-on-year growth given that 40K is larger than Age of Sigmar (AoS), the fourth edition of which has been launched, and the tough comparative for licensing income, which has a high operating margin. In FY22, the year the previous edition of AoS was launched, core operating profit was broadly flat year-on-year (negatively affected by higher freight costs and stock provision) on 11% revenue growth, both at constant currency. Our estimates are under review.

Y/E May Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 470.8 213.3 171.6 411.8 25.4 17.9
2024A 525.7 243.4 204.2 460.9 22.7 17.6
2025E 534.5 236.4 198.4 451.1 23.2 18.1
2026E N/A N/A N/A N/A N/A N/A

Research

Update

Consumer

Games Workshop Group — FY24 profit estimates beaten

Flash note

Consumer

Games Workshop Group — Steady as she goes

Consumer

Flash note

Games Workshop Group — Another record year in FY24
View All

Further insights

insight

TMT

European video games

Thematics

thematic

Consumer

ConsumerWatch – The times they are a-changin’

thematic

Consumer

ConsumerWatch – Give me a reason to love you

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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