Games Workshop

Games Workshop Group


£3223.4m market cap

9835p 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’s interim PBT of £91.6m announced in January compares with the ‘not less than £90m’ indicated in the December trading statement. Demand continues to be driven, predominantly, by the recent new Warhammer 40,000 release and through the Trade and Online channels, while Retail is still recovering from the COVID-19 closures. Retail outlets are closed where required by governments but, unlike during the previous lockdown, the factory and warehouses are still operating following investment to make the locations compliant with social distancing requirements. There was a significant uplift in gross margin of 6pp to 75.2%, and the operating margin pre-royalties of 11.9pp to 44.6%. Following the announcement of the interim results our forecasts are under review.

Y/E May
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 256.6 97.1 81.3 200.8 49.0 44.4
2020A 269.7 115.6 89.4 217.8 45.2 30.9
2021E 349.1 168.3 140.4 342.0 28.8 26.1
2022E 381.2 186.2 156.6 381.4 25.8 21.1
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 04/03/2021
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Share price graph
Balance sheet
Forecast net cash (£m) 87.4
Forecast gearing ratio (%) N/A
Price performance
Actual (1.7) (0.4) 47.8
Relative* (3.9) (2.8) 47.9
52-week high/low 11730.0p/3590.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO