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.
More Games Workshop Group content >Investment summary
Games Workshop’s (GAW’s) trading update indicates sales growth for Q122 (three months to 29 August 2021) is in line with management expectations. Management has highlighted pressure on freight costs and currency exchange rates given GAW’s high international exposure. The declared dividend of 25p per share brings the year-to-date total to 65p. Our forecasts for FY22 and FY23 are unchanged. Our DCF-based valuation remains £129 per share.
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 | 51.2 | 35.0 |
| 2021A | 353.2 | 178.3 | 150.9 | 370.5 | 30.1 | 27.5 |
| 2022E | 376.9 | 185.9 | 158.1 | 387.1 | 28.8 | 23.9 |
| 2023E | 395.3 | 192.5 | 163.4 | 398.8 | 28.0 | 23.0 |
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 22/09/2021Content on Games Workshop Group
Sector |
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Consumer
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Share price graph
Balance sheet |
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| Forecast net cash (£m) | 113.8 |
| Forecast gearing ratio (%) | N/A |
Price performance
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12m |
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Key management |
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| Kevin Rountree | CEO |
| Rachel Tongue | CFO |
| Elaine O’Donnell | Non-executive chairman |