Games Workshop

Games Workshop Group


£1878.8m market cap

5750p 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 published a trading statement for the first five months of FY20, highlighting an acceleration in revenue growth to c 12% (versus our previous forecast for the year of c 4%), strong margin growth and encouraging signs with respect to its ability to leverage its intellectual property through royalty income. Our PBT estimates increase by c 9% for FY20 and FY21, and our DCF-based valuation increases by 10% to 5,176p.

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 31.7 26472.7
2019A 256.6 97.1 81.3 200.8 28.6 25699.4
2020E 278.5 110.9 92.7 228.8 25.1 20519.1
2021E 292.5 117.0 98.2 242.5 23.7 19104.0
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 06/12/2019
Share price graph
Balance sheet
Forecast net cash (£m) 41.5
Forecast gearing ratio (%) N/A
Price performance
Actual 27.2 21.8 92.0
Relative* 28.5 21.0 75.3
52-week high/low 5845.0p/2800.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO