Games Workshop

Games Workshop Group


£2254.6m market cap

6775p 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 (GAW) interim results are ahead of expectations. The highest rates of revenue growth were achieved in the channels with the highest operating margins, ie Trade (40% margin) and Online (64% margin). This has produced a strong improvement in free cash flow generation and ROCE has improved from 96% to 111%. We upgrade our forecasts for FY20 and FY21 by a further 3% following the 9% upgrade in November. Our DCF-based valuation increases by 11% to 5,748p.

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 38.0 32234.0
2019A 256.6 97.1 81.3 200.8 34.4 31169.2
2020E 286.4 124.3 95.6 235.8 29.3 22268.8
2021E 300.8 130.7 101.3 250.0 27.6 20708.3
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 23/01/2020
Share price graph
Balance sheet
Forecast net cash (£m) 21.4
Forecast gearing ratio (%) N/A
Price performance
Actual 15.2 50.5 121.5
Relative* 14.1 40.2 99.6
52-week high/low 7005.0p/2800.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO