£3138.8m market cap
9580p 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) update highlights that trading remains ahead of the board’s expectations and that PBT in H121 will be not less than £80m, with growth of at least 37% on H120, and just 10% below the COVID-19-affected FY20. 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. We upgrade our FY21 PBT forecasts by 14%.
Y/E May |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 256.6 | 97.1 | 81.3 | 200.8 | 47.7 | 43.2 |
| 2020A | 269.7 | 115.6 | 89.4 | 217.8 | 44.0 | 30.1 |
| 2021E | 333.1 | 160.3 | 132.4 | 322.7 | 29.7 | 26.3 |
| 2022E | 375.0 | 185.5 | 155.9 | 379.9 | 25.2 | 20.7 |
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 27/11/2020
Sector |
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| Consumer |
Share price graph
Balance sheet |
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| Forecast net cash (£m) | 83.4 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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Key management |
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| Kevin Rountree | CEO |
| Rachel Tongue | CFO |
