£1800.8m market cap
5540p 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) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 221.3 | 86.5 | 74.3 | 181.6 | 30.5 | 25505.9 |
| 2019A | 256.6 | 97.1 | 81.3 | 200.8 | 27.6 | 24760.8 |
| 2020E | 278.5 | 110.9 | 92.7 | 228.8 | 24.2 | 19769.7 |
| 2021E | 292.5 | 117.0 | 98.2 | 242.5 | 22.8 | 18406.3 |
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 14/11/2019
Sector |
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| Consumer |
Share price graph
Balance sheet |
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| Forecast net cash (£m) | 41.5 |
| 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 |
