£1335.7m market cap
3856p 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 focus on international multi-channel expansion, customer engagement and product innovation, alongside its openness to exploring ways in which to leverage its rich intellectual property to generate royalty income is continuing to deliver outstanding results. Strong trading across all regions and sales channels since the half year, and new licensing agreements, lead us to upgrade our FY19 and FY20 earnings forecasts by c 14%. The company is highly cash generative and delivers impressive returns on capital, supporting a c 4% yield and the scope for further cash distributions, in line with company policy.
Y/E May |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 158.1 | 48.5 | 38.4 | 95.1 | 43.2 | 30.0 |
| 2018A | 221.3 | 86.5 | 74.3 | 184.3 | 22.3 | 18.9 |
| 2019E | 255.3 | 94.3 | 80.8 | 198.6 | 20.7 | 17.4 |
| 2020E | 266.2 | 99.7 | 84.4 | 207.7 | 19.8 | 15.9 |
| Last updated on 17/04/2019 | ||||||
Industry outlook
Games Workshop is the global leader for tabletop miniature gaming, a market it created and 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 17/04/2019
Sector |
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| Consumer |
Share price graph
Balance sheet |
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|---|---|
| Forecast net cash (£m) | 34.1 |
| 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 |
