Games Workshop

Games Workshop Group


£1456m market cap

4456p 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

Interim results in January were ahead of expectations with revenue growth of 19% and PBT growth of 44%. By channel, revenue growth was strongest in the highest-margin channels, Trade and Online, which led to a strong drop through of incremental revenue to gross profit of 83%. Following upgrades of 9% after the trading update in November 2019, we upgraded our forecast PBT for FY20 and FY21 by 3% to reflect the H120 performance. Our DCF-based valuation is 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 24.5 20816.6
2019A 256.6 97.1 81.3 200.8 22.2 20129.0
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
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 26/03/2020
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (33.4) (27.8) 56.4
Relative* (17.7) (3.7) 93.4
52-week high/low 7350.0p/2970.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO