Games Workshop

Games Workshop Group


£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)
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
Register to receive research on Games Workshop Group as it is published
Share price graph
Balance sheet
Forecast net cash (£m) 83.4
Forecast gearing ratio (%) N/A
Price performance
Actual (12.9) 6.2 67.5
Relative* (21.6) (0.8) 91.5
52-week high/low 11460.0p/3590.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO