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Currency in GBP
Last close As at 09/06/2023
GBP92.55
▲ −80.00 (−0.86%)
Market capitalisation
GBP3,046m
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.
Games Workshop Group 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.
Director, Consumer
John Brewis
Non-executive chairman
Kevin Rountree
CEO
Rachel Tongue
CFO
Forecast net debt (£m)
56.4
Forecast gearing ratio (%)
25
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (5.3) | 2.7 | 29.4 |
| Relative | (3.2) | 7.0 | 30.8 |
| 52 week high/low | 9920.0p/5690.0p |
The Q323 trading update to the end of February 2023 stated that trading is in line with expectations. In addition, a further dividend of £1.20 per share was declared, taking the year to date total to £4.15 per share, well ahead of FY22’s £2.35 per share. The current year dividend was boosted by the repayment of a £12m VAT debtor from France. Following Brexit, Games Workshop Group has been required to pay VAT on the entry of goods to Europe and submit a reclaim with the authorities, which led to the build up of a debtor balance from the French authorities. Separately, the company announced that the tenth edition of Warhammer 40,000 will be released in the summer of 2023.
| Y/E May | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 369.6 | 178.3 | 150.9 | 370.5 | 25.0 | 22.9 |
| 2022A | 414.8 | 193.2 | 156.5 | 390.6 | 23.7 | 25.1 |
| 2023E | 447.0 | 196.5 | 160.4 | 389.6 | 23.8 | 18.3 |
| 2024E | 461.1 | 211.1 | 169.2 | 384.5 | 24.1 | 17.9 |
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