Games Workshop Group (LSE: GAW)

Currency in GBP

Last close As at 09/06/2023


−80.00 (−0.86%)

Market capitalisation


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.

Craftworld Eldar



Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • John Brewis

    Non-executive chairman

  • Kevin Rountree


  • Rachel Tongue


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 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

Further insights


European video games



ConsumerWatch – April 2023


ConsumerWatch – January 2023


ConsumerWatch – October 2022


IPO apocalypse

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