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Games Workshop Group (LSE: GAW)

Currency in GBP

Last close As at 28/11/2023

GBP109.30

▲ 60.00 (0.55%)

Market capitalisation

GBP3,548m

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.

Latest Insights

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Consumer | Outlook

Games Workshop Group — Leviathan

Consumer | Update

Games Workshop Group — FY23 profit ahead of previous FY24 estimates

Consumer | Update

Games Workshop Group — Merci, France

Consumer | Update

Games Workshop Group — Core revenue growth offsets licensing decline
Craftworld Eldar_games workshop
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Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • John Brewis

    Non-executive chairman

  • Kevin Rountree

    CEO

  • Rachel Tongue

    CFO

Balance Sheet

Forecast net debt (£m)

89

Forecast gearing ratio (%)

37

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 10.6 2.9 44.3
Relative 7.1 1.2 46.0
52 week high/low 11700.0p/7285.0p

Financials

Games Workshop Group’s June 2023 launch of Leviathan has been well received based on core year-on-year revenue growth of 14% in Q124 which, accompanied by a more favourable cost profile, translated to c 46% growth in PBT to £57m (c £39m in Q123). Our reported PBT estimates for FY24 increased by 6%, to give year-on-year growth of c 9% and we introduced FY25 estimates for c 4% growth to c £193m. So far in FY24, GAW has declared total dividends of 195p/share (dividends of 145p/share and 50p/share), c 63% higher than cumulative dividends at the same time in FY23 of 120p/share (dividends of 90p/shares and 30p/share).

Y/E May Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 414.8 193.2 156.5 394.6 27.7 29.6
2023A 470.8 213.3 170.6 411.8 26.5 18.7
2024E 495.8 224.2 186.2 426.3 25.6 20.0
2025E 518.4 233.6 193.2 442.3 24.7 19.5

Research

Craftworld Eldar_games workshop

Update

Consumer

Games Workshop Group — FY23 profit ahead of previous FY24 estimates
Craftworld Eldar_games workshop

Update

Consumer

Games Workshop Group — Merci, France

Consumer

Outlook

Games Workshop Group — Leviathan
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Further insights

insight

TMT

European video games

Analyst of the week

Russell Pointon

Russell Pointon

Director, Consumer

rpointon@edisongroup.com 020 3077 5700
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Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

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ConsumerWatch – October 2023

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ConsumerWatch – July 2023

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ConsumerWatch – April 2023
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