Games Workshop Group (LSE: GAW)

Last close As at 20/04/2024

GBP95.95

−335.00 (−3.37%)

Market capitalisation

GBP3,162m

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 | Flash note

Games Workshop Group — Steady as she goes

Consumer | Update

Games Workshop Group — Core growth in H124

Consumer | Flash note

Games Workshop Group — Licensed content agreement with Amazon

Consumer | Flash note

Games Workshop Group — H124 in line, solid core growth

Craftworld Eldar_games workshop

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

  • John Brewis

    Non-executive chairman

  • Kevin Rountree

    CEO

  • Rachel Tongue

    CFO

Balance Sheet

Forecast net debt (£m)

89.9

Forecast gearing ratio (%)

38

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.5) (3.4) 0.4
Relative (5.1) (8.1) 0.6
52 week high/low 11700.0p/9125.0p

Financials

Games Workshop Group reported that trading for the three months to the end of February 2024 is in line with expectations. The fourth dividend of the year has been declared at 105p/share, which takes the year-to-date total to 420p/share, marginally ahead of the 415p/share declared in FY23 at a similar stage. The declared dividend compares with our prior estimate of 425p/share, and we therefore nudged our estimate down to be consistent with the amounts declared.

Y/E May Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 414.8 193.2 158.1 394.6 24.3 26.0
2023A 470.8 213.3 171.6 411.8 23.3 16.4
2024E 511.2 223.4 187.3 426.5 22.5 17.5
2025E 534.5 233.6 194.4 442.2 21.7 17.2

Further insights

insight

TMT

European video games

Thematics

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

ConsumerWatch – Falling into the fall

thematic

Consumer

ConsumerWatch – Making the most of the summer

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