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Games Workshop Group (LSE: GAW)

Last close As at 12/10/2024

GBP111.30

▲ 80.00 (0.72%)

Market capitalisation

GBP3,668m

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

View More

Consumer | Outlook

Games Workshop Group — Sigmar the fourth

Consumer | Flash note

Games Workshop Group — Another record year in FY24

Consumer | Update

Games Workshop Group — FY24 profit estimates beaten

Consumer | Flash note

Games Workshop Group — Steady as she goes
Craftworld Eldar_games workshop
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Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Milo Bussell

Analyst, Consumer and TMT

Key Management

  • John Brewis

    Non-executive chairman

  • Kevin Rountree

    CEO

  • Rachel Tongue

    CFO

Balance Sheet

Forecast net debt (£m)

110.2

Forecast gearing ratio (%)

41

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.3 6.6 10.1
Relative 5.9 6.3 0.9
52 week high/low 11130.0p/9125.0p

Financials

Games Workshop Group (GAW) is the global leader for tabletop miniature gaming, which has enjoyed impressive growth, with core revenue and total operating profit CAGRs of 17% and 19%, respectively, since FY15. A combination of improved product innovation, engagement with customers, geographic expansion of its distribution and licensing its intellectual property (IP) to third parties have driven its growth. Its vertical integration and control of its IP contribute to enviable returns on capital of well over 100% in recent years. The company has a favourable distribution policy of returning truly surplus cash.

Y/E May Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 470.8 213.3 171.6 411.8 27.0 19.0
2024A 525.7 243.4 204.2 460.9 24.1 18.7
2025E 534.5 236.0 198.4 450.8 24.7 19.3
2026E 555.9 247.8 206.4 468.4 23.8 18.8

Update

Consumer

Games Workshop Group — Encouraging trading in H123

Outlook

Games Workshop Group — Battling on

Update

Consumer

Games Workshop Group — Strong revenue growth and royalties income

Update

Consumer

Games Workshop Group — Upgrading forecast for FY22 cash returns

Update

Consumer

Games Workshop Group — Forecasts maintained for FY22 and FY23

Update

Consumer

Games Workshop Group — H122 helped by licensing income

Flash note

Consumer

Games Workshop Group — Revenue growth against a tough comparative

Update

Consumer

Games Workshop Group — Indomitable

Update

Consumer

Games Workshop Group — Rounding off a stellar year

Outlook

Consumer

Games Workshop Group — No cracks in the plastic

Update

Consumer

Games Workshop Group — Impressive momentum into H221

Update

Consumer

Games Workshop Group — Strong trading continues

Update

Consumer

Games Workshop Group — Exceptional start to FY21

Update

Consumer

Games Workshop Group — Winning performance

Update

Consumer

Games Workshop Group — ‘Record sales and profit’ again

Update

Consumer

Games Workshop Group — Strong five-month trading update

Update

Consumer

Games Workshop Group — Third consecutive year of record results

Flash note

Consumer

Games Workshop Group — FY19 in line with our recently upgraded forecasts

Update

Consumer

Games Workshop Group — Marching on up

Initiation

Consumer

Games Workshop Group — On a mission