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Games Workshop Group (LSE: GAW)

Last close As at 17/04/2024

GBP99.30

▲ −40.00 (−0.40%)

Market capitalisation

GBP3,273m

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
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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 (0.4) (0.5) 4.6
Relative (1.6) (5.2) 4.8
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 25.2 26.9
2023A 470.8 213.3 171.6 411.8 24.1 17.0
2024E 511.2 223.4 187.3 426.5 23.3 18.1
2025E 534.5 233.6 194.4 442.2 22.5 17.8

Research

Outlook

Games Workshop Group — Battling on

Update

Consumer

Games Workshop Group — Strong revenue growth and royalties income

Consumer

Update

Games Workshop Group — Encouraging trading in H123

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

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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