Games Workshop Group - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

31.07.24

Games Workshop Group — Another record year in FY24

Consumer |
Update

21.06.24

Games Workshop Group — FY24 profit estimates beaten

Consumer |
Flash note

22.03.24

Games Workshop Group — Steady as she goes

Consumer |
Update

17.01.24

Games Workshop Group — Core growth in H124

Craftworld Eldar_games workshop

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Analyst, Consumer and TMT

Key Management

John Brewis

Non-executive chairman
Kevin Rountree

CEO
Rachel Tongue

CFO

Balance Sheet

Forecast net debt (£m)

117.5

Forecast gearing ratio (%)

44

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	4.4	7.6	(0.5)
Relative	4.0	7.6	(9.6)
52 week high/low	11490.0p/9125.0p

Financials

Games Workshop Group (GAW) enjoyed a record year in FY24 with the launch of the 10th edition of its largest intellectual property (IP), Warhammer 40K, and strong growth in licensing income. Looking to FY25, management has an ambitious plan for growth. However, it also highlights the challenge of generating year-on-year growth given that 40K is larger than Age of Sigmar (AoS), the fourth edition of which has been launched, and the tough comparative for licensing income, which has a high operating margin. In FY22, the year the previous edition of AoS was launched, core operating profit was broadly flat year-on-year (negatively affected by higher freight costs and stock provision) on 11% revenue growth, both at constant currency. Our estimates are under review.

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	25.4	17.9
2024A	525.7	243.4	204.2	460.9	22.7	17.6
2025E	534.5	236.4	198.4	451.1	23.2	18.1
2026E	N/A	N/A	N/A	N/A	N/A	N/A

Research

Update

Consumer

12.01.23

Games Workshop Group — Core revenue growth offsets licensing decline

Update

Consumer

08.12.22

Games Workshop Group — Encouraging trading in H123

Craftworld Eldar_games workshop

Consumer

Update

Games Workshop Group — Merci, France

Craftworld Eldar_games workshop

Outlook

20.10.22

Games Workshop Group — Battling on

Update

Consumer

16.06.22

Games Workshop Group — Strong revenue growth and royalties income

Update

Consumer

24.03.22

Games Workshop Group — Upgrading forecast for FY22 cash returns

Update

Consumer

17.01.22

Games Workshop Group — Forecasts maintained for FY22 and FY23

Update

Consumer

09.12.21

Games Workshop Group — H122 helped by licensing income

Flash note

Consumer

16.09.21

Games Workshop Group — Revenue growth against a tough comparative

Update

Consumer

10.08.21

Games Workshop Group — Indomitable

Update

Consumer

20.05.21

Games Workshop Group — Rounding off a stellar year

Outlook

Consumer

22.03.21

Games Workshop Group — No cracks in the plastic

Update

Consumer

07.12.20

Games Workshop Group — Impressive momentum into H221

Update

Consumer

10.11.20

Games Workshop Group — Strong trading continues

Update

Consumer

11.09.20

Games Workshop Group — Exceptional start to FY21

Update

Consumer

04.08.20

Games Workshop Group — Winning performance

Update

Consumer

15.01.20

Games Workshop Group — ‘Record sales and profit’ again

Update

Consumer

08.11.19

Games Workshop Group — Strong five-month trading update

Update

Consumer

02.08.19

Games Workshop Group — Third consecutive year of record results

Flash note

Consumer

07.06.19

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

Update

Consumer

17.04.19

Games Workshop Group — Marching on up

Initiation

Consumer

10.04.19

Games Workshop Group — On a mission

Further insights

insight

TMT

12.09.19

European video games

thematic

Consumer

30.10.23

ConsumerWatch – Falling into the fall

thematic

Consumer

26.07.23

ConsumerWatch – Making the most of the summer

thematic

Consumer

21.04.23

ConsumerWatch – A Spring in the step

thematic

Consumer

23.01.23

ConsumerWatch – January sales

thematic

Consumer

13.10.22

ConsumerWatch – Bargains galore

thematic

Consumer

05.10.22

IPO apocalypse

thematic

Consumer

03.10.22

Food tech – At the forefront of food innovation

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

Consumer

18.07.22

ConsumerWatch – Value emerging

thematic

Consumer

24.03.22

Circular economy business models

thematic

Consumer

04.02.22

Moving from a vegan January to a sustainable one

thematic

Consumer

10.01.22

Cultivated meat – Engineering the growth of alternative meats

thematic

Consumer

06.09.21

The future of fish – The investment case for sustainable fishing

thematic

Consumer

29.10.20

Meating Demand – The lean, green money-making machine

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide