Last close As at 05/08/2026
GBP190.10
▲ −20.00 (−0.11%)
Market capitalisation
GBP6,282m
Research: Consumer
Games Workshop Group (GAW) has signed an agreement with Amazon Content Services, a subsidiary of Amazon.com, to prospectively develop GAW’s intellectual property (IP) into film and television content and to grant associated merchandising rights, initially focused on the Warhammer 40k universe. The partnership follows the announcement in December 2022 when management said an agreement had been reached in principle. Although the content will mainly be focused on GAW’s Warhammer 40k, Amazon has the option to develop other IP within GAW’s fantasy universe following the initial release. The first year has been set out as a period for creative discussions, after which the agreement will go ahead if both GAW and Amazon sign off on the creative guidelines.
Games Workshop Group |
Licensed content agreement with Amazon |
Amazon content deal |
Consumer goods |
19 December 2023 |
Share price performance
Business description
Analysts
Games Workshop Group is a research client of Edison Investment Research Limited |
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Games Workshop Group (GAW) has signed an agreement with Amazon Content Services, a subsidiary of Amazon.com, to prospectively develop GAW’s intellectual property (IP) into film and television content and to grant associated merchandising rights, initially focused on the Warhammer 40k universe. The partnership follows the announcement in December 2022 when management said an agreement had been reached in principle. Although the content will mainly be focused on GAW’s Warhammer 40k, Amazon has the option to develop other IP within GAW’s fantasy universe following the initial release. The first year has been set out as a period for creative discussions, after which the agreement will go ahead if both GAW and Amazon sign off on the creative guidelines.
Year end |
Revenue (£m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
05/22 |
414.8 |
158.1 |
394.6 |
235.0 |
25.2 |
2.4 |
05/23 |
470.8 |
171.6 |
411.8 |
415.0 |
24.2 |
4.2 |
05/24e |
495.8 |
187.3 |
426.3 |
425.0 |
23.4 |
4.3 |
05/25e |
518.4 |
194.4 |
442.3 |
435.0 |
22.5 |
4.4 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
No financial terms have been disclosed and management has left FY24 guidance unchanged. Amazon likely has over 200 million Amazon Prime subscribers (given this number was last publicly updated in 2021), which could bring GAW’s IP to a wider audience. This could provide a potential tailwind to future performance if content production goes ahead. We have left our numbers unchanged given the partnership is still in its early days and there has not yet been an agreement on the content type or scope.
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Research: Healthcare
Molecure has announced that it has generated the in vitro proof-of-concept (PoC) data for its mRNA platform, marking a step toward one of its long-term strategic objectives. Based on an in vitro study, management has confirmed the small molecule inhibition of the translation of a protein implicated in cancer via direct binding to mRNA encoding this protein. While the field of RNA-based biopharmaceuticals has gained traction during the pandemic with the use of mRNA vaccines, Molecure is one of the few biotechs focused on advancing small molecules designed to directly interact with mRNA structures. This approach has potential advantages compared to biologics, most notably patient compliance, given that most of the small-molecule candidates will likely be designed to be dosed orally (versus the more invasive injection/intravenous approaches that biologics generally require). While Molecure is in the early stages of developing this platform approach, we believe the announcement of PoC data marks an important milestone. Management will now evaluate continued preclinical and potentially clinical development of lead molecules optimised in this programme.