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Games Workshop Group (LSE: GAW)

Last close As at 26/10/2024

GBP117.50

▲ −260.00 (−2.16%)

Market capitalisation

GBP3,872m

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 | 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 11.1 16.5 19.6
Relative 11.2 15.2 5.4
52 week high/low 12010.0p/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 28.5 20.1
2024A 525.7 243.4 204.2 460.9 25.5 19.8
2025E 534.5 236.0 198.4 450.8 26.1 20.3
2026E 555.9 247.8 206.4 468.4 25.1 19.8

Research

Flash note

Consumer

Games Workshop Group — Another record year in FY24

Update

Consumer

Games Workshop Group — FY24 profit estimates beaten

Consumer

Outlook

Games Workshop Group — Sigmar the fourth

Flash note

Consumer

Games Workshop Group — Steady as she goes
Craftworld Eldar_games workshop

Update

Consumer

Games Workshop Group — Core growth in H124
Craftworld Eldar_games workshop

Flash note

Consumer

Games Workshop Group — Licensed content agreement with Amazon
Media and Games Invest_resized

Flash note

Consumer

Games Workshop Group — H124 in line, solid core growth

Outlook

Consumer

Games Workshop Group — Leviathan
Craftworld Eldar_games workshop

Update

Consumer

Games Workshop Group — FY23 profit ahead of previous FY24 estimates
Craftworld Eldar_games workshop

Update

Consumer

Games Workshop Group — Merci, France

Update

Consumer

Games Workshop Group — Core revenue growth offsets licensing decline
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Further insights

insight

TMT

European video games

Thematics

thematic

Consumer

ConsumerWatch – The times they are a-changin’

thematic

Consumer

ConsumerWatch – Give me a reason to love you

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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