Games Workshop Group (LSE: GAW)

Last close As at 12/07/2024

GBP105.90

150.00 (1.44%)

Market capitalisation

GBP3,490m

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 | Update

Games Workshop Group — FY24 profit estimates beaten

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

Craftworld Eldar_games workshop

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)

101.2

Forecast gearing ratio (%)

40

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 9.0 6.0 (3.0)
Relative 7.4 1.6 (14.5)
52 week high/low 11700.0p/9125.0p

Financials

Games Workshop Group’s FY24 trading update provided a nice surprise on the revenue side, broadly equally split between core and licensing, and an even nicer surprise for PBT, suggesting an improvement in gross margin. We have upgraded our FY24 estimates to be consistent with the indicated figures and marginally increase our estimates for FY25, which reverts to a 52-week period accounting period.

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 26.8 28.7
2023A 470.8 213.3 171.6 411.8 25.7 18.1
2024E 520.0 238.0 201.9 459.5 23.0 18.3
2025E 534.5 237.5 198.4 451.1 23.5 18.6

Further insights

insight

TMT

European video games

Thematics

thematic

Consumer

ConsumerWatch – Give me a reason to love you

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

ConsumerWatch – Falling into the fall

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