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Currency in GBP
Last close As at 23/03/2023
GBP87.80
▲ 40.00 (0.46%)
Market capitalisation
GBP2,877m
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.
GAW 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.
Director, Consumer
John Brewis
Non-executive chairman
Kevin Rountree
CEO
Rachel Tongue
CFO
Forecast net debt (£m)
75.6
Forecast gearing ratio (%)
29
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (4.4) | 3.6 | 24.4 |
| Relative | 0.2 | 2.5 | 25.7 |
| 52 week high/low | 9515.0p/5690.0p |
Games Workshop Group’s (GAW’s) record H123 results included strong revenue recovery in Retail as COVID-19 restrictions eased, foreign exchange gains, offset by some negative effects, specifically from Russia and China, and flat sales in the key North American market. The lower reported profit reflects the well-known external cost pressures and investment to support future revenue growth, partially offset by good cost control. Our profit estimates are unchanged but we increase our dividend estimate. The recent strong share price performance takes the prospective FY23e multiple (23.9x) to between its recent long-run average (17.2x) and peak multiples (over 30x).
| Y/E May | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 369.6 | 178.3 | 150.9 | 370.5 | 23.7 | 21.8 |
| 2022A | 414.8 | 193.2 | 156.5 | 390.6 | 22.5 | 23.8 |
| 2023E | 447.0 | 196.5 | 160.4 | 389.6 | 22.5 | 18.7 |
| 2024E | 461.1 | 211.1 | 169.2 | 384.5 | 22.8 | 17.0 |
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