Games Workshop Group (LSE: GAW)

Last close As at 22/05/2024


−50.00 (−0.51%)

Market capitalisation


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

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

Consumer | Flash note

Games Workshop Group — H124 in line, solid core growth

Craftworld Eldar_games workshop



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


  • Rachel Tongue


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.7 (1.5) (0.4)
Relative (3.7) (9.4) (7.5)
52 week high/low 11700.0p/9125.0p


Games Workshop Group reported that trading for the three months to the end of February 2024 is in line with expectations. The fourth dividend of the year has been declared at 105p/share, which takes the year-to-date total to 420p/share, marginally ahead of the 415p/share declared in FY23 at a similar stage. The declared dividend compares with our prior estimate of 425p/share, and we therefore nudged our estimate down to be consistent with the amounts declared.

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 24.6 26.3
2023A 470.8 213.3 171.6 411.8 23.6 16.6
2024E 511.2 223.4 187.3 426.5 22.7 17.7
2025E 534.5 233.6 194.4 442.2 21.9 17.3

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