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.
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John Brewis
Non-executive chairman
Kevin Rountree
CEO
Rachel Tongue
CFO
Forecast net debt (£m)
89.9
Forecast gearing ratio (%)
38
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 4.0 | (0.2) | 9.4 |
Relative | 0.8 | (2.8) | 2.2 |
52 week high/low | 11700.0p/9125.0p |
Games Workshop Group has 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 have 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 | 25.0 | 26.7 |
2023A | 470.8 | 213.3 | 171.6 | 411.8 | 23.9 | 16.8 |
2024E | 511.2 | 223.4 | 187.3 | 426.5 | 23.1 | 18.0 |
2025E | 534.5 | 233.6 | 194.4 | 442.2 | 22.3 | 17.6 |