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Games Workshop Group (LSE: GAW)

Last close As at 20/11/2024

GBP117.00

▲ −90.00 (−0.76%)

Market capitalisation

GBP3,856m

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 a global leader in the tabletop miniature gaming market.

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

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 (1.6) 14.7 7.9
Relative 1.9 17.6 (0.1)
52 week high/low 12040.0p/9125.0p

Financials

Games Workshop Group (GAW) enjoyed a record year in FY24 with the launch of the 10th edition of its largest IP, Warhammer 40K, and strong growth in licensing income. Looking to FY25, management has an ambitious plan for growth. However, it also highlights the challenge of generating year-on-year growth given that 40K is larger than Age of Sigmar (AoS), the fourth edition of which has been launched, and the tough comparative for licensing income, which has a high operating margin. In FY22, the year the previous edition of AoS was launched, core operating profit was broadly flat year-on-year (negatively affected by higher freight costs and stock provision) on 11% revenue growth, both at constant currency. Post the results, an update indicated Q125 trading is in line with expectations, closely followed by the announcement of a second dividend for the year of 85p per share, taking the year-to-date figure to 185p per share.

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 28.4 20.0
2024A 525.7 243.4 204.2 460.9 25.4 19.7
2025E 534.5 236.0 198.4 450.8 26.0 20.3
2026E 555.9 247.8 206.4 468.4 25.0 19.7

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 – Don’t look down

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
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