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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

View More

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

Update

Consumer

Games Workshop Group — Encouraging trading in H123

Outlook

Games Workshop Group — Battling on

Update

Consumer

Games Workshop Group — Strong revenue growth and royalties income

Update

Consumer

Games Workshop Group — Upgrading forecast for FY22 cash returns

Update

Consumer

Games Workshop Group — Forecasts maintained for FY22 and FY23

Update

Consumer

Games Workshop Group — H122 helped by licensing income

Flash note

Consumer

Games Workshop Group — Revenue growth against a tough comparative

Update

Consumer

Games Workshop Group — Indomitable

Update

Consumer

Games Workshop Group — Rounding off a stellar year

Outlook

Consumer

Games Workshop Group — No cracks in the plastic

Update

Consumer

Games Workshop Group — Impressive momentum into H221

Update

Consumer

Games Workshop Group — Strong trading continues

Update

Consumer

Games Workshop Group — Exceptional start to FY21

Update

Consumer

Games Workshop Group — Winning performance

Update

Consumer

Games Workshop Group — ‘Record sales and profit’ again

Update

Consumer

Games Workshop Group — Strong five-month trading update

Update

Consumer

Games Workshop Group — Third consecutive year of record results

Flash note

Consumer

Games Workshop Group — FY19 in line with our recently upgraded forecasts

Update

Consumer

Games Workshop Group — Marching on up

Initiation

Consumer

Games Workshop Group — On a mission