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.
Consumer |
Update
Consumer |
Flash note
Consumer |
Update
Consumer |
Flash note
John Brewis
Non-executive chairman
Kevin Rountree
CEO
Rachel Tongue
CFO
Forecast net debt (£m)
101.2
Forecast gearing ratio (%)
40
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 10.6 | 7.7 | 2.4 |
Relative | 12.0 | 4.0 | (7.5) |
52 week high/low | 11700.0p/9125.0p |
Games Workshop Group’s FY24 trading update provided a nice surprise on the revenue side, broadly equally split between core and licensing, and an even nicer surprise for PBT, suggesting an improvement in gross margin. We have upgraded our FY24 estimates to be consistent with the indicated figures and marginally increase our estimates for FY25, which reverts to a 52-week period accounting period.
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 | 26.5 | 28.3 |
2023A | 470.8 | 213.3 | 171.6 | 411.8 | 25.4 | 17.8 |
2024E | 520.0 | 238.0 | 201.9 | 459.5 | 22.7 | 18.1 |
2025E | 534.5 | 237.5 | 198.4 | 451.1 | 23.1 | 18.3 |