Edison Investment Research - Games Workshop Group PLC (GAW) Games Workshop Group - Sigmar the fourth

Report

Edison Investment Research

Kate Heseltine

Games Workshop Group - Sigmar the fourth

Games Workshop Group (GAW) is the global leader for tabletop miniature gaming, which has enjoyed impressive growth, with core revenue and total operating profit CAGRs of 17% and 19%, respectively, since FY15. A combination of improved product innovation, engagement with customers, geographic expansion of its distribution and licensing its intellectual property (IP) to third parties have driven its growth. Its vertical integration and control of its IP contribute to enviable returns on capital of well over 100% in recent years. The company has a favourable distribution policy of returning truly surplus cash.

07/10/2024 1 EN

Underlying

Games Workshop Group PLC

Games Workshop and its subsidiaries designs and manufactures miniature figures and games and distributes these through its own network of retail stores, independent retailers and direct via the internet and mail order. Co. has manufacturing activities in the U.K. and sells mainly in Europe, North America and Asia Pacific.

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GB0003718474 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Kate Heseltine

Other Reports on these Companies

Edison Investment Research

Games Workshop Group - A notable acceleration in Q225

Games Workshop Group’s (GAW’s) H125 trading update suggests the company enjoyed a strong Q225 in both its core business (due to the launch of the fourth edition of Age of Sigmar midway through Q125) and licensing (due to the success of the Space Marine 2 video game). These are impressive in the context of the tough comparative from the prior year’s launch of the new edition of Warhammer 40K (40K) and the currency headwinds in the early part of H125. We upgrade our profit estimates for FY25 (by 7%) and FY26 (by 3%) to reflect the outperformance versus our prior expectations.

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Edison Investment Research

Games Workshop Group - Another record year in FY24

Games Workshop Group (GAW) enjoyed a signature record year in FY24 with the launch of the 10th edition of its largest intellectual property (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: 1) 40K is larger than Age of Sigmar (AoS), the fourth edition of which has been launched, and 2) the tough comparative for licensing income, which has a high operating margin. In FY22, the year the prior edition of AoS was launched, core operating profit ...

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Games Workshop Group - A notable acceleration in Q225

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Altron - Further margin expansion in H125

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Games Workshop Group - Sigmar the fourth

Games Workshop Group - A notable acceleration in Q225

Games Workshop Group - Another record year in FY24

Games Workshop Group - A notable acceleration in Q225

Altron - Further margin expansion in H125

Sayona Mining - Catching up with majors

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