Report

Games Workshop Group - Third consecutive year of record results

Games Workshop (GAW), the global leader for tabletop miniature gaming, has bucked wider consumer trends and delivered a third consecutive year of record sales and earnings growth in FY19. The company is proactively exploring new ways, such as the development of digital content, in which to leverage its rich intellectual property and introduce the Warhammer hobby to new audiences globally. Our modest forecast assumptions, which have not materially changed, drive a DCF valuation of 4,703p.
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.

Provider
Edison Investment Research
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

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