Games Workshop Group - Upgrading forecast for FY22 cash returns
Games Workshop Group’s (GAW’s) Q322 trading update (to the end of February), which indicates that trading is in line with expectations, is reassuring given the incremental cost pressures (including freight) highlighted in the H122 results. We believe the company’s cash position is better than we expected given the declaration of a further dividend (70p/share), taking the cumulative (financial) year to date total to 235p/share. We make no changes to our forecasts beyond increasing our FY22 dividend estimate to 235p/share, a flat dividend versus FY21. The share price weakness means that the P/E multiples for FY22e (19.3x) and FY23e (18.7x) are below more recent non-COVID affected peak multiples.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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