Games Workshop (GAW)

Company name:	Games Workshop Group Plc
EPIC:	GAW	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB0003718474
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.games-workshop.com/	Description:	ORD 5P
Industry Sector:	LEISURE GOODS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
9,355.00	-160.0 [-1.68]	9,325.00	9,340.00	9,395.00	9,485.00	9,285.00	30,388
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
3,072.16	32.84	-0.96	391.30	285.00	23.91	3.05	9,535.00 - 5,575.00

Games Workshop Key Figures

(at previous day's close)
Market Cap.	3,072.16	m
Shares In Issue	32.84	m
Prev. Close	9,515.00
PE Ratio	23.91
Dividend Yield	3.05	%
EPS - basic	391.30	p
Dividend PS	285.00	p
Dividend Cover	1.37
Cash Flow PS	369.98	p
Return On Equity (ROE)	54.71	%
Operating Margin	40.46	%
PEG Factor	4.79
EPS Growth Rate	4.99	%
Dividends PS Growth Rate	16.33	%
Net Debt	15.00	m
Gross Gearing	26.91	%
Quick Assets	152.60	m
Net Working Capital	146.40	m
Intangibles / Fixed Assets	20.75	%
Turnover PS	1,177.84	p
Pre-Tax Profit PS	476.56	p
Retained Profit PS	106.27	p
Cash PS	217.42	p
Net Cash PS	81.61	p
Net Tangible Asset Value PS *	632.47	p
Net Asset Value PS	714.68	p
Spread	15.00 (0.16%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Games Workshop Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	9,535.00	9,150.00
4 weeks	9,535.00	8,495.00
12 weeks	9,535.00	7,105.00
1 year	9,535.00	5,575.00

Share Price Chart (5 years)

Games Workshop Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	9,205.00	150.00	1.63	9,150.00	0.06		9,412.92
4 weeks	9,125.00	230.00	2.52	8,495.00	0.08		9,213.52
12 weeks	7,500.00	1,855.00	24.73	7,105.00	0.08		8,415.58
26 weeks	7,775.00	1,580.00	20.32	5,575.00	0.08		7,421.63
1 year	8,155.00	1,200.00	14.71	5,575.00	0.08		7,276.62
3 years	7,150.00	2,205.00	30.84	3,564.00	0.10		8,382.27
5 years	2,225.00	7,130.00	320.45	2,070.00	0.10		6,565.31
† periods calculated are whole weeks rather than calendar months

Games Workshop Key Management Ratios

Games Workshop Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	9.14
PE Ratio	23.91
Tobin's Q Ratio	10.19
Tobin's Q Ratio (excl. intangibles)	11.16
Dividend Yield	3.05	%
Market-to-Book Ratio	13.09
Price-to-Pre-Tax Profit PS	19.63
Price-to-Retained Profit PS	88.03
Price-to-Cash Flow PS	25.29
Price-to-Sales PS	7.94
Price-to-Net Tangible Asset Value PS	14.79
Price-to-Cash PS	43.03
Net Working Capital PS	445.80
Price Pct to Working Capital PS	20.98	%
Earnings Yield	4.18	%
Average PE	23.31
Years in average	4
PE to PE average	102.58	%

Games Workshop Financial Ratios

(Leverage Ratios)
Debt Ratio	15.12	%
Debt-to-Equity Ratio	0.18
Debt-to-Equity Ratio (excl. Intgbl)	0.20
Debt-to-Equity Market Value	0.01
Net Gearing	4.67	%
Net Gearing (excl. Intangibles)	5.10	%
Gross Gearing	26.91	%
Gross Gearing (excl. Intangibles)	29.38	%
Gearing Under 1 Year	13.89	%
Gearing Under 1 Year (excl. Intgbl)	15.16	%
Assets/Equity	1.37
Cash/Equity	30.42
(Liquidity Ratios)
Net Working Capital to Total Assets	45.59	%
Current Ratio	4.28
Quick Ratio (Acid Test)	3.42
Liquidity Ratio	1.60
Cash & Equiv/Current Assets	37.38	%
(Solvency Ratios)
Enterprise Value	3,042.56	m
CFO/Sales	0.31
CFO/Attributable Profit	0.95
CFO/Assets	0.38
CFO/Debt	1.41
Total Debt/Equity Market Value	0.03
Total Debt/Sales	0.22
Total Debt/Pre-Tax Profit	0.55
Total Debt	86.40	m
Total Debt/Net Current Assets	0.59	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	21.40	%
5 yr Compound Earnings Growth	16.16	%
10 yr Compound Earnings Growth	22.48	%
Earn drops > 5% in 10yrs	6

Beta (60-Mnth)	Beta (36-Mnth)
-0.9565	1.3345

Games Workshop Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	56.60	%
Return On Assets (ROA)	42.60	%
Net Profit Margin	33.20	%
Assets Turnover	1.28
Return On Equity (ROE)	54.71	%
Return On Investment (ROI)	50.01	%
Dividend Payout Ratio	72.83	%
Plowback Ratio	27.17	%
Growth from Plowback Ratio	16.19	%
Net Income Of Revenues	9.02	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.79
Fixed Assets Turnover	3.08
Current Assets Turnover	2.20
Net Working Capital Turnover
Inventory Turnover	11.74
(Other Operating Ratios)
Total Assets-to-Sales	0.78
Debtors-to-Sales	16.71	%
Debt Collection Period	61.01	Days

Games Workshop Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
26 Jul 2022	Interim	GBX	90.00	31/05/2021	31/05/2022	04/08/2022	05/08/2022	12/09/2022	285.00
24 Mar 2022	Interim	GBX	70.00	30/05/2021	30/11/2021	31/03/2022	01/04/2022	13/05/2022	-
11 Jan 2022	Interim	GBX	65.00	30/05/2021	30/11/2021	20/01/2022	21/01/2022	25/02/2022	-
18 Nov 2021	Interim	GBX	35.00	30/05/2021	30/11/2021	25/11/2021	26/11/2021	05/01/2022	-
16 Sep 2021	Interim	GBX	25.00	29/04/2021	29/08/2021	30/09/2021	01/10/2021	05/11/2021	-
27 Jul 2021	Interim	GBX	40.00	31/05/2020	31/05/2021	05/08/2021	06/08/2021	13/09/2021	245.00
20 May 2021	Interim	GBX	50.00	28/10/2020	28/02/2021	27/05/2021	28/05/2021	05/07/2021	-
17 Mar 2021	Interim	GBX	45.00	28/10/2020	28/02/2021	25/03/2021	26/03/2021	30/04/2021	-
07 Dec 2020	Interim	GBX	60.00	29/07/2020	29/11/2020	17/12/2020	18/12/2020	25/01/2021	-
10 Sep 2020	Interim	GBX	50.00	30/04/2020	30/08/2020	17/09/2020	18/09/2020	23/10/2020	-
28 Jul 2020	Final	GBX	30.00	31/05/2019	31/05/2020	13/08/2020	14/08/2020	21/09/2020	145.00
14 Jan 2020	Interim	GBX	45.00	01/06/2019	01/12/2019	23/01/2020	24/01/2020	02/03/2020	-
19 Nov 2019	Interim	GBX	35.00	01/06/2019	01/12/2019	28/11/2019	29/11/2019	08/01/2020	-
18 Sep 2019	Interim	GBX	35.00	01/06/2019	01/12/2019	26/09/2019	27/09/2019	08/11/2019	-
30 Jul 2019	Final	GBX	30.00	02/06/2018	02/06/2019	08/08/2019	09/08/2019	13/09/2019	105.00
12 Apr 2019	Interim	GBX	35.00	07/12/2018	07/04/2019	25/04/2019	26/04/2019	31/05/2019	-
07 Dec 2018	Interim	GBX	30.00	02/06/2018	02/12/2018	20/12/2018	21/12/2018	25/01/2019	-
19 Sep 2018	Interim	GBX	35.00	03/06/2017	03/06/2018	27/09/2018	28/09/2018	02/11/2018	135.00
06 Feb 2018	Interim	GBX	35.00	26/05/2017	26/11/2017	15/02/2018	16/02/2018	23/03/2018	-
13 Dec 2017	Interim	GBX	30.00	27/04/2017	27/08/2017	21/12/2017	22/12/2017	26/01/2018	-
05 Sep 2017	Interim	GBX	35.00	27/04/2017	27/08/2017	21/09/2017	22/09/2017	27/10/2017	-
14 Jun 2017	Final	GBX	20.00	28/05/2016	28/05/2017	22/06/2017	23/06/2017	21/07/2017	70.00
22 Mar 2017	Interim	GBX	20.00	27/05/2016	27/11/2016	27/04/2017	28/04/2017	02/06/2017	-
17 Jan 2017	Interim	GBX	30.00	27/05/2016	27/11/2016	26/01/2017	27/01/2017	03/03/2017	-
17 Oct 2016	Final	GBX	25.00	29/05/2015	29/05/2016	27/10/2016	28/10/2016	02/12/2016	45.00
20 Apr 2016	Interim	GBX	20.00	29/05/2015	29/11/2015	28/04/2016	29/04/2016	03/06/2016	-
28 Jul 2015	Final	GBX	20.00	31/05/2014	31/05/2015	06/08/2015	07/08/2015	14/09/2015	52.00
11 Feb 2015	Interim	GBX	16.00	02/06/2014	02/12/2014	19/02/2015	20/02/2015	20/03/2015	-
22 Oct 2014	Interim	GBX	16.00	02/06/2014	02/12/2014	30/10/2014	31/10/2014	28/11/2014	-
06 Jun 2014	Final	GBX	20.00	01/06/2013	01/06/2014	11/06/2014	13/06/2014	04/07/2014	20.00
22 May 2013	Final	GBX	16.00	02/06/2012	02/06/2013	29/05/2013	31/05/2013	05/07/2013	58.00
25 Feb 2013	Interim	GBX	24.00	02/06/2012	02/12/2012	06/03/2013	08/03/2013	16/04/2013	-
22 Nov 2012	Interim	GBX	18.00	02/06/2012	02/12/2012	28/11/2012	30/11/2012	09/01/2013	-
17 May 2012	Final	GBX	16.00	03/06/2011	03/06/2012	23/05/2012	25/05/2012	26/06/2012	63.00
05 Jan 2012	Interim	GBX	29.00	27/05/2011	27/11/2011	18/01/2012	20/01/2012	24/02/2012	-
26 Jul 2011	Interim	GBX	18.00	27/05/2011	27/11/2011	21/09/2011	23/09/2011	21/10/2011	-
08 Apr 2011	Final	GBX	20.00	29/05/2010	29/05/2011	24/04/2011	26/04/2011	25/05/2011	45.00
27 Jul 2010	Interim	GBX	25.00	29/05/2010	29/05/2011	29/09/2010	01/05/2010	29/10/2010	-
31 Jul 2007	Final	GBX	-	03/06/2006	03/06/2007	-	-	-	4.95
25 Feb 2007	Interim	GBX	4.95	26/05/2006	26/11/2006	14/03/2007	16/03/2007	20/04/2007	-
25 Feb 2007	Interim	GBX	4.95	26/05/2006	26/11/2006	14/03/2007	16/03/2007	20/04/2007	4.95
25 Jul 2006	Final	GBX	14.03	28/05/2005	28/05/2006	04/10/2006	06/10/2006	27/10/2006	18.98
04 May 2005	Final	GBX	14.03	29/05/2004	29/05/2005	05/10/2005	07/10/2005	28/10/2005	18.98
25 Jan 2005	Interim	GBX	4.95	28/05/2004	28/11/2004	27/03/2005	29/03/2005	22/04/2005	-
27 Jul 2004	Final	GBX	14.03	30/05/2003	30/05/2004	06/10/2004	08/10/2004	29/10/2004	18.75
27 Jan 2004	Interim	GBX	4.73	30/05/2003	30/11/2003	24/03/2004	26/03/2004	23/04/2004	-
29 Jul 2003	Final	GBX	12.50	01/06/2002	01/06/2003	08/10/2003	10/10/2003	31/10/2003	17.00
28 Jan 2003	Interim	GBX	4.50	30/05/2002	30/11/2002	26/03/2003	28/03/2003	25/04/2003	-
30 Jul 2002	Final	GBX	8.85	02/06/2001	02/06/2002	09/10/2002	11/01/2002	01/11/2002	13.00
29 Jan 2002	Interim	GBX	4.15	02/06/2001	02/12/2001	27/03/2002	02/04/2002	26/04/2002	-
31 Jul 2001	Final	GBX	6.77	03/06/2000	03/06/2001	10/10/2001	12/10/2001	02/11/2001	10.54
30 Jan 2001	Interim	GBX	3.77	26/05/2000	26/11/2000	28/03/2001	30/03/2001	27/04/2001	-
01 Aug 2000	Final	GBX	6.14	28/05/1999	28/05/2000	09/10/2000	13/10/2000	03/11/2000	9.90
25 Jan 2000	Interim	GBX	3.77	28/05/1999	28/11/1999	27/03/2000	31/03/2000	28/04/2000	-
04 Aug 1999	Final	GBX	6.14	30/05/1998	30/05/1999	04/10/1999	08/10/1999	29/10/1999	9.70
12 Aug 1998	Final	GBX	5.70	31/05/1997	31/05/1998	05/10/1998	09/10/1998	30/10/1998	9.00

Games Workshop Fundamentals

	02 Jun 2019 (GBP)		31 May 2020 (GBP)		31 May 2021 (GBP)		31 May 2022 (GBP)
turnover	256.57	100.00%	269.70	100.00%	353.20	100.00%	386.80	100.00%	m
pre tax profit	81.30	31.69%	89.40	33.15%	150.90	42.72%	156.50	40.46%	m
attributable profit	65.82	25.65%	71.30	26.44%	122.00	34.54%	128.40	33.20%	m
retained profit	15.54	6.06%	24.00	8.90%	61.50	17.41%	34.90	9.02%	m
eps - basic (p)	202.90		218.70		372.70		391.30
eps - diluted (p)	200.80		217.80		370.50		390.60
dividends per share	105.00		145.00		245.00		285.00

Games Workshop Balance Sheet

	02 Jun 2019 (GBP)		31 May 2020 (GBP)		31 May 2021 (GBP)		31 May 2022 (GBP)


	02 Jun 2019 (GBP)		31 May 2020 (GBP)		31 May 2021 (GBP)		31 May 2022 (GBP)
ASSETS
fixed assets	35.30	25.66%	42.00	20.72%	95.80	34.01%	103.10	32.11%	m
intangibles	17.44	12.67%	50.90	25.11%	25.10	8.91%	27.00	8.41%	m
fixed investments	-	-%	-	-%	-	-%	-	-%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	24.19	17.58%	20.70	10.21%	27.50	9.76%	38.40	11.96%	m
debtors	31.28	22.73%	36.20	17.86%	48.10	17.07%	81.20	25.29%	m
cash & securities	29.37	21.35%	52.90	26.10%	85.20	30.24%	71.40	22.24%	m

TOTAL	137.58	100%	202.70	100%	281.70	100%	321.10	100%	m

LIABILITIES
creditors - short	29.25	21.26%	43.10	21.26%	44.70	15.87%	44.60	13.89%	m
creditors - long	1.85	1.35%	25.90	12.78%	40.70	14.45%	41.80	13.02%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	31.11	22.61%	69.00	34.04%	85.40	30.32%	86.40	26.91%	m

EQUITY
ord cap, reserves	106.47	77.39%	133.70	65.96%	196.30	69.68%	234.70	73.09%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	106.47	77.39%	133.70	65.96%	196.30	69.68%	234.70	73.09%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Games Workshop Cash Flow Statement

	02 Jun 2019 (GBP)	31 May 2020 (GBP)	31 May 2021 (GBP)	31 May 2022 (GBP)
Operating CF	72.48	104.50	132.70	121.50	m
Pre-Financing CF	50.10	80.00	102.90	89.40	m
Retained CF	0.54	23.20	32.90	-14.20	m

Games Workshop Brokers

Name	Activity	Type	Mnemonic	Code
Altium Capital Limited	Market Maker(MME)	Broker/Dealer	ALTI	APCFGB21
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Panmure Gordon (UK) Limited	Market Maker(MME)	Broker/Dealer	PMUR	PMURGB2L
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC