Games Workshop Share Chat (GAW)

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Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Games Workshop Group	LSE:GAW	London	Ordinary Share	GB0003718474	ORD 5P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+30.00p	+0.97%	3,115.00p	3,120.00p	3,130.00p	3,160.00p	3,100.00p	3,105.00p	58,308	16:35:00

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Leisure Goods	219.9	74.5	185.0	16.8	1,012.25

Games Workshop Share Discussion Threads

Showing 3926 to 3949 of 3950 messages

Chat Pages: 158 157 156 155 154 153 152 151 150 149 148 147 Older

Date	Subject	Author	Discuss
18/1/2019 06:42	It was either the Times or the Telegraph that reported its dividend had fallen from 30p to 25p. Pretty bad research, but not the first time this has happened due to Games unusual dividend policy. Anyway, I can wait for the share price to increase from here. Sound, quality company which to me seems to be making all the right moves. (Can also be infuriating at times.)	podgyted	Read Full Thread Reply
18/1/2019 04:34	The press was fairly kind this week, with no GAW comments on uncertainty for the press to make a meal of. The Financial Times headline was a dramatic "Growth slows..." but it was not negative in its short article. The kinder press and broker upgrade hasn't stopped the share price falling though.	nod	Read Full Thread Reply
18/1/2019 02:43	Our Online is the most profitable channel in terms of margin (no middle man) but Trade is the most profitable channel overall and has by far the strongest profit growth as Trade expands. Trade is the only channel that can give us continued high profit growth for a few more years. GAW will be examining its business strategy as the dynamics change. Own stores are expensive to operate and are loss-making in many years. They have always been seen as essential to recruit new hobbyists, yet it was said that only around 20% of customers play the hobby at a GAW store. The ratio of customers through own stores is probably declining as Trade grows.	nod	Read Full Thread Reply
17/1/2019 23:01	Nod, GAW Online is much more profitable than Trade with operating margins of 61.5% compared to 36.6% so in an ideal world it would be better to drive sales through the GAW site but clearly this is difficult when independants (who have to have a bricks & mortar presence) sell increasing quantities via online. It is though very promising the investment in trade sales is paying off. The numbers underplay the volume of product that go through trade as they are booked at wholesale prices (-40%ish) compared to retail & online which are RRP (ex-vat/sales tax).	cockerhoop	Read Full Thread Reply
17/1/2019 22:48	Simso, Good stuff. I notice that GAW modified their accounting standards from 2016 concerning the treatment of development costs for moulds etc which has the effect of reducing costs of sales by approx 3.5% therefore improving gross margin by approx 1% for the last 5 periods in your table (unless of course you adjusted?)	cockerhoop	Read Full Thread Reply
17/1/2019 22:23	The growth in our Trade outlets was 33% more this H1 than last year H1 (300 v 199 additional accounts in the half year). This bodes well for H2 and the coming years.Trade is the most important part of our business. Our own Online is profitable without the middle man but, as GAW highlights, this is competing with more Trade online stores.	nod	Read Full Thread Reply
17/1/2019 20:47	"our gross margin and stock levels are not currently where we'd like them to be. "GAW later explains the reason for the higher stock levels: "inventory increased by gbp 7.5 million due to the timing of product launches and to meet sales demand" GAW doesn't specifically explain the reason for the decline in gross margin. It may be due to additional disruption in this half than the previous half - if so, GAW should say this, otherwise it leads to speculation. It may be due to our significant growth in Trade and/or discounting of excess stock (speculating). Let's not dwell on the little things. Lets dwell on the important things:"Trade achieved growth of 26% with growth in all key territories. In the period, our net number of trade outlets increased by c. 300 accounts which helped drive forward sales in this channel. A large number of our independent retailers now also sell our products online which in turn has given our customers more places to buy our products online. "	nod	Read Full Thread Reply
17/1/2019 11:26	In the context of Games Workshop, 67% is sub par and Kevin said as much in the Interim report. I'm confident that we'll return to around 70% once the temporary disruption caused by the expansion works its way through the system.	cockerhoop	Read Full Thread Reply
17/1/2019 10:31	Good research, simso. 67% gross margin is very good. If we had a dip to 60% I might be concerned.	nod	Read Full Thread Reply
17/1/2019 09:48	With regards to the debate on Gross Margin % and the decline v LY, it is interesting to look at a wider context to try and understand if there is a "trend" in Gross Margin. Starting sequentially, half by half from Y/e May 14:- 72%(to Nov 13); 69%; 69%; 69%; 70%; 67%; 70%; 73%; 74%; 70%; 67%(to Nov 18). Not an obvious overall trend,rather that the Margin has bounced around between 67% and 74%. The clear spike up to 73% (half to May 17) and then 74% in the following half look exceptional and perhaps outside the longer term norm? I suspect mix of sales plays its part, and would assume the peak margin of 74% in the half to Nov 17 could be a very high mix of new WK40.	simso	Read Full Thread Reply
16/1/2019 14:01	Can't break that resistance	rick802	Read Full Thread Reply
16/1/2019 10:05	Just to finish the post with numbers from the Interims:Profit increase from Trade gbp 5.4 millionProfit decline from own Online gbp 0.5 millionNet gbp 4.9 millionI would not sweat about the small decline in own Online store. Maybe this is something we have to live with in this expanded universe.	nod	Read Full Thread Reply
16/1/2019 09:49	Martin, GAW kept very tight control over its Trade partners via a draconian contract. This resulted in quite a lot of disputes and a few court cases or threats thereof. My understanding is that, as a piece of its growth plan, especially in the USA, that the Trade terms were relaxed a little. The Trade partners were prohibited from disclosing any parts of the GW contract, so it was only during a divorce that these clauses would be leaked. I assume that GAW makes much the same profit on products through Trade. There may be some high volume discounts to the larger Trade customers. So, if the Trade operator discounts 20% this comes out of his margin and not GAW's. So, GAW doesn't lose on its sales to Trade selling at a discount but potentially there is some loss of sales in GAW's own Online sales as it competes with more Trade online retailers. IMHO this is a small price to pay when you compare the huge growth in Trade with the small loss of sales in GAW Online. GAW doesn't strike Trade deals that would erode its own store sales based on geographical location of the stores. But Online has fewer geographical borders.	nod	Read Full Thread Reply
16/1/2019 08:51	Martin, I think the majority of the reduction in gross margin 72% H118, 70% H218, 67% H119 is caused by production & distribution inefficiencies during expansion. This can be seen in the results with the reduction in profitability of the Product & Supply segment (down from £13.1m to £9.5m on higher turnover), this should reverse once expansion complete.	cockerhoop	Read Full Thread Reply
16/1/2019 08:30	So how does GAW get control over the margin erosion, only allow part of the product range to be sold by independents? Or is this just a feature of their business which we will have to live with going forward?	shanklin	Read Full Thread Reply
16/1/2019 00:00	If you want the real GW product with 20% off go to Northwich-based Goblin Gaming. They have a gaming centre in Northwich and a very popular online site. They sell other products of the same ilk.https://www.goblingaming.co.uk/	nod	Read Full Thread Reply
15/1/2019 23:54	With Amazon there is a very high chance any item is counterfeit. While the USA preaches to China about IP rights, one of the USAs largest companies is built on selling cheap counterfeits. And many US investors own Alibaba, again a company built on selling Chinese counterfeits.	nod	Read Full Thread Reply
15/1/2019 18:27	The problem with Amazon is you don't know if the item is genuine. People buy electronics from Amazon sellers all the time. My house and my family's lives are worth more than the few pounds saved	ccraig69	Read Full Thread Reply
15/1/2019 15:40	Typo56, Just to give you a flavour of the broker forecasts at this stage & actual outcomes for the past 2 years. 2017 57.9p Actual 94.5p 2018 161.1p Actual 180.0p 2019 173p As I said in an earlier comment 200p more likely than 173p imo so PE 15-16 & EPS growing with 40 years of IP thrown in for free! If someone wanted to reproduce that content - 40 years of an evolving universe how much do you think it would cost? The Marvel & DC franchises might be a good place to start.	cockerhoop	Read Full Thread Reply
15/1/2019 15:26	Woozle1, It could be a variety of things, sales mix, distribution costs (warehousing has been an issue), inefficient manufacturing as capacity has been doubled. Kevin declined to show us around the site at the agm suggesting things were sub-optimal due to the pace of change and how busy they were. It should be noted that in H2 last year gross margin reduced to 70% from 72% in H1. I don't see any reason (Hard Brexit aside) as to why they won't match H1 in the 2nd half to give £250m revenue £80-82m PTP mand 200p EPS. The comparables are arguably easier in H2. That would be my midpoint for forecasts at this stage.	cockerhoop	Read Full Thread Reply
15/1/2019 15:24	Interesting point with the online distribution. Why would anyone buy directly from the GW website as you get it at Amazon for a 15% discount? I believe this is the same product: Https://www.games-workshop.com/en-US/Warhammer-40000-dark-imperium-eng-2017 Https://www.amazon.com/gp/offer-listing/B0714QN4MZ/ref=olp_page_1?ie=UTF8&f_all=true On the other hand, there must have been a fair amount of pre-orders for the W40k release last year. It was announced on April 22, pre-orders for June 3 and release date of June 17, 2017. So I could imagine that a lot of people would have ordered new items online at the time which would have made comparables quite hard to beat. And Online did increase over 70% from H1/17 to H1/18.	chris_engel	Read Full Thread Reply
15/1/2019 15:07	Martin, I believe so especially with December sales running ahead of last year. Jolomo, It's like any wholesale distribution deal, independents are able to buy product at a discount to RRP and then chose chose their selling price. I'm not sure larger operators get a better deal. Knowing GAW I'd expect the terms to be tightly controlled. It's a balancing act that maybe has started to swing in favour of larger online operators that have developed efficient systems rather than the previous Indy retailer selling from conventional stores although I understand you have to have a physical stores to be supplied by GAW - ie no pure online retailers.	cockerhoop	Read Full Thread Reply
15/1/2019 14:55	EPS of 200p sounds a bit high. On the revised PH forecast of £70m pretax profit I was guessing an EPS of about 173p. Depends how much tax you budget for I suppose. I'm basing on near 20% tax. Basic EPS last year was 184.3p (restated). So a PER of 18.5 with no EPS growth?	typo56	Read Full Thread Reply
15/1/2019 14:44	That is EPS of 200p. I think they'll do 220p for the full year. I'm still curious at the 4-5% drop in Gross Margin, which must mean that they're either discounting (which they don't do) or running some fixed costs at high levels. w1	woozle1	Read Full Thread Reply

Chat Pages: 158 157 156 155 154 153 152 151 150 149 148 147 Older