Games Workshop Share Discussion Threads

[cockerhoop] 08/7/2024 19:58

The key take from the article is 'Games Workshop is also an Intellectual Property Company' - many people overlook this.

[cockerhoop] 08/7/2024 16:45

Pretty inaccurate headlines.

GAW are actually going legal against people who infringe their IP and then profit by selling product at scale.

There are lots of players who have 3d printers who manufacture bits to customise their models or manufacture terrain where quality isn't so important. These guys are doing nothing wrong.

Regards the models themselves, the time a painter spends on them makes it unlikely they'll compromise on the quality of injection moulding. It's like having your mates around for a game of poker and then printing the cards on an inkjet.

I agree with the article that it's a problem on the fringes with no sign that it has affected GAW's top line.

[simon gordon] 08/7/2024 16:07

Chris Stokel-Walker - 8/7/24

How a 3D printer became the most powerful weapon in “Warhammer”

Roughly 5 million people play the tabletop game, and its maker is going to war with people who manufacture pieces on their own.

[gooseygander] 21/6/2024 11:53

Its a wonderful product , https://www.nottinghampost.com/news/business/games-workshop-shares-18-million-9353962#:~:text=The%20firm%20hopes%20to%20open,creation%20at%20its%20manufacturing%20facility.The firm hopes to open its fourth factory on land to the rear of its headquarters in spring 2026, with bosses planning for five or more years of "significant investment" and job creation at its manufacturing facilityIts just keeps giving , with dividend and more growth who knows where it ends

[smcni1968] 21/6/2024 09:21

Jefferies:A robust end to FY24; beat led by Licensing. GAW yesterday announced a brief FY24 trading update with core revenue to be 'not less than £490m', licensing income of £30m, and group PBT 'not less than £200m', c.5% ahead of prevailing consensus (c.£190m). This clearly reflects a robust end to the year, even if much of the beat was driven by the lumpy Licensing income line of which we have fairly limited visibility.Core operating profit c.+20% u/l in H2. Most notable in our view, was the strong contribution from the core business in H2 - on revenue +10%, GAW looks to have driven core profit growth of +16%, equivalent to c.+20% before the step-up in Group Profit Share staff bonus (FY24 +c.60% to £18m). Now well clear of the initial big-box boost from 40k 10th Edition (Leviathan), we see this as an impressive performance, and one that should see momentum carried into FY25.Positive early feedback on AoS 4th Edition, launching July. Looking ahead, we are soon to start lapping those tough 40k 10th Ed. launch comps (26 June 2023) and Q1'25 may be relatively challenging from a YoY perspective. However, GAW's second IP, Age of Sigmar, will see its 4th Edition big-box (Skaventide) launch on 13 July, and we have seen encouraging initial feedback - the minis themselves have, as usual, been well-received, and those with early previews of the game talk to a successful streamlining of what had become a bloated and overly complex rule-set, a shortening of game length to c.2hrs (from 3-4hrs for 3rd Ed.), and a c.1hr quick-play version of the game that is likely to be ideal for stores (Spearhead).We raise our PT and retain our Buy recommendation. Looking back to FY22, the last cycle of AoS vs. 40k, core profit declined by -4% (£5m), but there were a number of non-underlying factors that weighed on progress - a pent-up demand boost to FY21 following store/online closures at the end of FY20, an FX headwind (£5m), elevated stock provisions (£11m), and unrecovered freight/carriage inflation (£9m). Rather, we think the robust FY22 cc core revenue growth (+11%) and positive underlying drivers (GAW sold 'more miniatures than any year before' in FY22) are better indicators of the opportunity for FY25. We look for HSD core top-line growth (+8%) and, despite assuming a -10% decline in Licensing income, PBT growth of +6% to £214m. We see forecast risk to the upside, and continue to view Games Workshop as a unique and high-quality asset, with its vertical integration, accrued IP, and dedicated fan base representing meaningful barriers to competition. Our +35% PT increase reflects upgraded estimates, improved net cash, and a base roll-forward to FY25e.

[janeann] 21/6/2024 07:12

From the FT ... The 4 analysts offering 12 month price targets for Games Workshop Group PLC have a median target of 12,300.00, with a high estimate of 12,750.00 and a low estimate of 11,850.00. The median estimate represents a 15.06% increase from the last price of 10,690.00

[bigbigdave] 21/6/2024 06:33

JEFFERIES RAISES GAMES WORKSHOP PRICE TARGET TO 11850 (8700) PENCE - 'BUY'

[eat more aaapples] 20/6/2024 19:12

@@@@@@@@ @@@@@@ fill the larder with @pples @@@pples is 1 of ur 5 a day @@@@@@@pples is luvly@@@@@ @@pples is good 4 u@@@@@@@pples is YUMMY

[jqb1] 20/6/2024 12:42

Threatening to breakout!

[cockerhoop] 19/6/2024 15:01

Every 3 months I believe, the last review has just occurred.

[gooseygander] 19/6/2024 13:58

Does anyone know when if the FTSE 100 gets reviewed as these must be on the short list

[love2] 19/6/2024 13:55

If I'm reading that right, we're looking at roughly 20% profit increase from a 10% revenue increase.And judging by the new factory article, it's not lack of demand preventing revenue growing quicker, but ability to keep up with demand.I tried to purchase a set for my son a few times as soon as I saw the release email, but every time the new sets were instantly sold out. I'm certainly not the only one that couldn't buy what I wanted.

[cockerhoop] 19/6/2024 13:50

I'm not sure the extra week added too much in reality as they closed the warehouses for trade deliveries and I think online orders. Retail sales will have still accrued though.

[disc0dave46] 19/6/2024 10:47

Seems spot on IMO (I'd got 460p at £203m pbt)The extra week added about £5m pbt.

[cockerhoop] 19/6/2024 09:40

I get 459p EPS for the year (fag packet so unreliable :-))

Edit: After spotting an error in my spreadsheet I now think around 455p!

[smcni1968] 19/6/2024 09:33

Peel Hunt expected sales £485mm and profits £190mm and note profit share for workers £18mm versus £11mm last year

[primarch1] 19/6/2024 08:19

Incredible profits all that from selling miniatures,and there's still the potential from the Amazon deal.

[jqb1] 19/6/2024 08:19

Like a coiled spring!

[slogsweep] 19/6/2024 07:46

no eps estimate. do we take it that it will beat 441p?

[bigbigdave] 19/6/2024 07:11

Great update

[pob69] 14/6/2024 21:43

Local news - lots of colour in this article....

Wargaming giant Games Workshop wants to build a new Nottingham factory as it plots years of expansion to keep up with booming customer demand. The company behind the phenomenon Warhammer miniatures has unveiled plans to build a new manufacturing facility to continue its impressive growth.

The globally dominant tabletop games firm, which made £94.5 million profit in the six months up to November 2023, said it will be investing to grow its complex on Willow Road, Lenton, over the next several years. More than 350 staff currently work around the clock at the site's three existing factories to produce millions of the popular figures, but even that is now not enough to meet demand according to the company.

www.nottinghampost.com/news/business/warhammer-firm-games-workshop-build-9344258

[nod] 11/6/2024 03:34

Edison site: We expect the company to provide a trading update around the financial year-end, ahead of publishing its preliminary results in July 2024.

[cockerhoop] 09/6/2024 22:24

It was 14th June last year with a 28th May YE. This year the YE was 2nd June (53 week year) so I'd expect it a little later.