Games Workshop Share Discussion Threads

[cockerhoop] 24/4/2019 15:39

Me neither - but we did close above £40 last night

[woozle1] 24/4/2019 15:36

Not one for TA but we are closing above £40! w1

[nod] 19/4/2019 03:07

Re manufacturing capacity, GAW said they have doubled the injection moulds, which I take to mean they could produce twice as many models: "Our manufacturing investment included doubling the number of plastic injection moulding machines"Re the paints, GAW said they manufacture the paints and they are purchased for more than Warhammer painting.

[shanklin] 18/4/2019 13:16

That's the first time we have ever had a sensible forecast from PH even if GAW have already put the 2019 PBT in an RNS.

[glaws2] 18/4/2019 12:52

That's a hefty upgrade from PH

[robinnicolson] 18/4/2019 12:02

Peel Hunt updated forecast:

FY2019:
Turnover: £255.1m
EBITDA: £91.4m
Pre-tax profit: £80.4m
EPS (pence): 191.1
Capex: £17.5m
FCF: £52.5m
Net borrowing: -£34.1m

FY2020:
Turnover: £265.8m
EBITDA: £96.9m
Pre-tax profit: £84.7m
EPS (pence): 206.1
Capex: £15.8m
FCF: £58.1m
Net borrowing: -£48.7m

[cockerhoop] 17/4/2019 14:52

I think it's a classic 'don't act on what they say act on what they actually do'

My view is that £350m revenue isn't the full extent of their ambitions either........

[cockerhoop] 17/4/2019 11:01

Martin,

I don't think GAW will stop their 'under promise, over deliver' mentality. I'd much rather them forecast £265m for 2020 then upgrade a couple of times to achieve £285m than forecast £300m and hit the same £285m.

My understanding is that once the current phases of development are complete (Phase 1 finished, Phase 2 later this year) manufacturing capacity will be at approx £350m. In not sure if this includes paint which is 12-15% of sales.

I imagine the manufacturing equipment delivery will be also phased so production capacity gains will be incremental. There certainly won't be '50% left idle' as you suggest.

[santr0] 17/4/2019 10:59

Shanklin, I don't remember where I read it, but it said that their new full manufacturing capacity will be around 350m per year, but I might be wrong about it.

[shanklin] 17/4/2019 10:16

Robin, thank you for the link. Their 2019 forecast makes a lot more sense than PH's.

I wonder why they have set revenue growth so low. It is almost as though GAW are doubling their manufacturing capacity simply in order for nearly half of it to be left idle. I wonder what their new full manufacturing capacity is in terms of sales.

[cockerhoop] 17/4/2019 09:21

Cheers RC, GAW getting value for money for their £49k investment. 2 reports within a week!

Nice to see some progression f/c for 2020 as opposed to PH's uber conservative regression of the last couple of years.

Punchy dividend & very encouraging noises from royalties.

[robinnicolson] 17/4/2019 09:09

There is a new research note on the Edison website:

[mad foetus] 17/4/2019 08:43

Actually £74.50 is the target on the fibs but need to breakout beyond £40 first

[daijavu] 17/4/2019 08:32

Resistance at £40?

[shanklin] 17/4/2019 07:59

mf, £74?

[momentum1] 16/4/2019 18:29

Great rise today and the volume suggests it is the start of a bigger move north. Institutions loading up, Apple tie up and profits no doubt helping to fuel the rise. Break £40 and it really is blue skies ahead.

[mad foetus] 16/4/2019 16:52

Feels like institutional buying postupdate. I'm hearing talk of a £74 target in private chatter.

[santr0] 16/4/2019 16:49

Does anybody know the reason for such a massive rise today? I can't see any big news for GW. Did I miss something?

[cockerhoop] 16/4/2019 16:47

No, it failed to breakout beyond £40..........despondency apparent all across the Mortal Realms :-)

[zoolook] 16/4/2019 16:44

Am I permitted to express some excitement about the share price rise?

[nimbo1] 16/4/2019 14:40

So out of the companies listed in the UK for the IP land grab I see as benefiting - anyone got any more to add?

GAW
FDEV
SUMO - they are making 2 games for the apple platform, I'm annoyed as nearly bought then didn't so I have missed todays rise.
Team 17 - maybe
Entertainment One - whoever has peppa for my toddler has my subscription!

Appreciate its off topic but actually its very on topic as I think GAW are going to make a lot of high margin revenue from this growth area.

[woozle1] 16/4/2019 13:51

It seems that Apple is going to pay up to have exclusive - or first dibs - on games content. That has got to be good for owners of IP because it is going to bid up popular games. The value of the IP is set to be realised fully.

[nimbo1] 16/4/2019 13:28

you could apply those features to any fighting or team based strategy game. Point is it’s potentially a new form of media where tv and gaming overlap through the tv via the streaming giants. Gaw strategy games would be very well suited to that imo. Niche but well suited.

[shanklin] 16/4/2019 12:58

Sounds just like gifting in The Hunger Games as per: