Games Workshop Share Discussion Threads

[sd_anon] 01/8/2019 20:43

On the topic of valuation, gaw have always traded at a high p/e. A symptom of the high cash conversion from profits. As they say 'revenue is vanity, profit is sanity but cash is King'.

[sd_anon] 01/8/2019 20:37

W1 I think GAW have woken up to that themselves! Can't wait to hear what other licensing deals might be in the pipeline.

[woozle1] 01/8/2019 17:57

There is such mine of content going back 40 years and it would give Disney a very firm foothold in the Chinese market. Sooner or later someone will wake up to this.

[red5] 01/8/2019 17:06

I think Disney would see warhammer an untappped well, if they so wished to exploit the merchandising for a film with these kinds of numbers could you imagine the potential unleashed for warhammer movies.

[woozle1] 01/8/2019 14:22

Asia is a deep market for this genre. woW madd big money there and flopped in the West.

[nod] 01/8/2019 13:26

W1, great minds think aloft.

[nod] 01/8/2019 13:22

I would say GW would suit Disney. Disney acquired Marvel and owns the Star Wars franchise. Disney makes a lot of money out of licensing models. If Disney saw the potential in WH movies ....

[woozle1] 01/8/2019 13:21

Disney is the only obvious candidate.

[skirbell] 01/8/2019 12:32

I think the big question on a take over would be from who? There aren't many players in this market that would have the financial fire power to take GAW out. Mattel or Hasbro might have the firepower but are in the more mainstream part of the market and GAW would be a departure for them. I'm not sure they would have the experience to manage the IP and synergies would be small.

Asmodee have been buying up companies over recent years but I don't think have the capacity to take on GAW. I guess Bandai could be an option, given that they are in the modelling market and might consider a step into the gaming market. Otherwise I think you'd be looking at Private Equity, which would kill GAW in my view.

[red5] 01/8/2019 10:44

Will Games workshop be a target for a take over from someone?

[cockerhoop] 31/7/2019 20:18

Another new recruitment initiative in USA, Canada & Germany. 3 new introductory Warhammer games for 8 years old and up.

[norfolk enchance] 31/7/2019 15:35

In the FTSE 100 perhaps, take a look at Wizz Air. BP and Astrazeneca are over 40, to name a few

[woozle1] 31/7/2019 15:25

Most businesses are not of this quality.

[zoolook] 31/7/2019 15:22

Most businesses are on a PE in the mid teens

[zoolook] 31/7/2019 13:08

Most businesses aren’t on a PE of 25 though.

What do you do with a proverbial bus? Carry passengers?

[ccraig69] 31/7/2019 12:57

some of these are the same for most businesses and some might benefit from the proverbial bus.

[zoolook] 31/7/2019 10:31

Concerns investors might have I perceive are:
- with a relatively high PE they can’t stumble
- growth can cause problems with logistics, product quality etc
- the nature of the product makes it hard to take seriously as an investment
- it could still be cyclical as it was in the past and it could therefore be at the top of the cycle
- cautious tone of statements ie “Breaking records for three years in a row sets the bar higher and higher and so, to be realistic, I will continue to make no promises that we will continue to grow“ - pithy phrases like this tend to stick in the mind
- the transformation has been driven by one individual who whilst only 49 is not immune to oncoming buses

There I’ve said it. Great business but personally I’d like more downside protection from a lower valuation before backing the proverbial truck up again

[robinnicolson] 31/7/2019 10:15

I perceive it as just some profit taking after a strong run this year.

[zoolook] 31/7/2019 09:46

Stuck my toe back in. I think it’s going further down but didn’t want to take the risk.

[nod] 31/7/2019 09:46

For the first time, we now have over 500 own stores. Operating profit of Retail is 13% of total profits. This is excellent. In most years, Retail made a loss or just broke-even. Once our stores move into profit additional revenue has a very high margin and little extra cost.

[nod] 31/7/2019 09:36

As usual, the bears are coming out to play.

[sd_anon] 31/7/2019 09:05

Could Kirby be off loading some more maybe?