Games Workshop Share Discussion Threads

[nod] 23/11/2019 23:35

47% of our sales are through Trade (independent retailers selling through both online and stores)

[nimbo1] 23/11/2019 20:22

Gaw don’t do sales? They do the starter boxes instead...?

[nod] 23/11/2019 19:02

Let us hope that US sales will benefit from Black Friday on 29th November preceded by Thanksgiving Day on Thursday 28th (which is also ex-dividend date, thanks). Many ads for sales over four days 28th to 1st Dec.

[ccraig69] 23/11/2019 09:47

plenty of gas left if international sales start building. I wonder what could prompt that may be an 1.5 hour advert. I mean movie

[velocytongo] 23/11/2019 07:28

One of the reasons Buffett did so well in Coke was recognising it was a global brand and a large runway. Like you Zoo, i’d normally be long gone. My av is around £2.50 and at the time thinking fair value £8.00 on the basis of applying the historic op margin and applying a pe of 15. This is a high quality, global business which has quite some years to run.

[zoolook] 22/11/2019 18:51

It’s my largest holding and I’ll add if it retraces. GAW has altered my thinking. I used to be only interested in Value.

[m4ybe] 22/11/2019 15:21

So long as we're concerned about the large amount of attention, it isn't a problem lol.

GAW is about 45% the market cap of the UK listed game developers, so could reasonably get about half the attention.

[velocytongo] 22/11/2019 11:47

This is definitely not a contrarian investment!

[greyingsurfer] 22/11/2019 11:37

Fat finger error!Mmm slightly worrying, all this publicity! I think there's more to run here, but too much enthusiasm does make me feel cautious.

[cockerhoop] 22/11/2019 09:34

Are we hitting GAW investment article peak?

[cockerhoop] 22/11/2019 09:01

Global Domination, perhaps by the 41st Millennium :-)

[norbert colon] 22/11/2019 08:50

https://www.stockopedia.com/content/is-games-workshop-poised-for-global-domination-531236/

[nod] 22/11/2019 01:37

They have obviously signed contracts so guaranteed revenues must fall into this financial year.

[shanklin] 21/11/2019 08:18

Nod

All we know is that any guaranteed profit on licensing agreements is now booked in the period in which said agreement is contracted.

[nod] 21/11/2019 08:02

Are the licences for the Eisenhorn TV show and Marvel Comics included in 2020 ? I assume neither media company would announce the deal nor start development work until long-term licensing fees had been agreed with GAW.How are the new IFRS 15 rules applied in these situations?

[nod] 21/11/2019 07:36

Re Google game distribution. Our licences are with the developers. If Google's platform increases overall sales of a product then it's good for GAW. If the platform only takes sales from other platforms then it probably has little impact on GAW.As I read it.

[cockerhoop] 20/11/2019 18:54

And another thing - royalty income. Edison suggest £2.9m in H2, this would be the lowest level since H1 2016, possible but probably conservative.

Royalty Income
2001 - £0.08m
2002 - £0.12m
2003 - £0.21m
2004 - £0.20m
2005 - £0.37m
2006 - £1.2m
2007 - £1.4m
2008 - £1.7m
2009 - £3.5m
2010 - £3.0m
2011 - £2.5m
2012 - £3.5m
2013 - £1.0m
2014 - £1.4m
2015 - £1.5m
2016 - £5.9m
2017 - £7.5m
2018 - £9.6m - restated
2019 - £11.4m
2020 H1 £10.5m forecast

[cockerhoop] 20/11/2019 16:47

robinnicolson,

It's interesting even with Edison's conservative EPS figures and a forecast dividend of 177p in 2020 and 187p in 2021 cash is still forecast to accumulate to £41.5m in 2020 and £62m in 2021.
I don't think GAW will keep much more than £30m on the balance sheet so even their more generous (than PH) dividend numbers look light to me.

[m4ybe] 20/11/2019 16:35

yes I was quoting calendar years sorry

[cockerhoop] 20/11/2019 16:23

m4ybe,

Dividend last year (FY19) was 155p

[robinnicolson] 20/11/2019 09:52

Current dividend forecasts:

FY2020:
Peel Hunt: 158.5p
Edison: 177.0p

FY2021:
Peel Hunt: 166.0p
Edison: 187.0p

[m4ybe] 20/11/2019 01:17

last year 130p, this year 160p total (edit: calendar years 2018 and 2019)