Games Workshop Share Discussion Threads

[mk1gti] 23/3/2020 16:18

Unbelievable strength. Hardcore collector's and painters, will be loving this.I stumbled across this share last week.Bought a few at 36. I remember loving GAW as a kid. Although I don't think we are out of the woods just yet.....

[nimbo1] 23/3/2020 16:07

amazing performance here today

[robinnicolson] 21/3/2020 21:37

Holland Advisors provide free access to their detailed research reports, which includes one on Games Workshop. It is dated February 2019, when the market valuation was close to the current one. Highly recommend.

[robinnicolson] 21/3/2020 12:43

The TwitchTracker app provides a large amount of very useful, granular detail about Warhammer TV on Twitch.



It will be interesting to track the metrics during the next few weeks.

I've also had a quick look at the statistics for games-workshop.com. In February 2020 the number of visits was 14.4 million (13.3 million the previous month), with 3 million unique visitors (2.9 million the previous month). The average time browsing the website is just under 10 minutes. Last month 33% of the web traffic was from the USA and 22% from the UK. About two thirds of the website traffic is via mobile. 67.5k checked out jobs at GW and 12k visited investor relations!

[nod] 21/3/2020 09:37

Good points guys. Only 20% who buy, make and paint models participate in tabletop gaming. Of those 20% who play the games, they probably spend 80% of their time on the hobby side, making and painting models, terrain and accessories.When my son and his mates were into the hobby, a few would often come to our house to play. He had a dining table in his room which was always setup and ready for gaming.

[robinnicolson] 21/3/2020 09:11

Perhaps the temporary curtailment of the gaming side of the hobby by Covid-19 may not be too big a hit to Games Workshop? I remember this piece by Richard Beddard, written after attending the 2015 AGM:

"In conversation [with management] I'm told that the word "Games" in Games Workshop encourages the misconception that games are its business, but that only about twenty percent of Games Workshop's customers are gamers. The rest are modellers and collectors. Maybe half of them think about playing now and then. The other half have no intention. People actually walk into the stores because they're curious about modelling armies".

[cockerhoop] 21/3/2020 08:36

Agree Nod, there will be a rotation to online. UK stores are remaining open but have curtailed modelling and play within store. Some independents have already come up with innovative supply routes eg. Leodis in Leeds is doing evening local deliveries to self isolators.

Government action here to provide job security though the lockdown will help customers who may have been worried about paying rent etc.

Clearly it's far from ideal but I'm hoping that GAW will prove to be fairly resilient. Customer will certainly have more time for the hobby with no schools, pubs, gyms etc open.

[nod] 21/3/2020 06:55

Surely, if a customer wants a model or paints and their local store is closed, they will buy online. Most youngsters carry a debit card these days and these are widely accepted online.

[melody9999] 20/3/2020 23:41

34% of sales from stores stopped me buying back in today.

[discodave4] 20/3/2020 11:01

34% last year, c 30% H1 this FY

[shanklin] 20/3/2020 09:50

I take it as quite positive (business wise) that you are stating they are still open for business. With secondary locations and no business rates, the costs of running them must be minimal.

If you visited the stores, did you see any customers?

[rathean] 20/3/2020 09:41

Fwiw our local stores have closed their doors to in shop activity, I wonder what percentage of revenue in store accounts for these days?

[shanklin] 20/3/2020 08:21

I'm sure GAW don't window dress anything :-)

[cockerhoop] 20/3/2020 08:16

Just an observation over the last couple of years of reports, previously it was lower. I'm not sure if that is the normal average cash balance throughout the year, the multi dividend policy suggests they probably don't window dress the results.

[nimbo1] 19/3/2020 20:45

good point nod

[nod] 19/3/2020 20:36

The falling pound will help GAW. The shops are very low risk. Most are small one-man operations and would come within an upper limit of 10 or 20 persons in a meeting place. The user profile is low risk - mostly teenagers and young men. Not many persons over 70 to put at risk. They could be one of the safest places to be.

[velocytongo] 19/3/2020 19:57

I do hope they cancel the dividend. A global lock down means the shops shut but that said the sites like Steam are experiencing record growth. We will still be around next year but it will kill off weaker players.

[cockerhoop] 19/3/2020 19:43

They may well decide they want to keep a larger cash buffer through this time of uncertainty - who knows? Probably best to discuss it again when we have some tangible evidence. They are a conservative bunch though so i'd be surprised if they took any reckless decisions.

[nimbo1] 19/3/2020 19:21

kind of my point... what is truly surplus capital and what isn't - in this market id want net cash above their £30 million buffer. it would be a good business decision imo.

either way looks to be a good opportunity developing here.

yes - I get all the emails on their products. my point about the supply chain wasn't has something happened yet, but more what is in place to mitigate a shutdown in the case an employee gets covid-19. But I guess the market knows all that uncertainty which is why the price has been falling.

[cockerhoop] 19/3/2020 19:20

Regards supply chain they are still releasing new product on a weekly basis.

[cockerhoop] 19/3/2020 19:16

Their dividend policy is to distribute truly surplus capital. From memory they keep an approx £30m cash buffer. They don't have any traditional interim/final dividend obligation so I suspect if they've generated the cash they'll pay another, if not they won't.

[nimbo1] 19/3/2020 16:28

GAW is such a fantastic business - I wonder if their dividend policy is about to shoot them in the foot. Im out on a limb here but they could cancel the final dividend for prudence sake...that could mark the low / turn. Please discuss! I’m probably 100 percent wrong just wondered what others thoughts are. Im a big buyer again from here down - still sat on the small amount from 40 as a reminder!

[deanowls] 19/3/2020 16:25

At 33 I’m itchy. At 30 I’m in.