Games Workshop Share Discussion Threads

[nod] 02/2/2022 01:55

Shipping from China has significantly increased building costs and fed through to our inflation. It has also caused delays in house builds and added to rental pressures. We look out over the Pacific Ocean and at times there have been 6+ container ships queued up for days to get into port.

[2bluelynn] 01/2/2022 16:45

Looks like this could be on the turn especially with the Director buys !

[riskonricky] 01/2/2022 12:19

Global container line schedule reliability

[nod] 01/2/2022 11:16

Drivel. .How do you know all the micro-economic impacts on every country on Earth.

[princesa_consuela] 28/1/2022 08:44

@RiskonRicky is 20-21x P/E ratio very high for games workshop? which is your fair P/E for a company with no debt, low capex, net margins in the 30s, set to grow in the following years above GDP or inflation rate? I may be missing all the other amazing companies with excellent balance sheet and robust earnings and revenue growth over the last decade that are trading at P/E 12x perhaps. If you can give me a hint to where are those amazing low P/E companies please let me know, I am interested in diversifying my portfolio.

[riskonricky] 28/1/2022 06:54

Nope. Increased demand across the board, in almost every material. Supply hit by sicknesses/lockdowns preventing movement. This is made worse by people wanting to buy and store things now to 'beat inflation'. It will take time to clear the backlog. It's is tempting to blame 'someone else' for your own problems, but you probably shouldn't. GAW is still at a very high p/e, if they keep growing as they have done then paying this price should be fine. I don't know current forecasts for earnings in 2023,4,5 will be, but maybe someone here does?

[nod] 28/1/2022 04:31

Our (New Zealand) inflation rate was 5.9% in the quarter to December. This is our highest inflation rate since 1990. Inflation is worrying stock markets around the globe, resulting in sell-offs. Two major cost increases for NZ are energy and building materials, the latter having an impact on housing costs and rents.

For NZ, the origins of our current inflation are Russia (gas/energy) and China (building materials /products).
Is this a one-off blip, or will they push prices / inflation higher still and thereby suppress Western stock markets?

[nod] 28/1/2022 04:06

This FTSE growth stock looks dirt-cheap right now!
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[ginty the brave] 27/1/2022 16:33

It was a 20K top up. I had 80k invested at an average £9.80. Getting hammered on it

[princesa_consuela] 27/1/2022 14:44

you had just said 2-3 weeks ago you had taken a £20k position. yikes. I guess my investment horizont is subtantially larger than a few weeks. happy to buy shares from anyone bailing out below 8000p and at a fwd. p/e closer to 20x. even a company with worse intellectual property assets like Asmodee has been acquired by €2.9bn just a few weeks ago.

[ginty the brave] 27/1/2022 14:15

Im Out with a big loss but I suppose I get my Divi. I will be back once some stability is evident. GL all

[richred_uk] 27/1/2022 11:24

hxxps://www.panini.co.uk/shp_gbr_en/blog/panini-and-games-workshop-announce-new-partnership

"Panini UK Ltd today announced a new partnership with Games Workshop to create a range of Warhammer collectables, with 2022 launches for both stickers and trading cards. It’s time to fight for the future of humanity across a vicious, war-torn galaxy! Prepare for battle with Panini’s first new launch, Warhammer 40,000: Warriors of the Emperor Sticker Collection.

A mighty collection of 204 stickers and 50 Hero Cards, with a buildable box and a double-sided pull-out Space Marines Armoury poster which allows collectors to delve deeper into the 41st Millennium where, driven by war and assaulted by the foul forces of Chaos... Xenos, Daemon and Traitors emerge from the darkness to prey upon the Imperium. The armies of the Emperor rise up to grind these vile enemies to dust with their armoured boots. Inside the sticker album, collectors can honour the Ultramarines, the Dark Angels, the Space Wolves, the Blood Angels and the Sisters of Battle – the supreme and devoted warriors who live each day in endless warfare. All who know Warhammer know… in the grim darkness of the future, there is only war… and this is the sticker collection to bring that war to life!"

[scooper72] 27/1/2022 11:11

Really depends on your time frame and free capital. I sold everything to take profits when it was between 100-120. But then bought back in at around 98 and have decided to hold for at least next 5 years and will probably buy more if it gets undervalued further. Currently in the red on my current holding but the business is solid and still has a lot of growth potential and options going forward to monetise their IP.

[ginty the brave] 27/1/2022 11:02

Not looking good over the past 5 months. Should I hold or bail? Getting .issed of now with the share price falling every day.

[nod] 27/1/2022 00:34

I had a re-read of the Edison report dated 17 January. Despite the issues during H1 Edison increased its forecast a little and upped its valuation to 134 gbp. Anyone buying shares could see a 60% profit if Edison are correct.One of the issues in H1 was the delay in VAT Refunds. This delay may continue into H2 and impact cash available for dividends.The FY dividend forecast was reduced to 220p from 250p, to reflect the potential for further VAT Refund delays.Another issue was the increase in GBP against USD and EUR. I doubt that strength will continue and GBP may fall if Partygate gets worse. 78% of our sales are exports.Some of the extra costs were investments in staff and facilities. Growth companies have this issue.Other extra costs were freight and raw materials. On the upside, the significant improvement in royalty income to £20.1m, higher than any prior full financial year, is testimony to GAW's ability to leverage its intellectual property.

[push n run] 26/1/2022 14:31

A lot of screeners struggle with GAW because of the random timing of dividend payments and paying out 5 a year. If they paid out quarterly it would make it easier, but I assume they have reasons for what they do.

[cambst] 26/1/2022 10:28

Even better. Google Finance has it at just over 2%, but I far prefer 3!

[push n run] 25/1/2022 18:48

Over 3% you mean?

[cambst] 25/1/2022 13:42

Dividend yield over 2% now. Pretty good value combined with ongoing growth.

[vprt] 21/1/2022 10:28

Topped up.

A point which I suspect is under-appreciated or overlooked is that the underlying growth is stronger than what is evident from the recently reported numbers. The factory & shop shutdown shifted / delayed some purchases into the 6 months to 29 Nov 2020 (£187m), which is used as comparator, from the previous period (only £121m).

There is no ex-growth issue here, IMHO, but rather a buying opportunity of a top quality compounder (extremely high ROCE, many expansion options) and a unique franchise of "plastic crack" as well as increasingly well monetised IP.

[cambst] 21/1/2022 09:25

Thank you for the correction. Yes, that was a typo, last 4-months or so. It will teach me to double check before hitting post.

[nod] 20/1/2022 22:17

Cambst, you mean sell off over the past four months?

[bigjock4] 20/1/2022 16:15

Hopefully good buy in opportunity tomoro.

GLA

[cambst] 20/1/2022 15:46

All strapped in for tomorrow's price tumble.