Games Workshop Share Discussion Threads

[nod] 12/8/2022 04:55

Begins 2nd September 2022

[nod] 12/8/2022 04:49

From TheOneRing.net
"It will come as a surprise to no one that as the Amazon Rings of Power program approaches, publishers and manufacturers of Tolkien-related products have been busy, preparing for a new wave of Lord of the Rings ‘buzz’ or awareness that must be the inevitable result of the Amazon release — regardless of its critical reception among Tolkien fans."

[cockerhoop] 11/8/2022 08:19

Was expecting an Edison note any day, they issued a post finals note on 10th August last year.

[nod] 11/8/2022 00:39

Edison updated their review on 9th July and ends with "Our forecasts are under review."

[nod] 10/8/2022 07:46

Embracer would need to pay well over 3 Billion GBP. I dont know about its financial strength. Do they have this sort of cash?Current market cap of GAW is 2.4 Billion and most holders would say we are well undervalued. Many listed companies are undervalued in this market.

[princesa_consuela] 08/8/2022 11:15

Please do not dilute the GAW intellectual property with the mediocre portfolio of Embracer. I don't think the GAW management will sell. And if they do, I hope the premium is good enough to be able to compensate how upset I would be because of it.

[j1nxed] 04/8/2022 17:57

Anyone else believe that embracer is looking to buy GAW? I think it would be a good fir for both of them

Embracer:More exposure to the hobby/miniature market (they already own asmodee). Saving licensing fees for Warhammer titles. Good trans media potential for comics (they own dark horse comics) and movies (Koch media and gearbox).

GAW: Access to a lot of development studios to do inhouse production. Access to digital artists with trailer/movie focus and experience for a potential series/movie (Astartes but with a big budget). Hands off approach and self governing from embracer.

I am sure there is a lot more synergies to be found but I feel that a merger or a buy out seems a lot more likely now that embracer raised $1bn

[milliecusto] 04/8/2022 17:05

Maybe, but it is exposed to China, I don't see going up much more, might be wrong, that's the fun of investing

[cockerhoop] 04/8/2022 13:09

Not sure i'd be selling before the Q1 update in September, the Horus Heresy launch has been selling really well.

The 90p dividend was also a bit of a clue regards the cash generation.

[milliecusto] 04/8/2022 12:52

Share that sentiment, I reluctantly sold out today, with China and interest rates, took small profit and will watch

[cockerhoop] 04/8/2022 10:35

Also dice, tokens, some scenery and lots of licenced product (JoyToys, Macfarlane, etc)

[princesa_consuela] 04/8/2022 10:17

@nod, isn't the China reliance mostly books and printed content related? That should not be difficult to replace entirely if that is the case.

[nod] 04/8/2022 06:37

An overview of our videogames income. This has been growing nicely in what is now a mature market.

[nod] 04/8/2022 06:32

I am increasingly concerned about the global supply chain. GAW has a reliance on China, which imho could become the next Russia. China has made no secret of its intention to annex Taiwan and has been emboldened by the evident lack of NATO support for Ukraine (which is going to run out of Ukrainian soldiers).

[1ups1de] 27/7/2022 15:40

Cracking company that details performance honestly , treats its employees well & pleases loyal customers. That said it needs to recover net margin( hopefully possible if supply chain woes ease & more royalties in the mix) AND sort out the working capital misstep. ( if they have the wrong items in inventory can they flog them or is it write off time?). If they can continue to deliver strong revenue growth & better productivity then £100+ a share credible.

[thorpematt] 26/7/2022 16:57

Yes, Mark Twain, I see the Tom Sawyer reference.

If I recall correctly, Tom was punished by having to whitewash a fence. He ended up charging the other kids for the privelage of having a go.

-----------
FWIW,
I think the "negative" here is rising costs.

I say "negative" but frankly I don't see it as anything other than expected. Inflation may not be transitory in the true sense but it will ultimatly come down. A rise in costs at this juncture is not a shock. Nor is not paying staff properly an option.

I think there is no doubt that this is a wonderful company. As Graham has highlighted in his article, it's a pretty reasonable price.

[rndm355] 26/7/2022 16:36

Games Workshop: a modern-day Tom Sawyer

[harris tweed] 26/7/2022 09:34

Well they delivered broadly in line with what they said in the last trading update, so I wasn't expecting fireworks with the share price today.

The update seemed to be much more detailed than usual, and clearly they'd like to say more on the progress of TV/Films than they are allowed to.

By contrast, the comment on Warhammer+ was pretty tight-lipped: "In the year we launched Warhammer+. It is only now approaching its first anniversary and so it is still in very early development. The exciting content delivered through Warhammer+ will remain an integral part of our digital offer and how we share our IP."

So I'm assuming that Warhammer+ isn't (yet) gaining traction as well as expected?

[ozzietom] 26/7/2022 08:37

I thought this was a pretty good update. Revenue and PBT slightly higher than flagged in recent trading update. Receivables increased by 21 million, which I thought initially was a bit concerning, but explained by royalty receivable of 13.3 and VAT receivable increase of 5.9 - due to change in process re Brexit. The cash flow as down by 12 million, mainly due to increase in inventory and receivables. I am a bit surprised by the slightly negative reaction, but that seems to be the way things go at the moment. The outlook is still positive and a good bump in royalties, which hopefully will continue to increase going forward. Looks like plans for TV series are still in place, but are taking longer than expected and they cannot say to much. I like the transparency and tone of the report and am happy to continue to hold for long term. But markets are frustrating at the moment, so probably no movement upwards until the smoke re economic outlook clears.

[stepone68] 24/7/2022 09:38

Yeah, me too. 40% actually.

[alex_mc] 23/7/2022 18:35

Nice. What’s your thinking for the sell? Just happy with the profit or not see any further upside?

[ch1ck] 22/7/2022 17:02

I'm out with a nice 30% profit

[princesa_consuela] 21/7/2022 14:26

I was not expecting to see such a positive performance before the Annual Report.

[cockerhoop] 19/7/2022 20:21

Cambst, Revenues were inline with my expectations but I believe there were £10m-£12m of additional costs in H2 over H1. The Finals will certainly shed light on the origin of those increased costs.