Games Workshop Share Discussion Threads

[nod] 10/11/2013 10:47

Since I got my ipad I don't see any of the header post - the app only shows the last posts. I will search out one of those old Pea-See computers and delete the old stuff.

[lauders] 10/11/2013 04:07

Hi Nod - Is there any chance you can update the intro part above please to make it more "current". It stops at Jan 25 2011. That was some time ago in share history terms. I might help encourage other investors to consider investing in this company ;-) Thanks!

[mozy123] 18/10/2013 13:26

Maybe after Xmas - when the Xmas Pressies are bought, they will return some more...

[warrensearle] 18/10/2013 12:48

Agreed it's the share that keeps on giving - so no more anticipated dividends this year ?

[nod] 18/10/2013 12:28

A dividend was paid in September. That was the third dividend paid in 2013 - Jan, April and Sept. GW is unorthodox in the way it announces dividends. It's policy is to distribute surplus cash, which has been very good in recent years.

[warrensearle] 17/10/2013 13:12

Nod or anyone do you know if there is an October dividend this year or when the next one is scheduled can't seem to find this information on their website or recent RNS thanks

[nod] 30/9/2013 22:59

GW calls its BL and Forge World customers its "veterans"Most will be in their late teens and early 20's so I suppose they are vets.

[alanl77] 30/9/2013 22:26

Yes, fair point Nod - investors are likely to care little about BLP/Forge World and these products are aimed more at the established hobbyist than new intake.

As you say, the tightening of T&Cs has been going on for some time now. If I remember correctly, GW initially offered bricks and mortar retailers favourable terms compared to internet-only retailers, so I guess the latest change is just a natural progression of that.

[nod] 29/9/2013 23:04

GW has been modifying its retailer T&Cs in recent years and is about to introduce another change. The first changes were limiting sales to specific geographic zones and now targeting internet sales by limiting them to b&m retailers. Presumably this gives retailers better margins.In a move designed to restrict sales of their products in the UK by internet based retailers, from November 17th 2013, Games Workshop only allows UK based retailers to sell their products online if they also offer them through a "bricks and mortar" retail store. Games Workshop's business model is based on the recruitment and retention of players of their games through face to face contact in a store based environment. They view internet retailers as undermining this business model in that they both syphon sales away from stores and make no contribution to player recruitment and retention.

[nod] 27/9/2013 20:38

I am referring to what has driven the share price to 800p and what gets new customers into the stores and the web site, including Forge World.While GAW may have mentioned two relatively small hardcore products dear to their hearts, these products haven't drawn in any new investors or new customers. I would bet that most shareholders will never have heard of the Black Library books even though they are high profile in the stores and online.GAW gives a breakdown by country but not by product line. Warhammer and 40K remain their core products but The Hobbit will have introduced new customers some of whom will progress quickly to Warhammer - that's where most in-store gaming takes place. The Hobbit isn't about battles so doesn't lend itself to tabletop battles.

[alanl77] 27/9/2013 17:42

Nod, I'm not sure that there's any evidence to draw the conclusion that the increase in share price is down to The Hobbit.

It's explicitly stated in the Annual Report that the sales growth from 2012 to 2013 was driven by Forge World and Black Library, two albeit small divisions which have performed very well for GW over recent years, but do not turn out LOTR/Hobbit related product. As far as I can see, the report runs to 57 pages and doesn't even mention the word "Hobbit".

With or without The Hobbit, LOTR remains by far the smallest of GW's three core gaming systems. Also note that sales in H2 of 2013 when The Hobbit film was released were lower than in H1 (I'll accept that this is a little unscientific as trade accounts will place their Christmas orders in September and October dropping these sales into H1, but this merely reflects anticipated demand for the product rather than pointing to an influx of new customers).

I agree with Woozle that the US represents a fantastic opportunity for growth. GW have struggled to get to grips with that market in the past, but the increase in sales in the past year may suggest that they're on the right track.

The next six months will be very interesting. H1 last year contained the release of the new 6th edition of Warhammer 40K (by far the biggest of the systems) and if GW can perform well against that, the signs will be very good.

[nod] 26/9/2013 20:00

The reason the price is 800p is down to The Hobbit trilogy and the boost in new customers. Sure, most new customers only stay a few years but this is true for 99% of GAW's customers. There are a small number of hard-core nerds over 20 yrs but most new customers are young teens and younger. What GAW needs constantly is a catalyst that draws in new young collectors and gamers. When there is no catalyst sales slump.

[woozle1] 26/9/2013 08:27

This is a fantastic company. No silly talk of creating shareholder value etc. They know that if they make the best models and generate sales (and a little of both growth), then the share price takes care of itself. The engine for growth should be the US. Penetration is still low and they can get cheap rents in areas of decent footfall, like malls. I wouldn't get too excited by LOTR. It created few Hobby long term fans in the past and I can't see that changing.

[nod] 21/9/2013 11:09

Game of Thrones would be a great franchise for GAW. I was just reading a news article about how it is Time Warner's best series financially alongside The Sopranos. The article mentioned it would be a great franchise for GAW.

[nod] 19/9/2013 12:57

It's great for GAW that these trilogies span two years and more. GAW got carried away with expansion during the LOTR cycle. It learnt a lot from that and now focuses on profit rather than turnover.

[warrensearle] 13/9/2013 13:15

Just as long as they keep those dividends coming Nod - one of my best income investments this and more hobbit to come later this year

[nod] 13/9/2013 11:11

Looking at the 5-year chart for the hundredth time, we may have another 3 or 4 months of consolidation above 750p. Although over those 5 years we have frequently had significant spikes down just ahead of the next step up. If you believe the GAW storyline that there is a Part VIII and the good guys will win then a limit buy order at quite a bit below 750p may well pay off within the year.

[nod] 09/8/2013 00:21

GAW consolidating at a support level. Very little selling going on. Shares are tightly held even at this high level. Looking good for further increases.

[nod] 01/8/2013 10:29

A new high has been reached.

[greasynut] 30/7/2013 11:49

Once again a concise and informative management summary from Tom Kirby.

It is the management quality and shareholder focus that keeps me holding this company.

On the face of it nothing much is happening here in the near term. Pedestrian sales growth reported and a very modest store opening programme for 2014.

However, they usually manage to squeeze out a decent improvement in operating profits, and there is plenty to go for in the US over time.

They keep sending me money, so I will just keep them in the bottom drawer and come back in 6 months time.

[nod] 30/7/2013 10:05

A solid set of results. There may be some anxiety that H2 was down a bit.You can't beat GAW for the entertaining way it presents its Results."So how do we plan our future? We run a tight ship, and do our damnedest to get more sales. Everything else is just whistling Dixie."SummaryGames Workshop has had a mixed year. Sales were stronger in the first half than the second, but cost control and cash management have strengthened throughout the period. We finish the year with the most profit this company has generated since flotation and have returned GBP18.4 million to our owners.As for the future, our objective is simple: we will continue to make the best fantasy miniatures in the world and sell them globally at a profit. We intend to do this forever.The board believes the prospects for this business are good.

[nod] 29/7/2013 22:36

It looks as though GAW is going to hit new highs any day now. There's plenty of upward momentum.

[williemanjaro] 23/7/2013 08:57

And for what its worth GAW can make gains from the Hobbit cycle which will be running until the third release in 2014----Summer or December.

[nod] 19/7/2013 09:26

Yes, the company learnt a lot from its expansion mistakes last time. They've changed the store format with the focus on small one-man and a dog stores. A greater focus on overseas growth especially in the USA.The 5-year chart looks great from 159p to 790pI don't think we are done yet. This performance has been achieved through the most difficult retail market in 50 years.