Games Workshop Share Discussion Threads

[pnetol] 05/9/2017 07:29

Not after that trading statement IMO. What a lovely unexpected surprise to read this mornings statement and a stunning 35p dividend per share.

[argylerich] 05/9/2017 07:05

Solid consolidation at this level of trading by the looks of it.

[nod] 01/9/2017 22:54

That was a strong trading day. High volume and up 2.2%The strong Euro is good for GAW Continental Europe is the second largest market after North America. Europe revenues were 5% more than UK revenues in our results.

[cfro] 30/8/2017 13:34

Plus we have two new games releases in the first half.

[nod] 30/8/2017 12:17

The only bad news is North Korea.

[auldmart] 30/8/2017 11:44

Any idea why the price has dropped today? Could this be a tree shake or a portent of some bad news?

[flatoutfred] 30/8/2017 08:13

So another extra divi not far away then Nod :o)

[nod] 29/8/2017 22:12

Marked down on low volume day, so not heaps of selling.The rising Euro causing jitters across Europe.The impact of currency movements is the thing to watch with GAW. In January, we will report Interims to 1 December. The Euro has risen around 10% against GBP since last Interim date. That's good for GAW.The USD has fallen around 2% against GBP so that's not too bad.On balance, the currency movements after the first quarter are in GAWs favour.Nothing to worry about.

[flatoutfred] 29/8/2017 09:41

I need a holiday, whens the next divi ?

[nod] 24/8/2017 23:14

Another good day - we may be 2000 by Xmas :)Good news in USA about retailers. Anxiety had depressed the retail index by 11% this year.Today's US headline:"Retail stocks jump as earnings aren't as bad as feared"

[plasybryn] 22/8/2017 12:18

What's happened to the August dividend?

[pnetol] 20/8/2017 20:25

Nod,I think your comments are spot on. My lads tell me that the clips for Warhammer 2 total war which comes out on the 29th September are some of the best they have ever seen and they think it will be the best release so far, they also tell me that the Warhammer 40k , released on the 17th June is the best they have known. They are 20&18. Also the line up of new releases are the best ever, which ties up with comments from the recent results. I think that this year will IMHO surprise further on the upside. GL to all holders.

[nod] 19/8/2017 02:48

It was not easy to see what revenue growth was in North America because GAW reports in GBP and the fall in the pound flattered overseas revenue.I ran my sliderule over the N America comparisons and used the exchange rates on reporting day to calculate sales in USD.In GBP the revenue increase came in at around 40% growth.In USD the America revenue growth was around 23%GAW increased the number of its own stores in North America by 11% This investment appeared to be well rewarded with a near 60% increase in own Retail sales (in GBP)

[nod] 19/8/2017 00:05

Skirbell,The link you gave above points to the 2015 data. The 2016 sales recently released still has GAW in second behind Star Wars. The latter sales may be waning in 2017 while 40k is booming. We are marketing to different age groups, with some overlap, so comparisons are not too meaningful.A GW search on the web site pops up some heart-warming news for GAW investorshttps://icv2.com/search?q=Games+workshopI see GAW is releasing some Collectibles which is the biggest segment of the hobby market in the USA.

[skirbell] 17/8/2017 13:08

Don't worry, no offence taken.

[trident5] 17/8/2017 11:30

Skirbell
my comment wasn't meant to be offensive.

I think the people running GAW have to have a mindset deeply embedded in this hobby to make the business successful. A takeover would bring a bunch of "suits" in and I think it would be very apparent to all that the odds of them doing better than the incumbents would be very low. GAW needs to be run by the right people.

I can't see a company deriving any synergies with GAW either.

[skirbell] 17/8/2017 11:18

I'd disagree that I don't understand GAW's business. I know GAW's product line well and have been a share holder here a couple of times over the past 15+ years. I used to be a customer of GAW (many, many years ago) and my kids are getting increasingly more interested in GAW's games as well as the wider hobby and gaming area.

However, I use the upsurge in 'hobby gaming' over the past few years as the potential catalyst for acquisition. ICv2 publish an annual review and below are the 2015 figures. I believe 2016 report should be out in the next few months unless I've missed it.

HXXPS://icv2.com/articles/news/view/35150/hobby-games-market-nearly-1-2-billion

According to the above, North American revenues for the industry are now at around $1.2B. GAW's 40k is categorised as 'Non-Collectible Miniatures Games', a category that saw revenue increase 40% to $175M. 40k is listed as the second biggest game in this category after FFG's X-Wing. Revenues for board games and collectible games are bigger still.

So, the industry is growing well, which is good for GAW's future prospects. GAW's competitors are also growing. And bigger toy companies will also be interested in the 'Hobby Game' sector as a potential growth driver.

GAW owns one of the biggest independent IP's in the industry and because of that, it could make a tempting target. Add in GAW's miniature tooling, online marketing presence and distribution centres, all of which are fairly advanced in the industry, you have additional benefits for any acquirer. There is also ongoing consolidation within a very fractured industry, with, for example, Asmodee continuing to acquire assets. However, as I previously mentioned, the cost of acquisition for a competitor might make it too big a target, so it is long shot.

We can always agree to disagree. Either way, GAW's future prospects look very promising both from their internal growth, recent change in strategy as well as being in a rapidly growing industry. Again, pointing at Asmodee, their 2016 revenue grew almost 40% to €377M with Ebitda up 57% to €65M.

[nod] 17/8/2017 11:02

I never say never, but a takeover at these levels is highly improbable. Big companies or venture funds could have made an offer a few years ago when GAW was 200p on the premise that they could have done what GAW management did in recent years (cut costs, reorganised, and launched the next generation of products on time).GAW's products are so unique not many outsiders understand the business.

[trident5] 16/8/2017 17:35

I don't think you properly understand the business if you think it's a takeover target.

[skirbell] 16/8/2017 09:54

Asmodee, a large French games company, have been on an acquisition spree over the past couple of years picking up some big IP as well as companies such as Fantasy Flight. So there is consolidation within the gaming industry. Other competitors that appear to have limited growth within their suite of games may be looking at the likes of GAW as an opportunity to buy the growth. GAW also offer the competence within the miniature tooling area which is not something that a lot of traditional companies have.

GAW is niche and likely to only be of interest to other games based companies - Hasbro? And with a £530M+ Market Cap, it could already be too expensive for the rest of the industry. But it is, in my view, still a possibility.

[nod] 16/8/2017 03:53

Throughout the 21st millennium the possibility of a takeover has often been muted on these boards but I don't believe any company has got close. It would be a big risk due to the high cost and niche market. It would be easy for a takeover to fail abysmally. In the 41st millennium it may be different. An army descends on Nottingham HQ and hold the key employees hostage for a decade or two. That's how corporate takeovers will be in the future.