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Share Name Share Symbol Market Type Share ISIN Share Description
Games Workshop Group Plc LSE:GAW London Ordinary Share GB0003718474 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  395.00 4.13% 9,965.00 85,723 16:35:25
Bid Price Offer Price High Price Low Price Open Price
9,985.00 10,000.00 10,000.00 9,605.00 9,660.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Leisure Goods 269.70 89.40 218.70 45.6 3,256
Last Trade Time Trade Type Trade Size Trade Price Currency
17:46:59 O 139 9,878.131 GBX

Games Workshop (GAW) Latest News (1)

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GAW is a large holding in the following funds:
 Fund  Percentage of Fund  Last Updated 
 BLACKROCK THROGMORTON TRUST PLC 2.30% 2020-08-31
 JPMORGAN MID CAP INVESTMENT TRUST PLC 6.00% 2020-08-31
 THE MERCANTILE INVESTMENT TRUST PLC 2.90% 2020-08-31
 BLACKROCK SMALLER COMPANIES TRUST PLC 1.80% 2020-08-31
 JPMORGAN SMALLER COMPANIES INVESTMENT TRUST PLC 4.20% 2020-08-31

Games Workshop (GAW) Discussions and Chat

Games Workshop Forums and Chat

Date Time Title Posts
25/9/202005:08Games Workshop & Warhammer Online4,548
31/7/201808:24Games Workshop (GAW) One to Watch on Tuesday 3
10/10/201218:53HAS GAMES WORKSHOP NEARLY PEAKED?557
14/1/200814:47Games Workshop Short with Charts3
16/9/200409:47The Trolls do it again95

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Games Workshop (GAW) Top Chat Posts

DateSubject
26/9/2020
09:20
Games Workshop Daily Update: Games Workshop Group Plc is listed in the Leisure Goods sector of the London Stock Exchange with ticker GAW. The last closing price for Games Workshop was 9,570p.
Games Workshop Group Plc has a 4 week average price of 8,365p and a 12 week average price of 8,080p.
The 1 year high share price is 10,420p while the 1 year low share price is currently 3,564p.
There are currently 32,677,136 shares in issue and the average daily traded volume is 106,748 shares. The market capitalisation of Games Workshop Group Plc is £3,256,276,602.40.
14/9/2020
05:00
nod: The FT is advising caution. As many were 12 months ago and 24 months ago - they will be right one day. Investors should beware Games Workshop’s fantastical share price https://www.ft.com/content/08b06981-6cdd-4595-b8f1-86ed723a4fbc
14/9/2020
01:01
nod: Nick Donaldson has been with GAW for 18 years, but has only been Chairman for three years. During those three years our business and share price has performed exceptionally well. Why would you want to mess about with the ingredients?
12/9/2020
11:42
1rcl: Regarding valuation, H1 EPS last year was 144.6p. What is a plausible estimate for this year? Q1 profits are up ~50% on last year and we know from the Peel Hunt comments that the Indomitus made-to-order revenue hasn’t been recognised yet. So 50% increase for whole of H1 seems possibly on track, which would put H1 earnings at >200p. Assuming a reduced H2 (as H1 did have 9th edition launch, and H2 typically includes staff bonus - but they are aggressively targeting more licensing), I’m now working on 350p as a central estimate for the year. This gives a current PE of 30 at PH's target £105 share price. Given GAW’s incredibly durable and growing customer base, new markets, increasing licensing and it's ability to expand without consuming lots of capital (enabling it to still pay large dividends) – I think that errs on the cheap, rather than the expensive. I note Leon Boros bought back in after the trading update – he plausibly thinks the same. IMO >£150 looks much more likely than sub-£100 in 6-12 months.
10/9/2020
15:04
stepone68: Seems strange to tie your investing strategy to round numbers. Especially those that can be impacted by issue of shares, splits or consolidations, or even dividend payments (if the share price was 95 and they paid a £5 divi would you sell?). Just a thought.
10/9/2020
10:36
nimbo1: Last year I said 300p eps = 120-150 share price. Will be here within 12 months imo especially as hoards buy on news of tv licensing deal - just my thoughts.
18/8/2020
10:17
robinnicolson: bobaxe1, Absolutely no-one knows what the share price of Games Workshop will do over the short term. However I do recommend listening to this recent interview with Nick Train, particularly from about the 21 minute mark, where he talks about running long term winners and multi-baggers. hTTps://www.edisongroup.com/edison-tv/lindsell-train-fund-manager-interview-with-nick-train/27489
03/8/2020
11:36
robinnicolson: Continuing the previous discussion on multi-baggers, Games Workshop has given patient (!) long-term shareholders a 7,640% total return since 2/1/1995 (the limit of the SharePad share price data). It is second in the FTSE All-Share rankings, top place going to Goodwin PLC with a 9,210% TR. Over the same c.25 year period, Apple Inc. has a total return of 31,700%. They have just announced the fifth share split in their history, to "appeal to a broader base of investors". Thoughts on a possible future share split for Games Workshop when it breaches 100 quid? Perhaps not...splits do not seem to be as common as they once were. There are many examples of stocks with high per share prices...most famously, Berkshire Hathaway 'A' shares at $293,500 each.
02/7/2020
11:10
sogoesit: Difficult to copy/paste as will be missing tables/graphics but here's a go (having tried to make it readable): How Games Workshop became a FTSE 350 star performer Mid-cap star dominates a growing, global niche By Martin Gamble, Shares Magazine, 02 July 2020 GAMES WORKSHOP SHARE PRICE: £81.40 MARKET CAP: £2.6 BN Nottingham-based fantasy miniatures manufacturer Games Workshop (GAW) has been the best FTSE 350 performer over the last five years, providing a total return, which includes reinvested dividends, of 1,600%. That means a £1,000 investment in 2015 would have turned into £17,000 today, which works out at an extraordinary compound annual growth rate (CAGR) of 76%. It demonstrates what can happen when strong earnings growth is accompanied by a rising price-to-earnings ratio (PE). We see Games Workshop as a unique business with strong returns which has arguably only scratched the surface of potential growth opportunities. However, given the growth expectations already embedded in the share price, we believe it is best to wait for a more attractive buying opportunity. TURBOCHARGING RETURNS The chart shows that from 2015 onwards the one-year forward price-to-earnings ratio started to rise steeply from around 12 times to the current 29 times. Analysts often use forecast earnings because they are more relevant to investors than historical numbers. This should always be used with some caution but generally a rising PE means investors expect higher future profits. In Games Workshop’s case net profits have grown from £12.3 million in 2015 to around £70 million for the year to 31 May 2020, an increase of 5.7 times. If the PE had remained at 12, SHARE PRICE AND PE HAVE ADVANCED RAPIDLY MISSING GRAPHIC WHO IS GAMES WORKSHOP? Warhammer and Warhammer 40,000 is a miniature wargame based on Warhammer Fantasy Battle, the most popular wargame in the world. The game is set into the distant future where a stagnant human civilisation faces hostile aliens and malevolent supernatural creatures. The company doesn’t sell ready-to-play models but rather it sells boxes of model parts which enthusiasts are expected to assemble and paint. The tools, glue and paints are sold separately. Effectively the company serves and inspires millions of table-top hobbyists across the world. Board gaming is a global market growing at an estimated compound annual growth rate (CAGR) of 9% and is expected to be worth around $12 billion by 2023 according to consultancy Statista. The company employs a 200 person design studio which creates all of the firm’s miniature designs, artworks, games and publications. That adds up to over 30 years of intellectual property rights. As we will elaborate later, the business is starting to reap some meaningful revenue from selling TV and production rights to its products. Focusing on fantasy characters instead of historical ones means future product innovation is only limited by the designers’ imaginations and provides endurance to the brand, a valuable trait. Investing in the best manufacturing and tooling equipment means the company makes the best quality and most detailed miniatures on the market which protects the business from inferior imitators. In addition the firm is much larger than its nearest rival which means it can manufacture the products more cheaply. Finally, controlling the whole supply chain means the company has flexibility to set prices. Once made all products are distributed from a warehousing facility in Nottingham to stores, trade partners and online customers or via hubs in Sydney and Memphis. STRONG RETURNS The financial consequence of possessing a ‘Fortress Moat’ and having control over the entire value chain is that the company achieves a very high return on capital employed (ROCE). According to company data the ROCE hit 111% last year, one of the highest in the UK market. This means the company can today’s market value would only be £840 million compared with the actual £2.6 billion. A higher PE has increased the perceived value of the company significantly. Before dissecting the financials of the business to understand how the company has achieved such impressive growth, we explain some of the unique aspects of the business that add up to what famed investor Warren Buffett has called an economic moat and which the company calls its ‘Fortress Moat’. ECONOMIC ADVANTAGES Games Workshop is categorised a retailer inside the FTSE 350 Leisure Goods sector, but in reality it is much more. Traditional retailers are intermediaries between suppliers of products and consumers. They apply a small mark-up for providing this service. However Games Workshop is vertically integrated, which means it designs, manufactures and distributes directly to the consumer via its 529 Warhammer stores, online customers and through over 6,000 trade partners. Effectively it controls all parts of the value chain, from design, manufacturing and distribution. The company employs a 200 person design studio which creates all of the firm’s miniature designs, artworks, games and publications. That adds up to over 30 years of intellectual property rights. As we will elaborate later, the business is starting to reap some meaningful revenue from selling TV and production rights to its products. Focusing on fantasy characters instead of historical ones means future product innovation is only limited by the designers’ imaginations and provides endurance to the brand, a valuable trait. Investing in the best manufacturing and tooling equipment means the company makes the best quality and most detailed miniatures on the market which protects the business from inferior imitators. In addition the firm is much larger than its nearest rival which means it can manufacture the products more cheaply. Finally, controlling the whole supply chain means the company has flexibility to set prices. Once made all products are distributed from a warehousing facility in Nottingham to stores, trade partners and online customers or via hubs in Sydney and Memphis. WHAT HAS DRIVEN SUCH STRONG GROWTH? The short answer to what is behind the firm’s rapid expansion was eloquently articulated by small cap fund manager at Aberdeen Standard, Harry Nimmo who told Shares ‘new management made it fit for the internet age’. Having joined the company in 2008 and served time as chief financial and operating officer, Kevin Rowntree took up his current chief executive role in January 2015. Stronger revenue growth can be traced back to the 2016 launch of online hub WarhammerCommunity.com, which attracted 5 million users and 70 million page views over the first two years. In the 2019 half-year report the company highlighted 48% growth in users accessing its online hub while sessions per user also increased, ‘meaning our fans are visiting more often and are more engaged with the content’. At least one new video is uploaded to Warhammer TV every day across YouTube and Facebook platforms, detailing how to build and paint models as well as unbox the kits. This is a marked improvement from 2016 when only 40 videos were uploaded in a year. Twitch is a streaming service that allows users to watch live and pre-recorded recording of a broadcaster’s video game. Warhammer is featured heavily with a busy programme that includes ‘Hang out and Hobby’ which broadcasts from 4pm to 7pm during weekdays and live content at 3pm every day bar Wednesday. LICENSING DEALS According to some analysts there was a step change in the company’s approach to licensing from around 2015, which has resulted in income increasing from £1.5 million to around £16 million in the year to 31 May 2020. All in all, successful social media engagement has not only resulted in the company selling more products to its existing customer base but has also attracted new, younger hobbyists. Revenue has gone from £119 million in 2015 to around £270 million in 2020. However operating profit has increased five-fold. The table shows the operating margin has more than doubled over the last few years as more revenue was captured as profit. This is due to management keeping a tight lid on administration expenses which have not kept pace with the expanding size of the business. As a proportion of revenue, they have fallen by over a third, allowing operating margins to expand appreciably. While the company should be applauded for good financial controls, it has also benefited from an increase in volumes going through the manufacturing and warehouse facilities at no marginal cost. One underappreciated aspect of Games Workshop’s business model is the huge fan base that in effect acts as a free sales and marketing team. The move to online has accelerated this effect because of the viral nature of social media, where videos, podcasts, interviews and tutorials spawn yet ever increasing content. In turn, discussion among users drives awareness,... continued below data... GAMES WORKSHOP PROPORTION OF REVENUES 2014 (%) 2019 (%) Gross Profit 70.0 67.5 Admin Expenses 56.5 36.0 Operating Margin 13.6 31.6 Source: Sharepad continued... attracting new hobbyists, creating a virtuous circle. HOW FAR CAN OPERATING MARGINS EXPAND? A key consideration for investors is to make an assessment of how sustainable the current economic advantages enjoyed by Games Workshop can continue. Analysts at Jefferies believe sales growth momentum will continue for the next decade, eventually fading to around 3% a year by 2030. Recognising the benefits from operational leverage they expect the operating margin to continue to expand to 40.5%. The higher margins are also expected to get a boost from increasing, higher margin license revenues.
18/1/2020
06:43
shanklin: All this excitement re GAW could cause me problems. Up to now, the broker has suppressed exuberance in GAW by issuing ludicrously low broker forecasts, thus holding back the share price .. ...albeit fine company performance has meant the share price from circa £5 to circa £70. This has happened without the forward P/E becoming anything remotely exciting, certainly not reaching BOO levels of circa 50, and with pretty conservative media coverage. But now it seems to be being tipped everywhere, which may cause the share price to become less boring. Yet GAW EPS, even with the daftly low forecasts for H2, is forecast to have grown by a factor of about 5.5 over 2016–>2020, which is more than BOO where the corresponding number is just under 5. I am not unhappy about the idea of the GAW share price doubling from here to put it on a similar valuation to BOO. But would GAW getting to a forward P/E of 50 cause me to reduce my position (for the sake of prudence) and cost me money in the long term... ...given it will be taking over the world in due course. What a quandary to have, or am I just over-reaching?
11/1/2018
17:29
walbrock82: Do you want to know if GAW share price will continue to rise or has earnings peaked and become unsustainable? The analysis is right here: http://bit.ly/2D1OnnF
Games Workshop share price data is direct from the London Stock Exchange
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