Share Name Share Symbol Market Type Share ISIN Share Description
Games Workshop Group LSE:GAW London Ordinary Share GB0003718474 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +50.00p +2.24% 2,280.00p 2,270.00p 2,275.00p 2,320.00p 2,255.00p 2,255.00p 42,651 16:35:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Leisure Goods 158.1 38.4 95.1 24.0 739.61

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Date Time Title Posts
16/2/201823:26Games Workshop & Warhammer Online2,108
14/1/200814:47Games Workshop Short with Charts3
16/9/200408:47The Trolls do it again95

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Games Workshop Daily Update: Games Workshop Group is listed in the Leisure Goods sector of the London Stock Exchange with ticker GAW. The last closing price for Games Workshop was 2,230p.
Games Workshop Group has a 4 week average price of 2,050p and a 12 week average price of 1,857p.
The 1 year high share price is 2,850p while the 1 year low share price is currently 850p.
There are currently 32,438,899 shares in issue and the average daily traded volume is 68,794 shares. The market capitalisation of Games Workshop Group is £739,606,897.20.
argylerich: Do the Divi payment days ever have a noticeable affect on share price? With the amount reinvested one would of thought this was a possibility?
cockerhoop: Richard Beddard Melt up at Games Workshop Games Workshop's half-year results, reported on 9 January, were as fantastic as they were unexpected, at least by me, only a few years ago. It earned more in the six months to November 2017 than it did in the previous financial year. That year was a record year. Games Workshop has always scored highly because it's unique, there is no other tabletop wargaming and modelling business approaching it in size, and Games Workshop controls almost every aspect of the Warhammer "hobby" it owns, from manufacturing the figurines to running the stores and publishing the books and magazines that perpetuate the lore. A few years ago, in annual reports and at the annual general meeting, I sensed the company was disinterested in promoting the gaming aspect of the hobby which acts as a gateway to the more lucrative modelling aspect. It was dismissive of customers and investors who complained it should perhaps listen to them. Games Workshop seemed introverted, focused on efficiency improvements rather than growing the hobby. Those efficiency improvements weren't a bad thing, they've contributed to a dramatic boost in profitability, but as a long-term investor I was concerned about the hobby's future. Since then, the company's confounded me by revitalising its two principal gaming systems, sponsoring a major games convention, and for the first time I remember its half-year report talks of customer-focus, and interactions on its newish Facebook pages and Warhammer Community website. The shift in one number is, perhaps, even more impressive than the 178% increase in profit for the half-year compared to the same period a year ago, and that is the rise in the share price. Since its most recent trough in June 2016, the share price has risen nearly 500%. That's why, despite a run of amazing results, Games Workshop is only tenuously in the buyzone, scoring 7 out of 10. The Decision Engine is designed to protect me from from over-enthusing about companies on high valuations, even if I admire the business.
nod: Walbrock, I read your analysis with interest.It's been 84 degrees F today and 75% humidity, so indoors with air-con for me.Your chart with profits and market cap shows there was a disconnect following the GFC, as you mention, which probably reduced sales for a few years and also reduced investor activity keeping the share price well below levels where it would normally have gone. As a consequence, you only have one 'normal' consumer cycle on your chart. To see another normal cycle you need to look at 1994-2000.We can only speculate on the GFC impact but it is quite possibly the reason the last cycle was a little erratic and perhaps a lot lower in revenues than expected. This followed many years of significant focus on USA business development that didn't reach its potential - until now.The parameter I would throw into your equation is the customer. There is a tendency to model revenues on the basis that all customers arrive at once, not allowing for young ages and product awareness.As I've mentioned many times, young customers invest a lot of time and considerable money in the hobby. So most customers stay at it for 3 or 4 years, buying whenever they can afford and particularly at birthdays and Christmas. GBP 300 doesn't buy you much of an army. In past cycles customer numbers and spending have grown year on year, for 3 or 4 years. This can be seen in the profits each year from 2001 to 2004. The profit decline in 2005 is gradual, as customers starting the hobby in 2004 continue buying for a few years.This is because customers don't all hear about and start buying WH at the start of a new cycle. While the current uptrend may have started 18 months ago, many new customers will be starting the hobby today and many others will be starting in 12 months. A 10 year old may only become aware of WH next month but he may have to wait until his birthday to get started. GAW has indicated this new take-up in its customer connectivity stats.The suggestion that sales and profits have already peaked seems bizarre based on previous customer patterns and revenues. It would suggest everyone has bought all or most of their armies by now, with only one Christmas to do this for many players. I can't see that.This is not like buying a Rolex, where the customer makes a big one-off purchase and disappears.This is a hobby where customers invest continuously year after year, building up their collection.
simso: I appreciate reading Nod's wisdom on this, with 23 years of knowledge. There are indeed a range of potential outcomes. At one extreme is the Current Broker forecast, requiring only 64p of earnings in the second half, barely much different to second half LY...and by implication treating a sizeable element (perhaps 40p+) of the 97p delivered in H1 as being "one off" / spike relating to Warhammer launch. At the other extreme, any Forecast which takes the first half 97p and extrapolates up using an average 1st/2nd half split is not recognising any element of "spike" in the 97p at all. I suspect the true answer is somewhere between, and on reading this Board (and particularly the wisdom of Nod and his 23 year involvement)I lean more toward believing that the more of rise is sales and profit is closer to the "sustainable" rather than "spike" extreme. Two reasons: First the fact that GAW already had very strong business momentum leading into the Warhammer launch lastr Summer, for all the reasons discussed extensively on here relating to Marketing, Online development, Customer Engagement etc; the share price was recognising this by increasing around 150% between June 16 and June 17. Secondly, I hope and believe the new Warhammer, as an expensive and multi-faceted hobby, will create a steady flow of incremental sales. It would be good to compare against any previous Successful Launches, so see if they "sustained" or "spiked". I am not sure LOTR in early 2000's is a good comparative; It was a phenomenon and in the nations consciousness when the films were out, and am sure GAW benefitted from that in a more temporary way from all the surrounding publicity.
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:
cockerhoop: Wilmdav, Regards the TS of the 19th Oct, I agree it was lacking detail - only suggesting a continuation of strong trading mentioned in the TS of 5th Sept. It was only later on in the morning when the house broker forecasts were increased from £1.37 to £1.61 that the share price kicked on. I think the opposite may have occurred on 1st December, opened quite firmly (I thought £25 was nailed on that day) with the specific nature of the update then fell back a little when forecasts weren't upgraded followed by a period of weakness before recovering eventually last week to my expected £25. If only you'd known about GAW in 2006 you could have bought a LOTR set :-) I may pop into my local store tomorrow to check how the run up to Christmas has shaped up.
cockerhoop: Hard to tell, the next RNS is likely to be the Interims which will only add flesh to the December 1st TS (last year contained no outlook statement). Shortly after that I'd expect the Christmas TS which will probably be more influential........BWTFDIK :-) From this weeks IC: Low Risk Momentum Portfolio Games Workshop All too often, corporate recovery plans involve desperate cost cutting, without addressing the underlying problems in the business. Not so for Games Workshop (GAW). The stars aligned for the game and model retailer when it initiated its digital push at the same time as a wave of nostalgia for fantasy figurines – perhaps sparked by the Game of Thrones TV series – swept the globe. The result is that both profits and the group’s share price have more than doubled in the past year and investors who bought into the recovery strategy in late 2016 are probably feeling pretty smug. True, some of the top-line momentum has come from helpful currency movements – GAW generates most of its revenues outside of the UK – but that has been supported by underlying sales growth of 21 per cent. Operating profits grew 85 per cent in constant currencies in the year to May 2017 and the momentum has continued in the current financial year. But still the shares carry a forward price-to-earnings multiple of just 13 times, which is way too low considering the continued stellar growth.
nod: The trading update so far in advance of December would suggest to me that GAW is smashing its previous forecasts and furthermore doesn't think that today's share price is above valuation - otherwise they could be accused of pumping an already inflated share price - and GAW has never done that.GAW has always been ultra-conservative with its RNS and foreword statements. Like an army on the battleground, GAW prefers to surprise. So this RNS strikes me as an exceptional warning that profits are going to be huge..."TRADING STATEMENTFollowing on from the Group's update in September, sales to date have continued strongly. Given the high operational gearing of the business, any movement in sales is directly reflected in profits. Sales and profits to date therefore continue to be well above the same period in the prior year."
nod: This is not an entirely accurate write-up and is misleading in places. MF has consistently been wrong in its analysis of and prediction for GAW. As MF now predict GAW will make me fabulously rich from this point forth then I will go along with them. One important point they do get wrong is the inference that GAW has gone nowhere in 20 years. GAW has produced excellent dividends during many of these 20 years and stupendous capital growth at times. GAW is not a buy-and-go-to-sleep for 20 years. I can’t think of many companies that have been. Warren Buffet likes companies that have an unassailable moat around them and Buffet’s “Moat Test” is a key part of his investment strategy. GAW has been good at building moats, as you might expect given their business of battle strategies. 2 small-cap growth stocks that could make you fabulously rich Alan Oscroft | Wednesday, 11th October, 2017 After years of volatility and no overall price gain in nearly 20 years, shares in Games Workshop Group (LSE: GAW) have taken off like a rocket over the last year — they’ve more than trebled in value in 12 months to 2,030p. After a gradual climb, June’s trading update ahead of full-year results inspired a spike, and since then it’s just been up and up. In the end, the year to May 2017 saw a 127% rise in pre-tax profit coupled with an 84% hike in operating cash generation. Earnings per share more than doubled to 95.1p, and the dividend was lifted by 85% to 74p per share. Chief executive Kevin Rountree described the year as a “fun and exciting” one, suggesting that “prospects for the business are good” — and at least the second part of that seems modest. Strong margins A sales boost from the fall in sterling has certainly helped, as most of the company’s sales are overseas, but I see another long-term cash cow here too. Games Workshop’s margins are high, with a very impressive gross margin of 72.4% for 2017, and it really doesn’t require a lot of capital expenditure to keep it going. And though it’s taken a long time for the share price to get moving, the company has been paying out handsome dividends for years. This year is already off to a good start, with Q1 sales and profits “well above the same period in the prior year” and the firm telling us we should be seeing expectations-busting results this year. Forecast dividends of 100p would provide a yield of 4.9% with the shares on a P/E of 15, and that looks good to me. A million by retirement Shares like these two tucked away in your SIPP give you the hope of enjoying growth and dividends for years to come after you retire, and there are more top shares out there that can do the same.
nod: To illustrate how useless professional analysts and tipsters can be, I recently highlighted how Shareprophets had GAW as a basket case two years ago when share price was around 600p.And more recently Motley Fool seemed to have not a clue:By The Motley Fool 30 Jun 2017, 13:45OutlookThe prospects for retailers such as Game Digital and Games Workshop(LSE: GAW) appear to be rather bleak. The outlook for consumer spending remains tough and, realistically, things could get worse before they get better. Political risk remains high, and this could hurt business confidence and create a prolonged period of economic gloom. This may lead to profit warnings across the retail sector such as that experienced by Game Digital on Friday....In the case of Games Workshop, it is forecast to deliver a fall in earnings of 11% this year. This is due to be followed with growth of 3% next year. Given that it trades on a price-to-earnings (P/E) ratio of 14.6, it seems to lack a sufficiently wide margin of safety to warrant investment at the present time. While the company may have a sound strategy and strong business model, external factors could count against it and lead to relatively disappointing share price performance.
Games Workshop share price data is direct from the London Stock Exchange
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