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
  140.00 1.35% 10,500.00 66,055 16:35:20
Bid Price Offer Price High Price Low Price Open Price
10,510.00 10,530.00 10,590.00 10,300.00 10,360.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Leisure Goods 269.70 89.40 218.70 48.0 3,441
Last Trade Time Trade Type Trade Size Trade Price Currency
17:49:50 O 45 10,501.578 GBX

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Games Workshop (GAW) Discussions and Chat

Games Workshop Forums and Chat

Date Time Title Posts
08/4/202108:05Games Workshop & Warhammer Online5,214
31/7/201808:24Games Workshop (GAW) One to Watch on Tuesday 3
14/1/200814:47Games Workshop Short with Charts3
16/9/200409:47The Trolls do it again95

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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 10,360p.
Games Workshop Group Plc has a 4 week average price of 9,255p and a 12 week average price of 9,040p.
The 1 year high share price is 12,140p while the 1 year low share price is currently 4,654p.
There are currently 32,774,708 shares in issue and the average daily traded volume is 141,088 shares. The market capitalisation of Games Workshop Group Plc is £3,441,344,340.
nod: If you are wanting to trade GAW I would suggest selling just before a results announcement. After 6-Nov FY results the share price fell to 9215. It then bounced up to 11730. After the Interim announcement on 12-Jan it has taken another dive. I notice Sharecast has four brokers on GAW all four with Strong Buy.
liquidtyler: I sometimes wonder how big the market for table top miniatures can be. Is it realistic for GAW to reach £1b in revenue in a few years time? I guess a partial answer to this is that they are diversifying with the IP aspect of the business, so revenue won't be completely derived from miniatures sales. Despite what people may say about the market GAW operates in, the fact this company has such enormous RoE means it can keep re-investing huge back into the business each year, thats really been the hidden story of their success over the past 5 years. I'm really happy that they are not insistent on paying out large dividends, and more focused on reinvestment of profits, this will lead to greater shareholder value in the long run. GAW now reaching the territory of emergence into FTSE 100, which could make things really interesting. The valuation at the moment seems really modest considering the recent trading updates which is implying likely YoY doubled profits. One thing I would like to see from GAW is the hiring of 1 or 2 more high calibre board members, people that likely have experience required to roll out the business internationally. However I do like the hire of this Kate Marsh who seems to have many years experience in digital and media.
1rcl: hxxps:// 'Tabletop games' is the leading fund-raising category on Kickstarter: "2020 was again a record year for Tabletop Games on Kickstarter. They represent nearly a third of all the money raised on Kickstarter that year." In the linked article, if you look at the tabletop game projects per year (funded), it's close to a straight line increase since 2011. I don't read too much into this in isolation - but the data is supportive of the idea that the broader tabletop gaming genre (of which GAW globally dominates its sub-genre) is in a long-running growth trend and not a Covid one-off. IMO, many investors (particularly institutional) still struggle to appreciate this genre/sub-genre and the quality/growth opportunity that GAW offers (GAW being one of the very few, publicly investable plays in this niche worldwide). I appreciate that may sound odd given the large increase in GAW's share price over the past few years - but I think the company's performance and prospects have accelerated significantly quicker.
nod: Goldilocks, GAW has certainly had some lean years since floating on the stock market in the 1990s. It was always susceptible to economic downturns in England, as were many luxury goods manufacturers. I don't recall ever being close to receivership, but we didn't have much spare cash for a few years.During our good years from 2004 on, on the back of the LOTR franchise, we gradually expanded into the USA, and other countries, opening expensive large stores in premium shopping malls, with wealthy customers.GFC hit sales hard. The share price went below 200, which is when I bought.We had to close most of these big stores and it was expensive to break leases and lay off staff. Electronic Arts made a $2billion loss and cut development of WH Online. A huge blow given the effort in getting to a live mmorpg. These were our dark days.Many independent retailers of GAW products around the globe also failed or closed their hobby store(s) and became an online retailer.At this stage, our one-man store concept was born. We closed many stores in town centres and moved to smaller stores in less expensive locations, operated by one person. Over time we grew the number of our own stores in this flexible format.
sogoesit: More from Chronic Investor this weekend in Companies Comment: "Games Workshop chases scale Undeterred by Covid-19, the games maker is pursuing international growth. * Loyal fanbase and new game launch support sales * Solid performance in North America and more factory openings point to greater scale The nerds have conquered again. Games Workshop’s (GAW) operating profit grew by more than half to £92m in the six months ended in November, as the wargames maker proved once more that its fans are hooked on its fantasy lore. Or perhaps it is the fumes from the paint. Either way, hobbyists eagerly greeted the release of the latest version of Warhammer 40,000 in the period, which management said was its most successful launch to date. GAW:LSE Games Workshop Group PLC 1mth Today change -5.22%Price (GBP) 10,710.00 This unwavering passion for miniature orks, and other such fantastical creatures, is the company’s lifeblood. And management is harnessing its energy: the new range’s ‘IndomitusR17; box for example was designed to reward existing customers, and sold out extremely quickly. Fans spent more time with the brand online, as the ‘warhammer-community’ website grew to an enormous 4.7m users, and customer sessions and pageviews grew. Focus on engagement evidently pays off. Sales have been so strong that the company said that its ‘out of stocks’ are currently running higher than it would like. Sales to independent retailers grew by a third, with the net number of trade outlets increasing by around 200 accounts to surpass the 5,000 mark. But the biggest growth, unsurprisingly, was in online channels where revenues surged by 87 per cent. Management did note, however, that the user experience for its website still needs to be improved, with a greater focus on personalised content and ease of navigation. Its bricks and mortar stores did not perform so well, hurt by coronavirus restrictions - although the company noted that it was in the process of cancelling its access to the UK’s business rates retail discount scheme. It reiterated its commitment to physical shops, describing retail as “paramountR21; and the best place for the customer to start their journey with the hobby - which goes some way in explaining why the company opened two stores in new locations in the period. Still, if current sales trends continue for the rest of the year, management estimated that around 50 stores out of 529 would not break even. Overall, gross margin moved up an impressive 6 percentage points to 75 per cent, credited to increasing volumes. This was no doubt helped by its focus on manufacturing, with output up by almost a third: the Warhammer 40,000 launch alone broke records for factory production volumes, in what management described as a “step change” in unit sales. Developing its manufacturing capacity scale remains a key focus for management, who are already overseeing the redesign of one of its factories in the UK and who have secured more adjacent land in Nottingham to open up “future options”. This push for greater scale is already bearing fruit: sales in North America performed particularly well, where revenues generated by third-party retailers grew by almost a third to £45m, accounting for two-fifths of the trade division’s total. Keen engagement, robust revenues and growing scale make for an attractive combination. It is hardly surprising then that Games Workshop was able to pay £1.3m to its staff in December, as well as a total £5m bonus to all of its employees. And shareholders have not missed out: management dished out £26m in dividends, and still finished the period with £96.5m worth of net cash (excluding lease liabilities), compared to £53m at the same point last year. Games Workshop is no doubt a high quality operation, with a winning focus on product, engagement and scale. This means that investors will likely struggle to find a bargain entry point. But the market hype that has followed the stock meant that shares slipped 9 per cent on the day of the results. With a still demanding price to earnings ratio of 36, the shares do not seem as expensive as usual. Buy. GAMES WORKSHOP (GAW) ORD PRICE: 10,870p MARKET VALUE: £ 3.56bn TOUCH: 10,850-10,890p 12-MONTH HIGH: 11,730p LOW: 3,590p DIVIDEND YIELD: 1.0% PE RATIO: 36 NET ASSET VALUE: 556p NET CASH: £51.2m Half-year to 29 Nov Turnover (£m) Pre-tax profit (£m) Earnings per share (p) Dividend † per share (p) 2019 148 58.6 146 100 2020 187 91.6 226 80 % change +26 +56 +55 -20 Ex-div: - Payment: - † A further dividend of 60p per share was declared on 7 December 2020 and is to be paid on 25 January 2021."
nod: All the journalist reports on GAW refer to us benefiting from Covid and lockdowns. I don't believe that's the reason for our sales growth. I would mention that 2019 was a stellar year and our share price doubled, without Covid.GAW is reaping the rewards of its 12+ years of steady international expansion; decades of IP development; its more recent capital investment in manufacturing, systems, and infrastructure; and a greatly improved relationship with its customers and trade retailers.DYOR
1rcl: The Buffettology Fund December update is now out. In it KAL confirms that, after being a forced seller of GAW due to exceeding 10% of fund NAV, the GAW price pullback meant that he could (and did) buy back some of the GAW shares that he had been forced to sell.
1rcl: TicTac - I believe FTSE100 automatic entry position (position #90) is currently ~£4.8bn, requiring a GAW share price of ~£146.50. The recent FTSE100 recovery has, of course, made reaching the target that much harder. But I agree it does feel more a matter of when rather than if. IMO, very few businesses have such a strong set of characteristics - globally growing (with far more runway), durable, high margin, high moat, highly cash generative, etc.
sogoesit: Phil Oakley's comment on GAW yesterday from the Chronic Investor: "I’ve written recently about how I think that the profit momentum at Games Workshop (GAW) can keep pushing its share price higher over the next few years. Therefore I was not really surprised when the company released another bullish trading update last Friday afternoon. It didn’t say much, but shareholders would have been happy that the company had said enough. Pre-tax profits for the half year to November 2020 are expected to be not less than £80m, compared with £58.6m for the same period last year. This is better than the board’s expectations and, of course, started chatter amongst shareholders on Twitter as to how much money the company might make for the full-year ending in May 2021. More on this shortly. This is a business where lots of things are going right. I have started to check out on a regular basis and have subscribed to email updates. There’s so much going on with lots of fresh Warhammer products being released. If you then seek out some internet gaming shops you can then find out that some of these limited edition product releases have sold out, which raises the likelihood that Games Workshop will make more of them. All this is bullish for revenues and profits. If we look at the trading statement again, not less than £80m implies profits of not less than £32m for the second quarter, compared with £29m in the second quarter last year. It shows that the £48m of profit (£45m if royalties are excluded) in the first quarter was truly exceptional and shows the high level of pent-up demand from the last quarter of 2020 when Games Workshop’s factory and high street shops were shut for around six weeks. So how much profit will Games Workshop make this year? Well, most people rightly think that half-year profits will be more than £80m, and I do as well. But if we take that as a base then assume that the current quarterly profit of £32m is maintained, we would get to £144m for the year. The company did not mention anything about royalties in the update having previously announced £3m of profits in the first quarter, but with new deals being signed every two to three months more profits are likely. Whether they will get to the £16.7m of last year remains to be seen, but it remains a source of forecast upgrade. I maintain that this business is very difficult to forecast. A lot depends on the schedule of product releases and the costs that go with them. However, what is indisputable is that demand and revenues are on the up. Throw in the significant operational gearing in this business and the potential is for profits to increase faster than revenues and faster than expectations. Edison Research upgraded its forecasts to £132.4m profit before tax, or 322.7p earnings per share (EPS), with Jefferies upgrading to £134m profit before tax, or 327.6p EPS. This looks too conservative to me. Along with the difficulty in predicting the outcome and success of new product releases, it is also important to recognise that the fourth quarter of 2020 saw six weeks of closure of the factory and shops. Some of the lost sales and profits look like they came through in the first quarter of this year, but the point is that the fourth quarter last year was soft. Whether the sum of first- and fourth-quarter profits grows this year is possible, but hard to quantify. The current UK lockdown should not hurt Games Workshop. While its UK stores are closed, its factory remains open and is busy making products. A lot of these will be sold over the internet in the next few weeks and this should come through at a much better profit margin that if they were sold through shops. It would not surprise me if Games Workshop made £150m of pre-tax profit this year given the following wind that is powering its business and therefore more profit forecast upgrades should not surprise anyone who follows this company. The shares rallied to touch £120 on Monday, but then sold off heavily after the Pfizer vaccine announcement and the consensus view that “stay at home” stocks would struggle to keep on doing well. While people will play Warhammer at home, I do not see Games Workshop as a stay at home stock that is merely a temporary beneficiary of Covid-19 lockdowns. I believe that there is sustainable momentum in this business driven by the Warhammer community and new product releases. Games Workshop: current forecasts Year (£m) 2021 2022 2023 Turnover 333.1 362.3 372.8 Ebitda 153.6 168.5 170.2 Ebit 131.6 149 151.8 Pre-tax profit 132.2 143.4 150.1 Post-tax profit 105.6 124.4 - EPS (p) 322.3 355.5 358.2 Dividend (p) 205 232.9 220 Capex 23.3 20.2 25.5 Free cash flow 68.5 84 90.8 Net borrowing -81.1 -121.1 -168.8 Source: SharePad One day the momentum will slow or possibly even stop and profits could go into reverse given the high operating leverage in the business. I think we are not near that point right now. At £101 at the time of writing, the shares trade on 31.3 times 2021F EPS. That’s not cheap, but for a highly profitable niche and growing business it’s not unreasonable either. I added them back to the UK Quality Shares portfolio last week and feel okay about having done so.
carcosa: I do not know GAW that well, other than being envious of the share price appreciation over the years. Would those GAW experts on this board consider that Hornby would be a good take-over target to work a similar GAW turnaround story for the Hornby brands e.g. Airfix, Corgi, Hornby, Humbrol, Scalextric, Tri-ang to name only six? Hornby interims: hTtps://
Games Workshop share price data is direct from the London Stock Exchange
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