Games Workshop

Games Workshop Group


£1509.4m market cap

4644p last close

Games Workshop is a leading international specialist designer, manufacturer and multi-channel retailer of miniatures, scenery, artwork and fiction for tabletop miniature games set in its fantasy Warhammer worlds.

Investment summary

Games Workshop has issued a closing update confirming FY19 revenue of c £254m and pre-tax profits of not less than £80m, in line with our recently upgraded forecasts. Consistent with company policy to distribute surplus cash, dividends totalling 1.55p per share have been paid during the year. The company continues to focus on international multi-channel expansion, customer engagement and product innovation, alongside its openness to exploring ways in which to leverage its rich intellectual property to generate royalty income

Y/E May
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2017A 158.1 48.5 38.4 95.1 48.8 33.9
2018A 221.3 86.5 74.3 184.3 25.2 21.4
2019E 255.3 94.3 80.8 198.6 23.4 19.6
2020E 266.2 99.7 84.4 207.7 22.4 18.0
Industry outlook

Games Workshop is the global leader for tabletop miniature gaming, a market it created and the fastest-growing segment of the global non-digital games market, which is expected to grow at a CAGR of 9% between 2017 and 2023 and reach a value exceeding $12bn.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net cash (£m) 34.1
Forecast gearing ratio (%) N/A
Price performance
Actual (5.2) 13.6 46.7
Relative* (6.3) 13.0 50.8
52-week high/low 5085.0p/2800.0p
*% relative to local index
Key management
Kevin Rountree CEO
Rachel Tongue CFO