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1. Company Snapshot

1.a. Company Description

Games Workshop Group PLC, together with its subsidiaries, designs, manufactures, distributes, and sells miniature figures and games in the United Kingdom, Continental Europe, North America, Australia, New Zealand, Asia, and internationally.It operates in two segments, Core and Licensing.The company offers games under the Warhammer: Age of Sigmar and Warhammer 40,000 names, as well as Horus Heresy, an off shoot of Warhammer 40,000.


It also publishes short stories, audio dramas, full length novels, and audio books under the Black Library name; and develops digital content for animation and TV.In addition, the company provides painting and modelling products, boxed games, and gifts; and engages in the newsstand and trustee businesses.It offers its products through its retail stores, social media sites, and warhammer-community.com; and physical bookstores, third party online platforms, and other retail and specialist stores.


The company operated 518 stores in 23 countries; 400 single staff stores; and 118 multi-staff stores.Games Workshop Group PLC was incorporated in 1991 and is headquartered in Nottingham, the United Kingdom.

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1.b. Last Insights on GAW

Games Workshop Group PLC's recent momentum is driven by outstanding first-half results, with Jefferies raising its price target to 21,850 GBp, citing growth opportunities ahead, despite December core sales being only slightly ahead year-over-year. The company's trading update also sparked optimism, with the Nottingham-based firm eyeing profit and sales growth, bolstering its position in the market.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Does This Valuation Of Games Workshop Group PLC (LON:GAW) Imply Investors Are Overpaying?

Feb -12

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What Is Games Workshop Group PLC's (LON:GAW) Share Price Doing?

Jan -24

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Games Workshop price target raised to 21,850 GBp from 21,000 GBp at Jefferies

Jan -17

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FTSE 100 reshuffle 2025: Burberry, Games Workshop and British Land join as WPP, Frasers and B&M exit

Jan -02

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FTSE 100 up but mixed US jobs data tempers gains

Nov -20

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Games Workshop shares surge after eyeing profit and sales growth

Nov -20

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Top UK Dividend Stocks To Consider In November 2025

Nov -19

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Oct -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.11%)

6. Segments

Core

Expected Growth: 3%

Games Workshop Group PLC's core segment growth is driven by increasing popularity of tabletop gaming, successful product launches, and expansion of its global retail footprint. Additionally, the company's strong brand loyalty, strategic licensing agreements, and growing online presence contribute to its 3% growth rate.

Licensing

Expected Growth: 5%

Strong brand recognition, increasing popularity of tabletop gaming, strategic partnerships, and expansion into new markets drive licensing growth for Games Workshop Group PLC. Additionally, the company's focus on intellectual property development and protection, as well as its ability to leverage its Warhammer franchise, contribute to its 5% growth.

7. Detailed Products

Warhammer Age of Sigmar

A fantasy miniatures wargame where players engage in battles with armies of miniatures, using rules and background lore created by Games Workshop.

Warhammer 40,000

A science fiction miniatures wargame set in a grimdark future, where players engage in battles with armies of miniatures, using rules and background lore created by Games Workshop.

Citadel Paint

A range of acrylic paints and painting supplies designed specifically for painting miniatures and models.

Warhammer Underworlds

A competitive miniatures game where players engage in fast-paced, strategic battles with small warbands of miniatures.

Necromunda

A tabletop skirmish game set in the Warhammer 40,000 universe, where players engage in gang warfare with small groups of miniatures.

White Dwarf

A monthly magazine that showcases new products, provides gaming tutorials, and offers background lore and fiction set in the Warhammer universes.

Warhammer novels and audiobooks

A range of fiction novels and audiobooks set in the Warhammer universes, exploring the characters, worlds, and stories of the Warhammer settings.

8. Games Workshop Group PLC's Porter Forces

Forces Ranking

Threat Of Substitutes

Games Workshop Group PLC has a unique product offering, with a strong brand presence in the tabletop gaming industry. The threat of substitutes is low, as customers are loyal to the Warhammer brand and there are limited alternatives available.

Bargaining Power Of Customers

Games Workshop Group PLC has a dedicated customer base, but customers do have some bargaining power due to the availability of alternative products and online retailers. However, the company's strong brand presence and loyal customer base mitigate this threat.

Bargaining Power Of Suppliers

Games Workshop Group PLC has a diversified supplier base, and the company's large scale of operations gives it significant bargaining power over its suppliers. The threat of supplier bargaining power is therefore low.

Threat Of New Entrants

While there are barriers to entry in the tabletop gaming industry, new entrants can still pose a threat to Games Workshop Group PLC. However, the company's strong brand presence, established distribution network, and high-quality products make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The tabletop gaming industry is highly competitive, with several established players competing for market share. Games Workshop Group PLC faces intense rivalry from competitors such as Privateer Press and Fantasy Flight Games, which can lead to pricing pressure and marketing expenditure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.51%
Debt Cost 3.95%
Equity Weight 82.49%
Equity Cost 10.26%
WACC 9.15%
Leverage 21.23%

11. Quality Control: Games Workshop Group PLC passed 9 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Games Workshop

A-Score: 6.1/10

Value: 0.7

Growth: 8.6

Quality: 9.0

Yield: 5.6

Momentum: 6.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
NEXT

A-Score: 5.8/10

Value: 1.8

Growth: 5.7

Quality: 6.7

Yield: 4.4

Momentum: 8.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Redrow

A-Score: 5.1/10

Value: 6.8

Growth: 5.2

Quality: 7.4

Yield: 4.4

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
DS Smith

A-Score: 4.9/10

Value: 8.3

Growth: 3.7

Quality: 3.8

Yield: 3.8

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Thule

A-Score: 3.9/10

Value: 2.6

Growth: 6.0

Quality: 6.3

Yield: 3.1

Momentum: 1.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Dometic

A-Score: 3.8/10

Value: 7.8

Growth: 3.9

Quality: 2.5

Yield: 5.0

Momentum: 1.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

173.83$

Current Price

173.83$

Potential

-0.00%

Expected Cash-Flows