Added to YB: 2026-08-07
Pitch date: 2026-08-05
GAW.L [bullish]
Games Workshop Group PLC
+0.05%
current return
Author Info
Valentir Capital is an ex buy-side analyst sharing long-term, high conviction investing ideas grounded in rational insight. Sign up for the newsletter
Company Info
Games Workshop Group PLC, together with its subsidiaries, engages in the design, manufacture, distribution, and sale of fantasy miniature figures and games in the United Kingdom, Continental Europe, North America, Australia, New Zealand, Asia, and internationally.
Market Cap
GBP 6.3B
Pitch Price
GBP 189.30
Price Target
N/A
Dividend
2.55%
EV/EBITDA
20.10
P/E
30.54
EV/Sales
9.33
Sector
Leisure Products
Category
growth
Games Workshop: Paying Up for the Best Business on the London Stock Exchange
GAW.L: 40yr Warhammer IP flywheel; FY26 record: core rev +10.9%, core op margin 39.1%, ROCE 196%, £182.9m cash, zero debt, PBT £275.7m. But H2 decelerated to ~5% core growth; licensing halved (Space Marine 2 base effect). Author's DCF fair value £114 vs £191 price — the ~£77 gap is a call option on Amazon media (Cavill, Flanagan) turning IP mainstream (Marvel analogy). Bought at £195-98, underwater, sized as 1 of 5. Risks: £13m recurring tariffs, key-person, saturation, 30x multiple. Jan 2027 interims key.
Read full article (15 min)