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Games Workshop Group

LSE:GAW
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GAW
LSE
£1B
Market Cap
  1. Home
  2. GB
  3. Consumer Durables
Company description

Games Workshop Group PLC, together with its subsidiaries, designs, manufactures, distributes, and retails miniature figures and games in the United Kingdom, Continental Europe, North America, Australia, New Zealand, and Asia. The last earnings update was 131 days ago. More info.


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  • Games Workshop Group has significant price volatility in the past 3 months.
GAW Share Price and Events
7 Day Returns
1.9%
LSE:GAW
1%
GB Leisure
-0.6%
GB Market
1 Year Returns
56.9%
LSE:GAW
19.3%
GB Leisure
-5.8%
GB Market
GAW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Games Workshop Group (GAW) 1.9% 8.5% 45.5% 56.9% 789.3% 659.3%
GB Leisure 1% 5.9% 29.1% 19.3% 111.2% 129.3%
GB Market -0.6% -2% 1.4% -5.8% 13.1% 1.3%
1 Year Return vs Industry and Market
  • GAW outperformed the Leisure industry which returned 19.3% over the past year.
  • GAW outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -5.8% over the past year.
Price Volatility
GAW
Industry
5yr Volatility vs Market

GAW Value

 Is Games Workshop Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Games Workshop Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Games Workshop Group.

LSE:GAW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:GAW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
Leisure Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.897 (1 + (1- 19%) (0%))
0.931
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.931 * 6.65%)
7.42%

Discounted Cash Flow Calculation for LSE:GAW using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Games Workshop Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

LSE:GAW DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 7.42%)
2019 52.51 Analyst x2 48.89
2020 58.10 Analyst x2 50.35
2021 51.10 Analyst x1 41.23
2022 46.70 Est @ -8.61% 35.08
2023 44.06 Est @ -5.66% 30.81
2024 42.48 Est @ -3.59% 27.65
2025 41.56 Est @ -2.15% 25.19
2026 41.09 Est @ -1.13% 23.18
2027 40.92 Est @ -0.43% 21.49
2028 40.95 Est @ 0.07% 20.02
Present value of next 10 years cash flows £323.89
LSE:GAW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £40.95 × (1 + 1.23%) ÷ (7.42% – 1.23%)
£669.62
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £669.62 ÷ (1 + 7.42%)10
£327.42
LSE:GAW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £323.89 + £327.42
£651.31
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £651.31 / 32.50
£20.04
LSE:GAW Discount to Share Price
Calculation Result
Value per share (GBP) From above. £20.04
Current discount Discount to share price of £44.80
= -1 x (£44.80 - £20.04) / £20.04
-123.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Games Workshop Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Games Workshop Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Games Workshop Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:GAW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-02) in GBP £1.90
LSE:GAW Share Price ** LSE (2019-05-24) in GBP £44.8
Europe Leisure Industry PE Ratio Median Figure of 24 Publicly-Listed Leisure Companies 18.6x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 789 Publicly-Listed Companies 16.22x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Games Workshop Group.

LSE:GAW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:GAW Share Price ÷ EPS (both in GBP)

= 44.8 ÷ 1.90

23.59x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Games Workshop Group is overvalued based on earnings compared to the Europe Leisure industry average.
  • Games Workshop Group is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Games Workshop Group's expected growth come at a high price?
Raw Data
LSE:GAW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.59x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-25.5%per year
Europe Leisure Industry PEG Ratio Median Figure of 12 Publicly-Listed Leisure Companies 1.44x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 575 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Games Workshop Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Games Workshop Group's assets?
Raw Data
LSE:GAW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-02) in GBP £3.12
LSE:GAW Share Price * LSE (2019-05-24) in GBP £44.8
United Kingdom of Great Britain and Northern Ireland Leisure Industry PB Ratio Median Figure of 5 Publicly-Listed Leisure Companies 2.57x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,369 Publicly-Listed Companies 1.49x
LSE:GAW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:GAW Share Price ÷ Book Value per Share (both in GBP)

= 44.8 ÷ 3.12

14.36x

* Primary Listing of Games Workshop Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Games Workshop Group is overvalued based on assets compared to the GB Leisure industry average.
X
Value checks
We assess Games Workshop Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Leisure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Leisure industry average (and greater than 0)? (1 check)
  5. Games Workshop Group has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

GAW Future Performance

 How is Games Workshop Group expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover Games Workshop Group, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-25.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Games Workshop Group expected to grow at an attractive rate?
  • Games Workshop Group's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Games Workshop Group's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • Games Workshop Group's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:GAW Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:GAW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -25.5%
LSE:GAW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 6.8%
Europe Leisure Industry Earnings Growth Rate Market Cap Weighted Average 9.8%
Europe Leisure Industry Revenue Growth Rate Market Cap Weighted Average 6.9%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.8%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:GAW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:GAW Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-05-31 88
2020-05-31 266 85 2
2019-05-31 255 84 2
LSE:GAW Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-12-02 236 62 62
2018-09-02 228 66 61
2018-06-03 220 70 60
2018-03-03 209 66 55
2017-11-26 197 62 50
2017-08-26 177 53 41
2017-05-28 158 44 31
2017-02-28 146 39 25
2016-11-27 134 35 20
2016-08-27 126 29 17
2016-05-29 118 24 13
2016-02-29 118 24 13

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Games Workshop Group's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Games Workshop Group's revenue is expected to grow by 6.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:GAW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Games Workshop Group Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:GAW Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-05-31
2020-05-31
2019-05-31
LSE:GAW Past Financials Data
Date (Data in GBP Millions) EPS *
2018-12-02 1.90
2018-09-02 1.87
2018-06-03 1.85
2018-03-03 1.70
2017-11-26 1.57
2017-08-26 1.26
2017-05-28 0.95
2017-02-28 0.78
2016-11-27 0.61
2016-08-27 0.52
2016-05-29 0.42
2016-02-29 0.40

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Games Workshop Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Games Workshop Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Games Workshop Group has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

GAW Past Performance

  How has Games Workshop Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Games Workshop Group's growth in the last year to its industry (Leisure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Games Workshop Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Games Workshop Group's 1-year earnings growth is less than its 5-year average (21.4% vs 44.8%)
  • Games Workshop Group's earnings growth has not exceeded the Europe Leisure industry average in the past year (21.4% vs 24.3%).
Earnings and Revenue History
Games Workshop Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Games Workshop Group Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:GAW Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-02 235.52 61.62 96.53
2018-09-02 227.69 60.65 94.47
2018-06-03 219.87 59.68 92.40
2018-03-03 208.67 54.82 90.29
2017-11-26 196.75 50.49 88.17
2017-08-26 177.43 40.52 85.49
2017-05-28 158.11 30.55 82.81
2017-02-28 145.93 25.10 78.90
2016-11-27 133.75 19.65 74.99
2016-08-27 125.91 16.57 72.34
2016-05-29 118.07 13.50 69.68
2016-02-29 117.98 12.95 68.59
2015-11-29 117.89 12.40 67.50
2015-08-29 118.51 12.33 67.35
2015-05-31 119.13 12.26 67.20
2015-02-28 119.33 9.65 67.79
2014-11-30 119.52 7.05 68.38
2014-08-31 121.51 7.53 69.98
2014-06-01 123.50 8.01 71.58
2014-03-01 125.56 10.92 74.23
2013-12-01 127.62 13.84 76.88
2013-09-01 131.11 15.08 77.27
2013-06-02 134.60 16.32 77.67
2013-03-02 135.17 16.10 76.95
2012-12-02 135.75 15.88 76.23
2012-09-02 133.38 15.30 78.37
2012-06-03 131.01 14.71 80.51

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Games Workshop Group made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Games Workshop Group used its assets more efficiently than the Europe Leisure industry average last year based on Return on Assets.
  • Games Workshop Group has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Games Workshop Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Leisure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Games Workshop Group has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

GAW Health

 How is Games Workshop Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Games Workshop Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Games Workshop Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Games Workshop Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Games Workshop Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Games Workshop Group has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Games Workshop Group Company Filings, last reported 5 months ago.

LSE:GAW Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-02 101.58 0.00 25.34
2018-09-02 101.58 0.00 25.34
2018-06-03 84.48 0.00 28.55
2018-03-03 84.48 0.00 28.55
2017-11-26 75.81 0.00 28.64
2017-08-26 75.81 0.00 28.64
2017-05-28 62.83 0.00 17.91
2017-02-28 62.83 0.00 17.91
2016-11-27 58.89 0.00 15.88
2016-08-27 58.89 0.00 15.88
2016-05-29 53.16 0.00 11.78
2016-02-29 53.16 0.00 11.78
2015-11-29 50.09 0.00 7.78
2015-08-29 50.09 0.00 7.78
2015-05-31 51.53 0.00 12.56
2015-02-28 51.53 0.00 12.56
2014-11-30 49.77 0.00 8.41
2014-08-31 49.77 0.00 8.41
2014-06-01 55.39 0.00 17.55
2014-03-01 55.39 0.00 17.55
2013-12-01 53.07 0.00 9.30
2013-09-01 53.07 0.00 9.30
2013-06-02 47.85 0.00 13.93
2013-03-02 47.85 0.00 13.93
2012-12-02 51.37 0.00 15.64
2012-09-02 51.37 0.00 15.64
2012-06-03 48.61 0.00 17.36
  • Games Workshop Group has no debt.
  • Games Workshop Group has not taken on any debt in the past 5 years.
  • Games Workshop Group has no debt, it does not need to be covered by operating cash flow.
  • Games Workshop Group has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Games Workshop Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Games Workshop Group has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

GAW Dividends

 What is Games Workshop Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.9%
Current annual income from Games Workshop Group dividends. Estimated to be 3.3% next year.
If you bought £2,000 of Games Workshop Group shares you are expected to receive £58 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Games Workshop Group's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.04%).
  • Games Workshop Group's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.32%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:GAW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Europe Leisure Industry Average Dividend Yield Market Cap Weighted Average of 17 Stocks 2.5%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 706 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:GAW Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2021-05-31
2020-05-31 1.51 2.00
2019-05-31 1.45 2.00
LSE:GAW Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2018-06-08 1.300 4.015
2017-06-14 1.000 5.033
2017-03-22 0.800 8.077
2017-01-17 0.600 6.819
2016-10-17 0.500 8.115
2016-07-26 0.400 7.689
2016-04-20 0.400 8.427
2016-01-08 0.400 7.796
2015-07-28 0.400 6.964
2015-07-27 0.320 5.903
2015-02-11 0.320 6.278
2014-06-06 0.200 3.573
2014-01-16 0.000 0.000
2013-05-22 0.580 7.685
2013-02-26 0.580 8.708
2012-07-31 0.630 9.520
2011-07-26 0.380 7.707
2011-01-25 0.400 9.950
2010-07-27 0.250 5.998
2010-07-26 0.250 5.927

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Games Workshop Group has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Games Workshop Group only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Games Workshop Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Games Workshop Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Games Workshop Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Games Workshop Group has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GAW Management

 What is the CEO of Games Workshop Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kevin Rountree
COMPENSATION £438,000
AGE 48
TENURE AS CEO 4.3 years
CEO Bio

Mr. Kevin Derek Rountree has been the Chief Executive Officer of Games Workshop Group plc since January 01, 2015. Mr. Rountree served as Chief Operating Officer of Games Workshop Group plc until January 1, 2015. He served as the Chief Financial Officer at Games Workshop Group plc since October 2008. He served as Joint Company Secretary of Games Workshop Group plc. During the year ended 29 May 2011, he took on the responsibility of managing the Group’s service centres globally. He joined Games Workshop in March 1998 as assistant group accountant. He then had various management roles within Games Workshop, including head of sales for the Other Activities division (including Black Library, licensing and Sabertooth Games).He has been with Games Workshop Group plc for 10 years. He has been a Director of Games Workshop Group plc since October 22, 2008. He qualified as a chartered management accountant in August 2001. Prior to joining Games Workshop, he was the management accountant at J Barbour & Sons Limited and trained at Price Waterhouse.

CEO Compensation
  • Kevin's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kevin's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Games Workshop Group management team in years:

4.3
Average Tenure
48
Average Age
  • The tenure for the Games Workshop Group management team is about average.
Management Team

Kevin Rountree

TITLE
CEO & Executive Director
COMPENSATION
£438K
AGE
48
TENURE
4.3 yrs

Rachel Tongue

TITLE
Group Finance Director
COMPENSATION
£269K
AGE
47
TENURE
4.3 yrs

Tom Kirby

TITLE
Consultant
COMPENSATION
£71K
AGE
68
TENURE
1.7 yrs

Max Bottrill

TITLE
Head of Product & Supply
Board of Directors Tenure

Average tenure and age of the Games Workshop Group board of directors in years:

4.9
Average Tenure
49.5
Average Age
  • The tenure for the Games Workshop Group board of directors is about average.
Board of Directors

Nick Donaldson

TITLE
Non-Executive Chairman
COMPENSATION
£101K
AGE
64
TENURE
1.7 yrs

Kevin Rountree

TITLE
CEO & Executive Director
COMPENSATION
£438K
AGE
48
TENURE
10.6 yrs

Rachel Tongue

TITLE
Group Finance Director
COMPENSATION
£269K
AGE
47
TENURE
4.3 yrs

Chris Myatt

TITLE
Senior Independent Director
COMPENSATION
£60K
AGE
74
TENURE
23.1 yrs

Elaine O’Donnell

TITLE
Non-Executive Director
COMPENSATION
£52K
AGE
46
TENURE
5.5 yrs

John Richard Brewis

TITLE
Non-Executive Director
AGE
51
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Games Workshop Group insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
04. Mar 19 Buy Kevin Rountree Individual 01. Mar 19 01. Mar 19 113 £31.70 £3,582
27. Nov 18 Sell Kevin Rountree Individual 27. Nov 18 27. Nov 18 -17,659 £28.95 £-511,228
02. Oct 18 Buy Rachel Tongue Individual 02. Oct 18 02. Oct 18 1,684 £39.03 £65,718
02. Oct 18 Buy Kevin Rountree Individual 02. Oct 18 02. Oct 18 2,761 £39.03 £107,748
X
Management checks
We assess Games Workshop Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Games Workshop Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

GAW News

Simply Wall St News

Is Now An Opportune Moment To Examine Games Workshop Group PLC (LON:GAW)?

And if you believe Games Workshop Group should be trading in this range, then there isn’t really any room for the share price grow beyond what it’s currently trading. … Furthermore, Games Workshop Group’s share price also seems relatively stable compared to the rest of the market, as indicated by its low beta. … GAW’s optimistic future growth appears to have been factored into the current share price, with shares trading around its fair value.

Simply Wall St -

Does Games Workshop Group PLC's (LON:GAW) Past Performance Indicate A Stronger Future?

In this article, I will take a look at Games Workshop Group PLC's (LON:GAW) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … How GAW fared against its long-term earnings performance and its industry … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 45%, indicating the rate at which GAW is growing has slowed down.

Simply Wall St -

Brief Commentary On Games Workshop Group PLC's (LON:GAW) Fundamentals

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … is a company with great financial health as well as a.

Simply Wall St -

Is Games Workshop Group PLC's (LON:GAW) ROE Of 61% Impressive?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Games Workshop Group PLC (LON:GAW). … Games Workshop Group has a ROE of 61%, based on the last twelve months. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Those Who Purchased Games Workshop Group (LON:GAW) Shares Three Years Ago Have A -499% Loss To Show For It

For example, the Games Workshop Group PLC (LON:GAW) share price is up a whopping 499% in the last three years, a handsome return for long term holders. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During three years of share price growth, Games Workshop Group achieved compound earnings per share growth of 70% per year.

Simply Wall St -

Should You Buy Games Workshop Group PLC (LON:GAW) For Its 4.1% Dividend?

Historically, Games Workshop Group PLC (LON:GAW) has been paying a dividend to shareholders. … Let's dig deeper into whether Games Workshop Group should have a place in your portfolio. … See our latest analysis for Games Workshop Group

Simply Wall St -

Does Games Workshop Group PLC (LON:GAW) Have A Good P/E Ratio?

To keep it practical, we'll show how Games Workshop Group PLC's (LON:GAW) P/E ratio could help you assess the value on offer. … Games Workshop Group has a P/E ratio of 16.7, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Games Workshop Group PLC (LON:GAW): Has Recent Earnings Growth Beaten Long-Term Trend?

For investors with a long-term horizon, examining earnings trend over time and against industry peers is more insightful than looking at an earnings announcement in one point in time. … Did GAW beat its long-term earnings growth trend and its industry. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 45%, indicating the rate at which GAW is growing has slowed down.

Simply Wall St -

How Does Investing In Games Workshop Group PLC (LON:GAW) Impact The Volatility Of Your Portfolio?

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … To use beta as an investor, you must first understand that the overall market has a beta of one. … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

What You Must Know About Games Workshop Group PLC's (LON:GAW) Financial Strength

However, it also faces higher cost of capital given interest cost is generally lower than equity. … Is GAW growing fast enough to value financial flexibility over lower cost of capital. … Debt funding can be cheaper than issuing new equity due to lower interest cost on debt

Simply Wall St -

GAW Company Info

Description

Games Workshop Group PLC, together with its subsidiaries, designs, manufactures, distributes, and retails miniature figures and games in the United Kingdom, Continental Europe, North America, Australia, New Zealand, and Asia. The company offers games under the Warhammer: Age of Sigmar and Warhammer 40,000 names; Middle-earth battle games; book and box games; Blood Bowl and Necromunda standalone systems; and paint and tabletop miniatures support products. It also produces a range of novels, short stories, and audio sets under the Black Library name, as well as painting and modelling products; and engages in the newsstand business. In addition, the company operates warhammer-community.com, a content site; and offers trustee services. As of June 3, 2018, it operated 489 Games Workshop stores in 23 countries; and 4,100 independent retailers in 63 countries. The company was incorporated in 1991 and is headquartered in Nottingham, the United Kingdom.

Details
Name: Games Workshop Group PLC
GAW
Exchange: LSE
Founded: 1991
£1,456,087,315
32,501,949
Website: http://www.games-workshop.com
Address: Games Workshop Group PLC
Willow Road,
Lenton,
Nottingham,
Nottinghamshire, NG7 2WS,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE GAW Ordinary Shares London Stock Exchange GB GBP 06. Oct 1994
OTCPK GMWK.F Ordinary Shares Pink Sheets LLC US USD 06. Oct 1994
DB G7W Ordinary Shares Deutsche Boerse AG DE EUR 06. Oct 1994
BATS-CHIXE GAWl Ordinary Shares BATS 'Chi-X Europe' GB GBP 06. Oct 1994
Number of employees
Current staff
Staff numbers
1,907
Games Workshop Group employees.
Industry
Leisure Products
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 20:35
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/01/15
Last earnings reported: 2018/12/02
Last annual earnings reported: 2018/06/03


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.