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Games Workshop Group PLC (GB:GAW)
LSE:GAW
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Games Workshop (GAW) AI Stock Analysis

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GB:GAW

Games Workshop

(LSE:GAW)

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Outperform 73 (OpenAI - 4o)
Rating:73Outperform
Price Target:
17,394.00p
▲(20.21% Upside)
Games Workshop's strong financial performance is the most significant factor, showcasing robust growth and stability. Technical analysis indicates some short-term weakness, while valuation metrics suggest a fair market price with an attractive dividend yield.
Positive Factors
Revenue Growth
Consistent revenue growth indicates the company's ability to expand its market presence and maintain demand for its products, supporting long-term business sustainability.
Cash Flow Generation
Strong cash flow generation allows the company to reinvest in growth opportunities, ensuring financial flexibility and supporting future expansion.
Profit Margins
High profit margins reflect efficient operations and cost management, providing a competitive edge and enhancing the company's ability to withstand market fluctuations.
Negative Factors
Market Volatility
While not directly impacting fundamentals, market volatility can affect investor sentiment and may lead to cautious spending or investment by the company.
Lack of Recent Corporate Events
The absence of recent corporate events or strategic initiatives may suggest a period of stagnation, potentially impacting growth momentum and market interest.
Industry Competition
Intense competition in the tabletop gaming industry could pressure market share and profitability, requiring continuous innovation and marketing efforts to maintain leadership.

Games Workshop (GAW) vs. iShares MSCI United Kingdom ETF (EWC)

Games Workshop Business Overview & Revenue Model

Company DescriptionGames 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.
How the Company Makes MoneyGames Workshop generates revenue through multiple streams, primarily from the sale of its miniature figures, gaming rulebooks, and related hobby supplies. The company operates a retail model that includes both physical stores and a robust online presence, allowing it to reach a global customer base. Key revenue streams include direct sales of products through its own stores and website, as well as distribution to third-party retailers. Additionally, GAW benefits from a subscription-based service known as Warhammer Plus, offering exclusive content and resources for its community. The company further engages in events and tournaments, which enhance community involvement and drive sales. GAW's strong brand loyalty, coupled with a vibrant community of players and hobbyists, contributes significantly to its earnings, ensuring a consistent demand for new releases and expansions in its IPs.

Games Workshop Financial Statement Overview

Summary
Games Workshop demonstrates strong financial health with consistent revenue and profit growth, efficient operations, and a solid balance sheet with low leverage. Cash flow generation is robust, supporting future growth and stability.
Income Statement
85
Very Positive
Games Workshop has demonstrated strong revenue growth with a 6.93% increase in the latest year, building on consistent growth over the past few years. The company maintains high profitability with a gross profit margin of 72.06% and a net profit margin of 31.76%. EBIT and EBITDA margins are also robust at 42.79% and 49.89%, respectively, indicating efficient operations and cost management.
Balance Sheet
78
Positive
The balance sheet reflects a solid financial position with a low debt-to-equity ratio of 0.16, suggesting prudent financial leverage. Return on equity is impressive at 69.84%, indicating effective use of shareholder funds. The equity ratio is healthy, supporting the company's stability and growth potential.
Cash Flow
82
Very Positive
Cash flow analysis shows strong operational cash generation with an operating cash flow to net income ratio of 3.89. Free cash flow has grown by 15.95%, and the free cash flow to net income ratio is 0.83, highlighting the company's ability to generate cash and reinvest in growth opportunities.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue318.00M617.50M525.70M470.80M414.80M369.50M
Gross Profit234.20M445.00M374.50M319.80M282.70M269.30M
EBITDA159.10M308.10M243.30M211.00M169.90M178.10M
Net Income100.90M196.10M151.10M134.70M128.40M122.00M
Balance Sheet
Total Assets383.00M383.00M351.30M326.80M321.10M281.70M
Cash, Cash Equivalents and Short-Term Investments132.60M132.60M107.60M90.20M71.40M85.20M
Total Debt45.20M45.20M47.20M49.90M48.90M47.00M
Total Liabilities102.20M102.20M99.90M91.70M86.40M85.40M
Stockholders Equity280.80M280.80M251.40M235.10M234.70M196.30M
Cash Flow
Free Cash Flow132.20M206.50M163.60M165.60M89.40M102.90M
Operating Cash Flow143.70M247.40M196.20M193.90M121.70M132.90M
Investing Cash Flow-19.70M-38.00M-30.10M-28.30M-32.30M-30.00M
Financing Cash Flow-116.00M-183.30M-148.50M-146.60M-103.60M-70.00M

Games Workshop Technical Analysis

Technical Analysis Sentiment
Negative
Last Price14470.00
Price Trends
50DMA
15117.59
Negative
100DMA
15493.45
Negative
200DMA
14796.11
Negative
Market Momentum
MACD
-194.58
Negative
RSI
41.67
Neutral
STOCH
66.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GAW, the sentiment is Negative. The current price of 14470 is below the 20-day moving average (MA) of 14572.00, below the 50-day MA of 15117.59, and below the 200-day MA of 14796.11, indicating a bearish trend. The MACD of -194.58 indicates Negative momentum. The RSI at 41.67 is Neutral, neither overbought nor oversold. The STOCH value of 66.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:GAW.

Games Workshop Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
78
Outperform
£426.31M15.3618.88%4.79%7.46%-18.88%
73
Outperform
£4.80B24.4673.69%3.87%17.46%29.67%
70
Neutral
£329.17M12.806.45%3.26%4.79%223.72%
70
Neutral
£259.10M34.045.72%8.74%
68
Neutral
£49.15M9.3214.34%5.19%-2.86%4.50%
61
Neutral
$18.38B12.79-2.54%3.03%1.52%-15.83%
55
Neutral
£109.92M55.641.70%3.52%-3.88%-83.28%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:GAW
Games Workshop
14,470.00
3,333.38
29.93%
GB:CCT
Character
275.00
20.78
8.17%
GB:TUNE
Focusrite
186.00
-53.24
-22.25%
GB:FSTA
Fuller Smith & Turner
606.00
-131.38
-17.82%
GB:GYM
The Gym
141.60
-18.20
-11.39%
GB:BOWL
Hollywood Bowl
256.00
-36.58
-12.50%

Games Workshop Corporate Events

Executive/Board Changes
Games Workshop Executives Increase Shareholdings
Positive
Aug 4, 2025

Games Workshop Group PLC announced that its CEO, Kevin Rountree, and Group Finance Director, Liz Harrison, have acquired additional shares in the company as part of their Annual Bonus Award. Rountree purchased 2,345 shares, increasing his stake to 0.07% of the company’s share capital, while Harrison acquired 475 shares, raising her interest to 0.01%. These transactions highlight the executives’ ongoing commitment and confidence in the company’s future performance, potentially reinforcing stakeholder trust and positively impacting market perception.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Regulatory Filings and Compliance
Games Workshop Announces Total Voting Rights Update
Neutral
Aug 1, 2025

Games Workshop Group PLC announced that as of August 1, 2025, it has 32,971,810 issued ordinary shares, each carrying one vote at general meetings. This information is crucial for shareholders and others with notification obligations to determine their interests in the company under the Disclosure and Transparency Rules.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

DividendsFinancial Disclosures
Games Workshop Increases Dividend Amid Strong Financial Performance
Positive
Jul 29, 2025

Games Workshop Group PLC has announced a dividend of 55 pence per share, bringing the total dividends declared for the 2025/26 financial year to £1.40 per share, compared to £1.00 in the previous year. This decision aligns with the company’s established dividend policy and reflects its commitment to returning value to shareholders, potentially enhancing investor confidence and market positioning.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Executive/Board ChangesShareholder Meetings
Games Workshop Announces Directorate Change
Neutral
Jul 29, 2025

Games Workshop announced a forthcoming change in its board of directors as Kate Marsh, a Non-Executive Director, will not stand for re-election at the 2026 AGM to focus on her trustee and chair roles. This planned transition is set to ensure an orderly handover, with further updates to follow, reflecting the company’s commitment to maintaining stability in its governance structure.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Executive/Board ChangesBusiness Operations and Strategy
Games Workshop Grants Share Award to CEO Under 2025 Plan
Neutral
Jul 4, 2025

Games Workshop has granted a restricted share award to its CEO, Kevin Rountree, under the 2025 Share Awards Plan. This award involves 14,178 ordinary shares at a nominal value of 5 pence per share, with a vesting date set for December 31, 2027. This move is part of the company’s strategy to align executive incentives with shareholder interests, potentially impacting the company’s leadership stability and market confidence.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Regulatory Filings and Compliance
Games Workshop Updates on Total Voting Rights
Neutral
Jul 2, 2025

Games Workshop Group PLC announced that as of July 2, 2025, the company has 32,971,750 issued ordinary shares, each carrying one vote at general meetings. This information is crucial for shareholders and others with notification obligations under the Disclosure and Transparency Rules to determine their interest in the company.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

DividendsFinancial Disclosures
Games Workshop Announces 85p Dividend for 2025/26
Positive
Jun 25, 2025

Games Workshop Group PLC has announced a dividend of 85 pence per share for the fiscal year 2025/26, marking a significant return to shareholder payouts after no dividends were declared in 2024/25. This decision aligns with the company’s dividend policy and reflects its strong financial performance, potentially enhancing investor confidence and impacting its market position positively.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Regulatory Filings and Compliance
Games Workshop Announces Total Voting Rights Update
Neutral
Jun 2, 2025

Games Workshop Group PLC announced that as of June 2, 2025, it has 32,971,750 issued ordinary shares, each carrying one vote at general meetings. This information is crucial for shareholders and others with notification obligations to determine their interest in the company under the Disclosure and Transparency Rules.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Executive/Board ChangesBusiness Operations and Strategy
Games Workshop Appoints New Group Operations Director
Positive
Jun 2, 2025

Games Workshop has announced the appointment of Neil Tomlinson as Group Operations Director. Tomlinson, who joined the company in 2018 and has held various management roles, brings experience from previous positions at J Sainsbury’s and ASDA Walmart. This appointment is expected to strengthen the company’s operational capabilities.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

DividendsFinancial Disclosures
Games Workshop Reports Strong Financial Performance with Record Licensing Revenue
Positive
May 23, 2025

Games Workshop has reported strong financial performance for the year ending June 2025, with core revenue expected to exceed £560 million and licensing revenue reaching a record £50 million. Despite the record licensing revenue, the company does not anticipate similar results in the next fiscal year, highlighting the importance of this revenue stream. The company has also recognized staff contributions through profit-sharing payments and increased dividends, reflecting its commitment to rewarding employees and shareholders.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Executive/Board ChangesShareholder Meetings
Games Workshop Shareholders Approve Key Resolutions Amidst Mixed Support
Neutral
May 15, 2025

Games Workshop Group PLC announced that during their recent General Meeting, shareholders approved two key resolutions: the remuneration policy and the 2025 Share Awards Plan. Despite some opposition, with over 20% of votes against, the Board acknowledged the majority support and emphasized ongoing engagement with shareholders regarding remuneration practices.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 28, 2025