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Edison Investment Research Lim (GAW)

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Tuesday 23 March, 2021

Edison Investment Research Lim

Games Workshop Group (GAW): No cracks in the plastic

Edison Investment Research Limited
Edison Investment Research Limited: Games Workshop Group (GAW): No cracks in the plastic

23-March-2021 / 07:00 GMT/BST


London, UK, 23 March 2021


Games Workshop Group (GAW): No cracks in the plastic

Games Workshop Group's (GAW's) strategy of increasing product innovation, customer engagement and geographic coverage has produced impressive long-term financial results and cash returns to shareholders. We see scope for continued strong growth as the company continues to develop and further exploit its 'library' of IP in a structural growth market. Our DCF-based valuation of 11,613p per share represents 22% upside from the current share price.

Our DCF-based valuation of 11,613p per share represents upside from the current share price of 22%. This would represent an EV/sales multiple for FY21 of 8.7x. With no direct quoted peers, GAW trades at a substantial premium to companies with exposure to toys/special interest hobbies, reflecting its better revenue growth profile and higher margins. Relative to other IP/content companies in wider sectors, GAW trades at a premium on sales-based multiples but at a discount on profit-based valuation measures due to its higher profitability. 

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1177191 23-March-2021 


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