Games Workshop Group - Battling on

Games Workshop (GAW) is a global leader in tabletop miniature gaming. Management’s focus on product quality and innovation with greater customer engagement and geographic distribution has delivered impressive growth in profitability and cash returns, with an enviable return on capital (118% in FY22). Our forecasts of continued revenue and profit growth in FY23–24, albeit more muted than recent years due to phasing of new edition launches, lower P/E multiples versus recent highs is attractive in more troubled economic times. Our DCF-based valuation is £100/share.