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Games Workshop Group PLC >
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Games Workshop Group - Impressive momentum into H221

  • 07 Dec 2020

Games Workshop Group - Impressive momentum into H221


Games Workshop Group PLC (GAW:LON) | 9,885 -16310.3 (-1.6%) | Mkt Cap: 3,240m


  • Edison
    • Russell Pointon

    • 3 pages

Lifestyle Products image


 
Lifestyle Products image


Games Workshop Group’s (GAW’s) H121 trading update highlights that it has enjoyed a stronger end to the period than expected by management: H121 PBT will be not less £90m (y-o-y growth of c 54%), £10m higher than indicated in the 7 November trading statement (see our recent update note). Therefore, GAW’s PBT in H121 is greater than that for the whole of FY20. The strong performance leads to a 40% increase in the year-to-date dividend, as the company continues to distribute truly surplus cash. We upgrade our PBT forecasts for FY21 by a further 6%. Following the relative weakness in the share price in recent weeks, and the upgrade to our forecasts, the P/E multiple of 28.9x for FY21e is back below recent highs.

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Games Workshop Group - Impressive momentum into H221


Games Workshop Group PLC (GAW:LON) | 9,885 -16310.3 (-1.6%) | Mkt Cap: 3,240m


  • Published: 07 Dec 2020
  • Author: Russell Pointon
  • Pages: 3
  • Edison


Games Workshop Group’s (GAW’s) H121 trading update highlights that it has enjoyed a stronger end to the period than expected by management: H121 PBT will be not less £90m (y-o-y growth of c 54%), £10m higher than indicated in the 7 November trading statement (see our recent update note). Therefore, GAW’s PBT in H121 is greater than that for the whole of FY20. The strong performance leads to a 40% increase in the year-to-date dividend, as the company continues to distribute truly surplus cash. We upgrade our PBT forecasts for FY21 by a further 6%. Following the relative weakness in the share price in recent weeks, and the upgrade to our forecasts, the P/E multiple of 28.9x for FY21e is back below recent highs.

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