Games Workshop (GAW) has published a trading statement for the first five months of FY20, highlighting an acceleration in revenue growth to c 12% (versus our previous forecast for the year of c 4%), strong margin growth and encouraging signs with respect to its ability to leverage its intellectual property through royalty income. Our PBT estimates increase by c 9% for FY20 and FY21, and our DCF-based valuation increases by 10% to 5,176p.
08 Nov 2019
Games Workshop Group - Strong five-month trading update
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Games Workshop Group - Strong five-month trading update
Games Workshop Group PLC (GAW:LON) | 9,652 -32335.9 (-3.4%) | Mkt Cap: 3,181m
- Published:
08 Nov 2019 -
Author:
Russell Pointon -
Pages:
3
Games Workshop (GAW) has published a trading statement for the first five months of FY20, highlighting an acceleration in revenue growth to c 12% (versus our previous forecast for the year of c 4%), strong margin growth and encouraging signs with respect to its ability to leverage its intellectual property through royalty income. Our PBT estimates increase by c 9% for FY20 and FY21, and our DCF-based valuation increases by 10% to 5,176p.