Edison Investment Research Limited : 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 
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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

(END) Dow Jones Newswires

March 23, 2021 03:00 ET (07:00 GMT)