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Games Workshop's fantasy worlds bring fantastic returns

The miniature wargames maker’s shares have lost ground since the start of the year, making for an attractive entry point
Games Workshop's fantasy worlds bring fantastic returns
  • Warhammer products have achieved an almost cult-like status among customers
  • A wealth of intellectual property brings the prospect of burgeoning royalties
IC TIP: Buy at 9,175p
Tip style
Risk rating
Long Term
Bull points
  • Competitive moat
  • High margins
  • Fund manager favourite
  • Royalties potential
Bear points
  • Pandemic disruption to retail stores
  • Cyclical exposure

Games Workshop (GAW) designs, manufactures and distributes miniature figurines that are used to simulate battles in tabletop games. Feeding into an ecosystem of related products, including paints, novels and video games, its products are sold via three channels: its own website, 529 retail stores and 5,100 third-party trade outlets.

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