Upgrading Forecast for FY22 Cash Returns

Edison Group believes Games Workshop Ltd's cash position is better than it expected given the declaration of a further dividend (70p/share), taking the cumulative (financial) year to date total to 235p/share. Its Q322 trading update indicates that trading is in line with expectations and is reassuring given the incremental cost pressures (including freight) highlighted in the H122 results. The share price weakness means that the P/E multiples for FY22e (19.3x) and FY23e (18.7x) are below more recent non-COVID affected peak multiples. Games Workshop Group is a leading international specialist designer, manufacturer and multi-channel retailer of miniatures, scenery, artwork and fiction for tabletop miniature games set in its fantasy Warhammer worlds.


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