The n00b Analysis - Games Workshophttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🎲" title="Würfelspiel" aria-label="Emoji: Würfelspiel">https://abs.twimg.com/emoji/v2/... draggable="false" alt="⚔️" title="Gekreuzte Schwerter" aria-label="Emoji: Gekreuzte Schwerter">
FTSE: GAW

Games Workshop are the worlds leading miniature wargame manufacturer AND media company

They access a market worth over $10bn per annum with global appealhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤯" title="Explodierender Kopf" aria-label="Emoji: Explodierender Kopf">

They have a strong MOAThttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🏰" title="Europäisches Schloss" aria-label="Emoji: Europäisches Schloss">

[THREADhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread">]

Current Trading
Covid Winner! - Current lockdown guidelines appear to have helped with 15% revenue growth 2020https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">

Add to this 50% growth in licensing (movies/video games)https://abs.twimg.com/emoji/v2/... draggable="false" alt="🎮" title="Videospiel" aria-label="Emoji: Videospiel">

Finally, comics have just been announced in a collaboration with Marvel (i.e. Disney)https://abs.twimg.com/emoji/v2/... draggable="false" alt="📽️" title="Filmprojektor" aria-label="Emoji: Filmprojektor">

Profit and Loss
3 Month update to August 2020 indicated PROFIT growth of £17m - a whopping 61% versus 2019https://abs.twimg.com/emoji/v2/... draggable="false" alt="😮" title="Gesicht mit offenem Mund" aria-label="Emoji: Gesicht mit offenem Mund">

This came from a modest revenue increase of £12mhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">

If anything Covid helps as they spend less on R&D and "Sweat" the existing intellectual property and copyrightshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht">

Balance Sheet
"Traditional" Manufacturer so simpler Stock, Debtor, Creditor balance sheet

Working Capital increase by 15% in FY20https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">

Longer term liabilities relate to retail units which have faced footfall challenges however more than covered by online sales uplifthttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🛒" title="Shopping cart" aria-label="Emoji: Shopping cart">

Cash Flow
Cash is a bit of an ace up the sleeve herehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Geldsack" aria-label="Emoji: Geldsack">

Sales growth with less new product development = cash balances skyrocketedhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🚀" title="Rakete" aria-label="Emoji: Rakete">

Closing cash £53m easily covers their property leases 2 timeshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="💵" title="Banknote mit Dollar-Zeichen" aria-label="Emoji: Banknote mit Dollar-Zeichen">https://abs.twimg.com/emoji/v2/... draggable="false" alt="💵" title="Banknote mit Dollar-Zeichen" aria-label="Emoji: Banknote mit Dollar-Zeichen">

Extremely cash generative with an increase of £23.5m (80%) in the yearhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="💳" title="Kreditkarte" aria-label="Emoji: Kreditkarte">

P/E Ratio

Is high (47) HOWEVER they have a unique, high margin producthttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🦄" title="Einhorngesicht" aria-label="Emoji: Einhorngesicht">

They a "rinse and repeat" business model for getting product to markethttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🏭" title="Fabrik" aria-label="Emoji: Fabrik">

Add to this they reintroduce old ranges to appeal to nostalgia hungry customershttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👱‍♂️" title="Man, blond haired" aria-label="Emoji: Man, blond haired">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧓" title="Älterer Erwachsener" aria-label="Emoji: Älterer Erwachsener">

The Future...?
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔸" title="Kleine orangene Raute" aria-label="Emoji: Kleine orangene Raute">Growth in Asian markets gives further demand
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔸" title="Kleine orangene Raute" aria-label="Emoji: Kleine orangene Raute">Videogames development in 2020 & 2021
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔸" title="Kleine orangene Raute" aria-label="Emoji: Kleine orangene Raute">Movie titles are planned for development

Likely FTSE100 entry in Nov 2020 will open them to POSSIBLE FTSE100 index fund investors to drive price increasehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="⚠️" title="Warnsignal" aria-label="Emoji: Warnsignal">Analysis and Opinions are my own. I am NOT a financial advisor. Please do YOUR OWN researchhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="⚠️" title="Warnsignal" aria-label="Emoji: Warnsignal">