Meeting with Games Workshop Chairman

Thursday, Nov 15 2018 by

Hello Stockopedia community,

I know this is a bit last minute, but I am meeting with the chairman of Games Workshop this afternoon as part of a piece on LON:GAW.

If you see this and you have a question you would like to be asked, please do leave it in the comments!

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Games Workshop Group PLC designs, manufactures and sells fantasy miniatures and related products. The Company's segments include Sales channels, Product and supply, Central costs, Service centre costs and Royalties. The Sales channels segment includes Trade, which sells to independent retailers and includes magazine newsstand business and distributor sales from its publishing business (Black Library); Retail, which includes sales through retail stores, its visitor center and global exhibitions, and Mail order, which includes sales through its Web stores and digital sales. The Product and supply segment designs and manufactures products and incorporates production facility in the United Kingdom. The Central costs segment includes its overheads, head office site costs and costs of running Games Workshop Academy. The Service centre costs segment provides support services and undertakes strategic projects. The Royalties segment includes royalty income earned from third-party licensees. more »

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28 Comments on this Article show/hide all

rhomboid1 15th Nov '18 9 of 28

Well done...!

Can you ask where they see their IP in the context of a potential movie/TV franchise or franchises ...Game of Thrones style?


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Laughton 15th Nov '18 10 of 28

Market makers must have just heard about your meeting and obviously expecting hard hitting results. SP down 200p as I write.

As a happy holder I'm looking forward to reading your piece. A coup for you and kudos to the chairman for agreeing.

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Jack Brumby 15th Nov '18 11 of 28

In reply to post #419229


I'll add that into the 'Licensing' section. Black Library has an absolute ton of IP & I seem to remember a line from management recently about relaxing licensing terms so it could be an area to watch. The video games seem to have found a receptive audience!

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Jack Brumby 15th Nov '18 12 of 28

In reply to post #419234

Yep, the chairman's a busy guy so it's very good of him to set aside the time.

I'm actually a (small) holder as well, having sold the bulk of my investment a while ago. Still low-key feeling the pain today!

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shanklin100 15th Nov '18 13 of 28


Please would you ask what was meant by the following sentence from the recent TS:

"However, the Board remains aware that there are some uncertainties in the trading periods ahead for the rest of the 2018/19 financial year. A further update will be given as appropriate."

Specifically, do GAW foresee any material operational difficulties arising from (say) a no-deal Brexit, or was this just generally highlighting that consumer demand can be fickle and so projecting sales for the remainder of the year simply by extrapolating from past performance may not be the wisest course of action?

Many thanks, Martin

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Jack Brumby 15th Nov '18 14 of 28

In reply to post #419249

Thanks for the quote Martin, I've added the question. I remember people puzzling over that TU when it came out last month...

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PhilH 15th Nov '18 15 of 28

It's interesting as I have owned Games Workshop (LON:GAW) in the past and at one stage (I think last Christmas) I looked at purchasing a starter set for my nephew.

But I found it was soooo hard as an adult coming to the whole setup and perhaps I had many misconceptions.

In contrast check out the this YouTube Video promoting Dungeons & Dragons ...

My response to this video as a parent is ...

Wow that could be great for all kids, to stretch their imagination, to develop team work, to consider ethical decisions. It doesn't feel male centric, the video really promoted diversity. Fantastic. Where do I buy it!

But I'm also noticing as an adult that I want it buy it and play it myself.

I'm wondering how the Chariman would respond, especially given the costs of a starter pack!


Professional Services: Sunflower Counselling
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drvodkaquickstep 15th Nov '18 16 of 28

Hi Jack.

It would be good to understand what their ultimate game plan is for business, whether concerning mcap / turnover, Geographies, other routes to market etc. In essence where does he see GAW in 5-10yrs from now and what are the key barriers constraining any such plans.

Thanks !

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Merlotman 15th Nov '18 17 of 28

A real coup I am sure there is a lot of interest in Games Workshop (LON:GAW) in the Stockopedia community
1 What is the main drivers of future sales growth: existing clients expanding their collections ? new clients? new geographies? new games? One of my main concerns is that the Warhammer franchises ultimately come to the end of life (i.e. once customers have collected and painted the majority of the miniatures and bought the rules what is bringing them back for more) and future games will not have the same appeal. What are the indicators that they are continuing to extend the product lifecycle (e.g. % of sales to existing customers)?
2 Is there a demographic cliff? In other words are all gamers of a certain age (and potentially lose interest all at the same time or does it appeal to a wide age range?
3 According to some commentary (I remember reading some by Keith Ashworth-Lord) the spurt in profitability over the last few years was down to conversion of their own stores to one man (or woman) outlets. Presumably this was a one off benefit. However the commentary in the reports continues to stress the importance of sales through third party shops.

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Jack Brumby 15th Nov '18 18 of 28

In reply to post #419269

Always a good Q!

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Jack Brumby 15th Nov '18 19 of 28

In reply to post #419289

Thanks Merlotman, on the train now but I've incorporated these.

A general note: I've got a lot of good q's here. I'll try to ask as many as possible but we may well end up riffing on two or three before time's up, who knows - it's a 4pm meeting... Let's see! Should be informative for everyone anyway.

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mmarkkj777 15th Nov '18 20 of 28

Hi Jack,

I’m a holder, but I didn’t see you’re thread until just now ( busy fitting new internal doors) whilst listening to the brexit fiasco.

They have said vaguely, they they envisage some trading issues, and the SP is down. I hope he can elaborate somewhat on what the issues are, as non specific remarks like that can unsettle the market, and their updates etc., are usually very good.

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shanklin100 16th Nov '18 21 of 28

Hi Ben

Hope the interview went well?

When do you hope to publish your article please?

Thank you, Martin

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Jack Brumby 19th Nov '18 22 of 28

In reply to post #419479

Hi Martin. It's Jack here, actually! The interview went very well thanks.

I've got a couple of deadlines this week and there's a bit of a process to go through in terms of fact-checking notes etc. It could be the tail-end of this week but more likely it will be next.

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Jack Brumby 19th Nov '18 23 of 28

In reply to post #419354

We did talk about those points in the end, so I'll make sure to address them in the article.

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shanklin100 19th Nov '18 24 of 28

Hi Jack,

Thank you for your reply. My apologies for getting your name wrong.

Best wishes, Martin

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alfred tagliaferro 28th Nov '18 25 of 28

Hello Jack,

Looking forward to reading the notes - when do you think they'll be up?

Many thanks,

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drvodkaquickstep 5th Dec '18 26 of 28


Any update for us on this please?


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shanklin100 11th Dec '18 27 of 28

Hi Jack

Any idea please as to when you will be able to publish your article?

Thank you, Martin

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