Games Workshop Group PLC

GAW.L · Consumer Cyclical · Leisure · Valued as of 2026-11-03 · Statements 2026-05-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

2.99B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

3.57B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

2.21B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

2.92B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

7.57B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.39×

the ratio the screener ranks by

Margin of Safety

-158.9%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 2.99B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)2.72B USD
+②Net Cash Today170.78M USD
+③Growth Value93.08M USD
=Value2.99B USD

EPV of the Operations (NOPAT over WACC)

2.72B USD

Net cash today

+170.78M USD

Growth Value

+93.08M USD

Value

2.99B USD

①EPV (earnings power value)

2.72B USD

②Net Cash Today

170.78M USD

③Growth Value

93.08M USD

Market value

Market Cap7.57B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-153.4%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 3.57B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE3.11B USD
+②Equity at Year 15, Today465.54M USD
=Value3.57B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

3.11B USD

②Equity at Year 15, Today

465.54M USD

Market value

Market Cap7.57B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-111.8%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 2.21B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF1.88B USD
+②Invested Capital at Year 15, Today157.96M USD
+③Net Cash Today170.78M USD
=Value2.21B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

1.88B USD

②Invested Capital at Year 15, Today

157.96M USD

③Net Cash Today

170.78M USD

Market value

Market Cap7.57B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-242.3%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 9.86%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.91×Market Risk Premium 6.00%= 9.93%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 93.80M USDPretax Income 371.03M USD= 25.28%

The tax the interest saves.

Interest Expense =EBIT 373.46M USD−Pretax Income 371.03M USD= 2.42M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 2.42M USDTotal Debt 75.36M USD×(1 − Tax Rate for WACC 25.28%)= 2.40%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 75.36M USDMarket Cap + Total Debt 7.57B USD + 75.36M USD= 0.99%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 99.01%×Cost of Equity 9.93%+Debt Weight 0.99%×Cost of Debt 2.40%= 9.86%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-05-31.

Total Assets 627.95M USD − Total Liabilities 176.70M USD = Book Value Today 451.24M USD

Total Debt 75.36M USD − Cash and Short-Term Investments 246.15M USD = Net Debt Today -170.78M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.3%at most 5%passes33,044,841 / 32,952,000
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets13.2%at least -10.0%passes(360.27M USD − 277.23M USD) ÷ 627.95M USD
Price to bookMarket Cap ÷ Book Value Today16.77×at most 3×does not pass7.57B USD ÷ 451.24M USD
Operating marginOperating Income ÷ Revenue41.7%above 10.0%passes370.09M USD ÷ 887.82M USD
Revenue growthRevenue ÷ Revenue a Year Before − 16.4%above 10.0%does not pass887.82M USD / 834.40M USD
Net cash(Cash − Total Debt) ÷ Market Cap2.3%above -30%passes(246.15M USD − 75.36M USD) ÷ 7.57B USD
Operating efficiencyOperating Income ÷ Gross Profit57.5%above 25.0%passes370.09M USD ÷ 643.83M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

17127.11 GBp

Enterprise value

5.45B GBP

the provider's own figure

EV / EBITDA

18.64×

Price / book

16.86×

the provider's book

Price / earnings

27.51×

Return on equity

66.9%

the provider's figure, not this page's

Profit margin

31.2%

Revenue growth

3.0%

Analyst target, mean

22097.07 GBp

Analysts

2

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

584.94M669.91M834.40M887.82M

Gross profit

399.57M477.23M601.31M643.83M

Operating income

211.46M257.16M353.08M370.09M

EBITDA

operating income before depreciation and amortisation

262.15M310.04M416.32M436.04M

Pretax income

211.96M258.69M355.11M371.03M

Net income

167.36M192.55M264.98M277.23M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

167.36M192.55M264.98M277.23M

R&D

————
Balance sheet, year end

Total assets

406.03M447.67M517.53M627.95M

Total liabilities

113.93M127.30M138.10M176.70M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

292.10M320.36M379.43M451.24M

Total debt

62.00M60.15M61.08M75.36M

Cash and equivalents

112.07M137.12M179.18M246.15M

Net PP&E

fixed assets after depreciation

129.96M130.74M147.15M180.74M

Working capital

current assets less current liabilities

156.30M170.12M221.47M278.98M
Cash flow

Operating cash flow

239.42M250.02M334.30M360.27M

Capital expenditure

paid out, so below zero

-35.16M-41.54M-55.27M-66.48M

Depreciation and amortisation

49.08M49.70M59.32M62.58M

Free cash flow

operating cash flow plus capital expenditure

204.26M208.48M279.03M293.79M