Games Workshop released their annual report yesterday and are doing an excellent job of weathering the current climate.

In case you are not familiar, here's what they do -

Games Workshop manufactures Warhammer, Warhammer 40,000 and licenses Lord of the Rings / Hobbit miniature figurines. Customers paint the figurines which are then used in wargames.

![](https://cdn.commonstock.com/9b95bdadaa71121895f0dc2902945f4c759e599e08f01a466bac844c2abeb31c-1171x812.png)

**Here are some top line takeaways**

- Increased revenue despite the world reopening. Core revenue increased by 9.5%
- Licensing revenue (essentially cost free) increased by 71%
- Despite increasing costs, gross margin still remains a very healthy 67% (software style GM%)
- Healthy dividend yield of just under 4%
- Currently trading at an EV/EBIT of 15.5
- ROE of 54.71

I wrote about them last year but think a revisit may be required.

[https://dough.substack.com/p/games-workshop-analysis](https://dough.substack.com/p/games-workshop-analysis)

This is my kind of idea, thanks for sharing, going to grab a cup of tea and read this now.

Reasonable Yield

https://dough.substack.com/p/games-workshop-analysis