Miniatures, Money, and Mastery
Games Workshop
Games Workshop is one of the stocks in Our Portfolio.
The stock is up +40% since we bought it in February this year.
But what was the rationale behind buying the company?
Games Workshop 101
Games Workshop has a simple and easy-to-understand business model.
This British company is the biggest and most successful maker of hobby miniatures in the world. Their business is all about miniatures—collecting, building, painting, and using them in games.
Their top brands are Warhammer and Warhammer 40,000. They also have a license to make The Lord of the Rings and The Hobbit tabletop battle games.
Here’s a onepager with the essentials:
Trading Update
The company published its trading update yesterday.
The trading update was better than expected and the stock was up 17%.
Results are ahead of expectations
Expectations for the 6 months until the 1st of December:
Revenue > £260 million (2023/24: £235.6 million)
Licensing revenue > £30 million (versus 2023/24: £13.0 million)
Profit before tax > £120 million (2023/24: £96.1 million)
Full Investment Case
As I appreciate you, I want to give you some insight into how Compounding Quality works.
That’s why I’m sharing the full investment case for free with you today.
You’ll discover the exact rationale about why I bought the company:
Portfolio
Since October 2023, Our Portfolio returned +42.0% versus +36.1% for the S&P 500.
The S&P 500 was a very hard index to beat as Big Tech performed exceptionally well.
I’m very proud of this performance given the fact that we don’t own Nvidia, Amazon, Netflix, Meta Platforms, …
The goal is to slightly outperform the S&P 500 in the very long term.
Partners of Compounding Quality get access to my personal stock portfolio with 100% transparency.
ALL my investable assets are invested in this Portfolio.
“We have an attitude of partnership. Charlie Munger and I think of our shareholders as owner-operators.” – Warren BuffettGet immediate access here:
Everything In Life Compounds
Pieter