2024-03-11 04:47:34 ET
Summary
- Games Workshop's IP is underutilized and has not yet gone mass-market in entertainment, with potential, particularly as other franchises donate away fans like Star Wars.
- The Amazon discussions could be a great pivot away from Warhammer+, which has not impressed us at all.
- The minis business continues to perform well, but we are sincerely concerned about disruption from 3D printing, which undeniably competes in print quality and certainly in price already.
- There is optionality here due to the scope of opportunity for utilising the Warhammer IP, which we believe is far more popular than the tabletop game.
- Could be a buy, but past attempts by GW to make something out of its IP in entertainment have been hit or miss, with gaming being the only area where they had real successes at all. Execution risks.
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Games Workshop: IP Handling Risk Long Term, But IP Revenue Short Term