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jozhik
11-05-2016, 03:50
That's London Stock Exchange (www.lse.co.uk), for all you heathens. GW's ticker there is GAW.

I've honestly never looked at this thing before (the message board, that is), in part as I consider equities in general to be a hive of scum and villainy. [While I had worked with them to some degree, most of my financial career, now past, had been on the debt and structured finance sides of things, which, believe me, is a lot more entertaining - or frightening, depending on your perspective. Price discovery alone can be quite an adventure...]

Nevertheless, I found the most recent ones amusing, especially as many of them seem to come from people who have never actually played a tabletop miniatures game (of any kind) in their entire lives. Behold, mortals, and witness the glory of stock market, err...whoever these people are.

I'll post some of my own observations down at the bottom. Otherwise, the order is chronological. All grammar and spelling as in the original.

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Jarcon
24 Jun '15
sold my (admittedly tiny) hold of these shares yesterday after looking at the background stuff over the weekend. While the div is excellent (and I expect it to maintain a few years yet) the continued failure of GW to actually market/advertise their products is a sign that they're heading for a slow decline (entirely IMO of course)

Couple that with the fact that they've recently pulled one of their two core ranges (to be replaced by something in the next few weeks admittedly, but where's the fanfare? Again, no advertising) And that they're rebranding all their stores (from Games Workshop to Warhammer - again, no advertising) and I think the long term prospects aren't that rosy.

As I said, I expect the divi to continue to maintain in this price range for a few years yet, but I think long term it's not worth it for my (small) holding.

GLA to those who stay in, and I hope I'm proved wrong, and who knows? If I am wrong I may be back in here in a year or two while eating a large slice of humble pie.

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Fagen39
13 Aug '15
I am still in, but I do agree with Jarcon.
I have made enough out of this share over the years to keep it for the dividend for the next few years and see if they get their future strategy act together e.g. advertise, tie up with retailers for space in larger stores. a concession store would be cheaper and supermarkets are crying out for interactive ways to use their stores. 3D printing tie up, books on Kindle store at an accessable price, more online games, film tie ups even if animated (fans love this stuff attached to the games, make it bigger). Accessability is the key to keeping this alive.

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CaptainBastard
2 Sep '15
I would like to share my concerns with you as an (Ex)customer.

I am not a shareholder of GAW but i am a fan of the 40k and fantasy worlds and share the cynicism of of an older fanbase. I understand the products and felt the growing depression around 2004 during the dawn of war series (Not hounding DoW (Was ace)...but with a number of setbacks my final nail in the coffin is the Age of Sigmar and I like others am moving on.

From what i gather on this BB your concerns with ad's, media for products is in the wrong place... its the products themselves and GW's actions you need to look at and the resentment its creating within the client-base.

If they ignore their shareholders as much as they ignore their customers.... I'll let you figure out the rest. I have been nothing more than alienated over the years and I am certain its shared among others. This is not a case of an old fan aversion to change.... its response to change that wasn't needed. (WTF to store re-naming?... I would have loved to seen the cost/benefit analysis of that!) and change with not so well hidden agendas.

The 3D printing thing, yeah it will come... when? Im sure there is an analyst GW could have contracted to look at the proximity and impact (A proper Risk assessment anyone?) They are pretty good when it comes to porting to gaming (DoW, Spacemarine and some of the oldies like firewarrior and shadow of the horned rat)...... Dark Millenium (Failed project) would have been nice =(....

Some of you may see this 2cents become a dis-organised ramble or even a de-ramp but i can assure you there are more sensitive (and even less!!) members who kicked the can and moved to other miniature companies and we are very genuine with our grief.

regards,

cb

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Jarcon
15 Sep '15
Interesting points CB.

So Fagen and I were viewing it as a failure to attempt to attract new customers via lack of marketing, etc.

But your angle appears to be that they are also alienating their existing customer base, correct?

If so, despite the fact that the price has jumped after I sold (of course......) it would seem I made the right choice in the medium-long term, especially given the info in the last set of published accounts that they have instituted a pay freeze for their frontline staff - not something I expect from a well performing company.

I'll still check in occasionally (like today) but for now I'm very much out and staying out.

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the_shareminator

21 Sep '15
I agree with your views and like you moved away from the overpriced world of warhammer, especially once the local (40 min commute) shop closed its gaming room upstairs. Prices of LOTR blisters doubled from 4 for 3 metal miniatures and the plastic range also was hiked every couple of months. It was fantastic while it lasted but now they cater for an elite gamer. If they continue down this path it won't be a gaming company but rather a model supplier for painters and enthusiasts to add to other, more affordable ranges.

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Beefeater1980
25 Sep '15
The dividend's great but the management is poor; it looks and feels very much like a company being profitably run down (note: I'm still into these guys for around 15k at today's prices, lucky me). The creative direction lately has been atrocious, with a weak new product called 'Age of Sigmar' replacing a known and popular brand ('Warhammer Fantasy'); anecdotal reports from overseas stores in France, Sweden and Canada at least have been that the new product is not selling and competitors are very aggressive in the high-value US market. A report from their recent AGM also made troubling reading (http://www.iii.co.uk/news-opinion/richard-beddard/games-workshop-agm%3A-relentless-profit-machine) - the title is sadly not borne out by the content. One glimmer of light is a much better attitude to licensing for computer; they have gone from having virtually nothing in the market to a very large number of licensed games, one of which (Total War: Warhammer) was shrewdly made with a games company that has a very large existing customer base with a large and successful franchise. And yet I've never seen their reported licensing income as all that exciting; are they cutting bad deals or are IP licenses just really cheap? Also troubling is that the business line they retired is the same one as is used in their high profile licensed game; unless they have a plan for this, they just cut themselves off from merchandising, which doesn't seem ideal.

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[There follow several screeds by a person with a highly credible handle of Sheeple, who has a grand total of only five posts on all LSE boards, of which four are in the GW thread and three are on the same day! A troll? A fan? Tim Kirby covered in velvet?! I don't know, but in any case I've left those off for precautionary reasons. The poster's main point seems to be "GW is doing stuff and I love GW but management has been trash". Tim Kirby, this is you!!]

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Fagen39

29 Apr '16
I have made a bit from GAW in the past and always liked the divi so I have decided to come back in.
I am still frustrated by the board for not embracing the modern way to interact with consumers, I hope they wake up.

I feel there is an opportunity for store costs to be reduced as supermarkets are crying out for this type of thing to help fill their excessively large stores, this would increase awareness and footfall if GAW can sign a deal with e.g. Tesco or Sainsburys.

Please wake up GAW, you do have a great opportunity to grow and capture peoples imagination again. You can have pasion for the brand and run a great investor business at the same time.
Good luck all who are invested.

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Personal observations

- Note how the non-GW guys start and end with the question of "what's the dividend". Which is, as I've said elsewhere, a dangerous place to be in. You have to give out everything you have to placate the investor base while your revenues and margins are...not rising, at any rate; and then some day, even that won't be enough so what will you have gained? [Answer - Tim Kirby spending all his dividends to completely cover his dwelling in velvet, top to bottom, inside and out. Then converts to nudism.]

- GW at Tesco. That will be the day. No, really, that will be the day I officially join the French Foreign Legion, because the world, as I now know it, will have come to an end.

- I do think licensing is a great thing in terms of introducing wider audiences to the setting. Of course, you still have to capitalize on said introduction via in-store marketing, convention presence, actually doing some market research once in a while...details, I know, I know.

GrandmasterWang
11-05-2016, 13:05
An interesting read, thanks for that.

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Herzlos
11-05-2016, 16:44
Not Tesco, but there are a lot of places with huge space and declining revenues that would be happy with a store-within-store arrangement, like garden centres or places like BHS. It'd give you more or less all of the perks of a 1-man store without the downsides (no need to close to visit the bathroom), and at a vastly reduced rent. There was already talk of doing something like that at Hobbycraft, but I don't know if that was just rumour or came from a report.

Sotek
12-05-2016, 20:43
Well y'know pokemon is only a trend..

sephiroth87
12-05-2016, 21:30
I came for the analysis, but stayed for the jokes.

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Ben
15-05-2016, 14:31
Thing is they could launch a range that could be stocked in the toy aisle, and the Attack on Vedros stuff is their effort to do that in the states.

Whether they develop it further into a proper intro product and then put it in toy stores would be another matter.