Warhammer is Now Worth More than British Gas

By Alistair Jones on at

If you think energy prices are high, then you've clearly never set foot inside a Games Workshop, a place where toy soldiers can sell for anything up to £2,500. Perhaps that's part of what makes the company behind Warhammer a more enticing prospect for investors than one of the UK's biggest energy suppliers.

Yesterday, as noticed by Alex White, former analyst at JP Morgan and now partner at business advisory firm Flint, Games Workshop is worth about the same as Centrica, the company that owns British Gas, Scottish Gas, and a number of other energy and utility brands across the UK and North America. At time of writing, Games Workshop's market cap - the figure it might be expected to sell for if all stocks were sold at once - is about £2.088 billion. Centrica's, on the other hand, is £2.096 billion, and while that £80 million is not to be sniffed at, Games Workshop is just one entity, while the energy firm is made up of a whole load of different companies. That's likely to make Warhammer more valuable than any individual brand within Centrica.

There are plenty of reasons why Games Workshop might be on the up - a number of Warhammer games are expected in the near future, and while production has dialled down due to coronavirus, the company has found increasing success in recent years. It's worth pointing out that market cap isn't exactly the most accurate descriptor of a company's worth, but it's still fascinating to see how far GW has come.