Industries
Designer Toys & IP Consumer Goods
All research in Designer Toys & IP Consumer Goods — 3 reports.
42/100
Games Workshop: An Exceptional Warhammer Compounder, Priced for Continued Excellence
Games Workshop is the vertically integrated owner of the Warhammer universe, designing, manufacturing and selling miniatures, paints, books and licensed media from a single UK creative stack at returns on capital few public companies reach. FY2025 delivered £617.5m of total revenue and £262.8m of profit before tax, and FY2026 is guided higher even as the volatile licensing line steps down from £52.5m to at least £30m. Rating Hold: an exceptional IP compounder whose roughly 35x earnings multiple already prepays years of flawless execution, leaving no margin of safety at £217.
41/100
Hasbro: A Deep Value Investing Study
A hybrid of toys, tabletop card games (Magic/D&D), and IP licensing, where the Wizards segment is exceptional while the consumer products business is mediocre and still carries the aftereffects of the eOne impairment. At around $86 the stock sits at neutral-to-slightly-below with an insufficient margin of safety, earning a Watch rating; the ideal buy range is $55-65.
52/100
Pop Mart: A Deep Long-Term Value Study
2025 revenue of RMB 37.12 billion and net profit of RMB 12.78 billion, with overseas at 44% of sales and THE MONSTERS a single IP contributing 38.1% of revenue; but at the current HK$152.90, against a conservative owner-earnings base of RMB 8.9 billion the P/OE sits near 20x, in the lower half of the neutral range, so the price is not cheap. The core risks are the lifecycle of a blockbuster IP and the reversion of margins. Rating Watch: a great business priced for proven success rather than a wide margin of safety.