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Opinions Jason Del Vicario
GAMES WORKSHOP GROUP PLC ORD 5PGAW-LSEBUY ON WEAKNESSDec 23, 2025
Jason Del VicarioStock price when the opinion was issued
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Excellent business with high margins and strong cash flow. #3 holding in portfolio. Will continue to own for decades. Good for long term investors. Excellent fan base of customers. Strong dividend yield.
Jason Del Vicario8% weight in portfolio - still owns shares.
Recently signed deal with Amazon Prime to create movie.
No debt, asset light, strong returns on capital.
UK dividends not subject to foreign withholding tax.
Jason Del VicarioHis #2 position right now, at an 8% weighting from a 5% conviction rate. Shares have done quite well. No direct competitor. Rabid fanbase. Deal with Amazon Prime. Long-term, bodes well. Asset light. No debt. About 100% ROIC, exceptional. Majority of earnings as dividends. Canadian investors are not subject to withholding tax on UK or HK dividends. Not founder-run, founder-owned, but he's convinced the founder ethic has endured.
Jason Del VicarioJason Del VicarioJason Del Vicario
His #2 holding. It can grow without much capital, so are asset-lite. Pays a nice dividend. PE is in the upper 20s, so wait for a pullback.