Games Workshop: In The Grim Dark Future, There Is Only High Incremental Operating Margin

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Last week I wrote about Garfield as the minimum viable multinational media conglomerate, a sort of mini-Disney. Today, I’d like to take a look at another one. Games Workshop is a British company that produces tabletop games, books, and boatloads of licensing revenue, primarily from its Warhammer 40,000 franchise. There are three things to keep in min…

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