Very strong HY performance from $GAW
> Sales +26%
> PBT +55%
> Incremental PBT margin +91%

Key highlights from the half πŸ‘‡πŸ‘‡πŸ‘‡
Increasingly optimistic on North American opportunity πŸ‡ΊπŸ‡Έ

"Delighted to report that we have performed particularly well in North America, a territory where we have increased our investment and efforts."
Brand / franchise value continues to strengthen..

"July saw the release of the latest version of Warhammer 40,000 which has proved our most successful launch to date"
China potentially a longer-term opportunity...

"An extended range of products have now been certified for China Compulsory Certification (CCC) and have been available in the country. With Space Marines proving to be more popular than ever...."
Success with new channels, including live streaming...

"...most popular online preview shows got over 500k views, with the accompanying articles read between 500k and 1m times. We will continue to host these going forwards."
Delay in development of the new TV series based on the Eisenhorn series of novels.

Interestingly have expanded the IP team with resources in China and Japan.
For anyone interested in the IP strategy - these two videos are a great overview of how the strategy has evolved over time and trade-offs made

Strong believe that the depth and quality of the IP in the Warhammer Universe(s) is still wildly underappreciated by the market and see opportunity here for further upside...

β€’ β€’ β€’

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More from @MissCompound

12 Jan
Must read - "over the past 15 years, a mere five investments have generated 90 percent of Sovereign's gains."…
"By going into uncharted territory where most investors don't dare to tread, the Chandler brothers have, in the space of 20 years, grown a family fortune of $10 million into a cool $5 billion -- and they're still in their mid-40s."
"Sovereign traditionally buys stocks at P/E ratios of 3 or less, although in light of current valuations and the fund's focus on hot Asian markets, it must sometimes pay far more."

Avg P/E of <3 - be interested in performance over last decade given growth outperformance...
Read 8 tweets
3 Jun 20
INCREDIBLE post from @brettbivens on @Spotify and the long-term opportunity in audio.

My "few key points" that I wanted to share ended up being half the article, there's just so much goodness. Forgive me!

Would love to hear from @eldsjal πŸ€žπŸ™

"...the consumer devices reaching scale today are largely audio-first and elevate the medium in a way that will unlock previously unforeseen use cases and business models..."

Strongly agree, this is self-evident with the explosive growth of smart speakers, AirPods, etc.
I'd add to this is the importance of being "platform agnostic."

A consumer will likely have multiple audio devices (smart speaker, AirPods, car) from multiple different providers (Amazon, Apple, Tesla) so it's important to have a service (Spotify) that is suitable for all.
Read 19 tweets

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