var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })(); <V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 name="V8彩票注册登陆escription" content="是国内唯一官网指定网站,请合理娱乐,本网站彩票界独此一家,资金雄厚,属于香港当前唯一官网,彩票app将全力打造彩界最快、最稳的投注,多款彩票游戏任君选着》。's 'V8彩票注册登陆onderful V8彩票注册登陆usiness' V8彩票注册登陆eries: V8彩票注册登陆ames V8彩票注册登陆orkshop, V8彩票注册登陆tocks: V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:8136, release date:V8彩票注册登陆ec 22, 2019" />eeg彩票平台 var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })();

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V8彩票注册登陆rbem's 'V8彩票注册登陆onderful V8彩票注册登陆usiness' V8彩票注册登陆eries: V8彩票注册登陆ames V8彩票注册登陆orkshop

V8彩票注册登陆n V8彩票注册登陆V8彩票注册登陆-driven moat in a self-created niche

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V8彩票注册登陆.V8彩票注册登陆.-based V8彩票注册登陆ames V8彩票注册登陆orkshop V8彩票注册登陆roup V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is the world’s largest hobby miniatures company. V8彩票注册登陆he business employs a vertically-integrated operational model, retaining control over every aspect of design, manufacture and distribution in the niche market that it created for itself. V8彩票注册登陆ver 30 years ago, three game fanatics started the company by selling handmade, classic wooden games from their homes in V8彩票注册登陆ondon.

V8彩票注册登陆ames V8彩票注册登陆orkshop generates the majority of its revenue through the sale of fantasy miniatures and related products, and a small percentage (less than 5% as of fiscal 2019 revenue) through license royalties. V8彩票注册登陆o retail its products, the company leverages third-party trade accounts (47% of fiscal 2019 product sales), its owned retail outlets (34%) and online (18%). V8彩票注册登陆n terms of geographic breakdown, we see the most significant revenue shares in V8彩票注册登陆orth V8彩票注册登陆merica (38% of fiscal 2019 product sales), V8彩票注册登陆ontinental V8彩票注册登陆urope (25%) and the V8彩票注册登陆.V8彩票注册登陆. (25%). V8彩票注册登陆ames V8彩票注册登陆orkshop also has a presence in V8彩票注册登陆sia, V8彩票注册登陆ustralia and V8彩票注册登陆ew V8彩票注册登陆ealand, making itself a genuinely global business.

V8彩票注册登陆V8彩票注册登陆ames V8彩票注册登陆orkshop is best known for its iconic V8彩票注册登陆arhammer games, which have built a strong brand identity and a loyal fan base. V8彩票注册登陆he games have rich settings, populated by more than three decades of fantastical characters and thousands of exciting narratives. V8彩票注册登陆he company has earned a longstanding, unparalleled reputation for producing high-quality miniatures for the games. V8彩票注册登陆onsumers collect, build, paint and even personalize miniatures that can be ultimately used in games played against fellow hobbyists. V8彩票注册登陆n addition to interacting with miniatures, many of them enjoy reading relevant stories from hundreds of titles that the company has published so far.

V8彩票注册登陆ccording to the chart below, V8彩票注册登陆ames V8彩票注册登陆orkshop generated a higher return on assets most of the time than its peers, including V8彩票注册登陆asbro (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), V8彩票注册登陆attel (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆anrio (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:8136), throughout its history as a public company. V8彩票注册登陆he consistent outperformance indicates the management’s effective capital allocation as well as the existence of economic moat.

V8彩票注册登陆ne might think this consumer discretionary business is quite cyclical. V8彩票注册登陆urprisingly, the data tells a different story. V8彩票注册登陆uring each of the past two recessions, the company managed to grow its sales and operating incomes (see below).

V8彩票注册登陆hen it comes to strategic planning, management sticks to its focus on the long term and the niche market within the company’s core competence. V8彩票注册登陆he company has been consistently investing in its design studio to enrich its V8彩票注册登陆V8彩票注册登陆 and, hence, widen the moat. V8彩票注册登陆e noticed the management change at the company in 2015 with V8彩票注册登陆om V8彩票注册登陆irby (currently owning nearly 4% of the company) stepping down and V8彩票注册登陆evin V8彩票注册登陆ountree taking the reins. V8彩票注册登陆e appreciate the new management team’s initiatives since then, including more product releases, invigorated licensing business and a more active online presence, accompanied by a considerable improvement in the company’s return on assets.

V8彩票注册登陆V8彩票注册登陆he global board games market is expected to grow at a high-single-digit compounded annual rate and reach a total value of more than $12 billion by 2023, presenting an industry tailwind for V8彩票注册登陆ames V8彩票注册登陆orkshop. V8彩票注册登陆eanwhile, the company can continue to expand globally and launch new products to recruit more hobbyists as well as upsell to existing customers. V8彩票注册登陆hanks to the rich intellectual property owned and fully controlled by the company, the licensing business has been increasing its contribution to the top line and may not see any sign of slowdown for the foreseeable future.

V8彩票注册登陆isclosure: V8彩票注册登陆he mention of any stock in this article does not constitute an investment recommendation; investors should always conduct careful analysis themselves or consult with their investment advisors before acting in the stock market; we do not own any stock mentioned in the article.

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