FTSE 100 shares round-up: Games Workshop, Aviva, LondonMetric
As the blue-chip index breaks a long losing streak, City writer Graeme Evans looks at one of the big winners and other popular large-cap stocks.
20th November 2025 13:52
by Graeme Evans from interactive investor
Aviva logo on the screen of a tablet computer. Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images.
The advance of Games Workshop Group (LSE:GAW), quest for dividend aristocracy by LondonMetric Property (LSE:LMP) and support for high-yielding Aviva (LSE:AV.) today highlighted the FTSE 100’s income appeal.
The UK benchmark, which yields more than 3% in addition to this year’s headline valuation gain of more than 15%, got back to winning ways this morning after five sessions in the red.
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NVIDIA Corp (NASDAQ:NVDA) triggered the improvement as its forecast-beating results eased recent AI valuation jitters and helped Polar Capital Technology Ord (LSE:PCT) investment trust and Scottish Mortgage Ord (LSE:SMT) to advance.
The semiconductor giant accounts for 11% of Polar Capital’s net assets, followed by Apple Inc (NASDAQ:AAPL) and Alphabet Inc Class A (NASDAQ:GOOGL) at 7%. Nvidia is sixth-largest for Scottish Mortgage at 3.6%.
The FTSE 100 index stood 64.45 points higher at 9,571.86, led by Halma (LSE:HLMA) and Games Workshop after their shares rose by double-digit percentages to set new all-time highs.
The latest surge by the Warhammer figurines maker extends its share price advance to more than 40% since April, placing the company on the cusp of a £6 billion valuation.
Today’s rally of 1,930p to 18,020p took the shares beyond broker Peel Hunt’s new 18,000p price target, having upgraded from 16,500p to a Buy stance on the back of more strong trading.
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Profits for the six months to 30 November are set to rise by at least another 6%, giving the company sufficient surplus capital to declare a dividend of 100p a share on 28 January.
Comparisons can be skewed by the timing of announcements, but with a dividend of 85p due in accounts tomorrow the amount declared so far in 2025/26 is up by 75% to 325p a share.
Peel Hunt, whose target price continues to be based on a 35 times price/earnings multiple, said: “The company has delivered a strong performance against tough comparatives and is well set for another good year.”
Counterparts at Jefferies recently lifted their price target to 18,300p, describing the company as an asset of rare quality.
They said the licensing success of the Space Marine 2 video game demonstrated the potential for the Warhammer universe to reach a more mass-market customer – and to convert those customers into miniature-buying hobbyists.
It adds that long-term plans with Amazon.com Inc (NASDAQ:AMZN) for the adaptation of Games Workshop’s Warhammer 40,000 universe into films and television series had the potential to reach an audience multiple times the size of the current active customer base.
Jefferies said last week: “Games Workshop remains a unique business with a clear market leadership position, impressive margins, and a best-in-industry returns profile.
“Although the multiple is not optically cheap, we see scope for upgrades as we move into the 2027 financial year.”
Aviva shares have fallen back in the week since the insurer set out new medium-term targets as part of its “next chapter” of growth following the summer acquisition of Direct Line.
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The company’s refreshed ambitions included compound earnings per share growth of 11% and return on equity above 20% by 2028.
It also said it is on track to achieve 2026 targets one year early, with an operating profit for 2025 of £2.2 billion representing 18% compound growth over the £1.4 billion delivered in 2022.
UBS today responded to the presentation by reiterating its Buy stance and price target of 750p, which compares with today’s level of 636p and the record 692p seen prior to the update.
It highlighted near-term headwinds from a soft pricing cycle in some of Aviva’s lines of business but said that it still saw marginal upside to the earnings guidance.
The bank said: “We also continue to see Aviva’s valuation as attractive relative to UK life peers and the wider insurance sector.”
It notes that a projected 9.5% all-in yield for 2028, which takes in buybacks and dividends, is higher than that of both Phoenix Group Holdings (LSE:PHNX) and M&G Ordinary Shares (LSE:MNG), with only Legal & General Group (LSE:LGEN) at 11.3% screening as more attractive.
UBS said this was delivered with one of the lowest payout ratios relative to capital and earnings generation within the UK life insurance subsector.
It added: “Aviva’s sensitivity to a recessionary/credit scenario is also one of the lowest within the UK life sector.”
At LondonMetric, the urban logistics-focused property firm said it was on track for its 11 consecutive year of dividend progression.
The figure in today’s interim results increased by 7% to 6.1p a share, which is 111% covered by earnings. It includes 3.05p for the second quarter, which will be paid in January.
The company, which was created in 2013 through a merger of London & Stamford Property and Metric Property Investments, is the UK’s leading triple net lease real estate investment trust (REIT) — where the tenant is responsible for paying key expenses as well as the base rent.
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The model means that it is not only a rent collector but a rent compounder with negligible income interruption from vacancy or developments. This ensures that 98.5% of rental income collected flows to the company’s bottom line and ultimately on to shareholders via dividends.
Chief executive Andrew Jones said: “Our investment in the winning property sectors and assets through our low-cost and efficient platform continues to deliver strong income and attractive rental growth.
“Over the past two years, earnings and dividends per share have both grown by over 27%, putting us on track for our 11th year of dividend progression as we strive for dividend aristocracy.”
Results for the six months to 30 September were broadly in line with market expectations, with net tangible assets (NTA) per share of 199.5p up by 0.2%.
Shares were today slightly lower at 185.5p, which compares with the 269p price target of Berenberg after it highlighted a prospective 6.4% dividend yield.
The bank said: “We think a premium business deserves a premium rating, so we think there is value in the shares trading at a 6% discount to spot NTA today.”
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