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International markets look a bit shaky proper now, with conflicts escalating, oil costs climbing and new tariffs making every part costlier. Whereas it’s not an excellent scenario by any measure, it might be an opportunity to seize some high quality FTSE 100 shares at a reduction.
When this sort of mixed strain builds, it usually sends share costs tumbling. Scary stuff — however solely for many who aren’t ready.
With a bit of money put aside, I’ve acquired my eye on two shares I’ve wished to purchase for a while: Antofagasta (LSE: ANTO) and Video games Workshop (LSE: GAW).
Each commerce on sky-high multiples — Antofagasta at 37.6 instances earnings and Video games Workshop at 27.6. Which means they’re priced like development stars, leaving little room for extra features except every part goes completely. That’s a threat I don’t wish to take, except the costs dip a bit.
Right here’s why I’m bullish on these two Footsie superstars.
Antofagasta
This Chilean copper miner extracts the dear crimson metallic wanted for every part from EVs to energy grids. In its newest full-year outcomes for 2025, earnings jumped 55.4% year-on-year and income rose 26.3% to $8.6bn. This was due to increased copper costs and powerful by-product gross sales like gold and molybdenum.
EBITDA hit a document $5.2bn, up 52%, displaying stable value management whilst capex peaked at $3.7bn for development tasks.
Debt-to-equity sits at a manageable 0.74, and a P/E development (PEG) ratio of 0.69 suggests the excessive earnings a number of is perhaps justified by anticipated development.
Nevertheless, rising power prices from oil spikes may squeeze margins. Different dangers embody copper value drops if a crash hits commodities exhausting, or delays in huge tasks just like the current Centinela growth.
Nonetheless, with copper demand set to increase with renewable electricfication traits, I anticipate huge issues from Antofagasta.
Video games Workshop
Video games Workshop designs and sells Warhammer miniatures, books and video games — suppose hobbyists constructing armies of tiny fantasy warriors. Sounds area of interest, nevertheless it’s wildely standard.
Its half-year outcomes to November 2025 confirmed core income up 17% to £316m, with working revenue rising to £126m on a stellar 69% gross margin. Return on fairness (ROE) is a powerful 67.9%, web margin 31.7%, and debt is tiny at simply £49m, giving it a stable steadiness sheet.
Nonetheless, the specter of tariffs and provide chain points may hit prices. The primary threat is slowing passion gross sales if shoppers lower enjoyable spending in a downturn, or flops in new releases just like the current House Marine video games.
Thankfully, the three.24% dividend yield provides some earnings on prime of development, and licensing offers like video video games promise additional income.
Preparation is essential
If markets crash, having money put aside can present a uncommon probability to seize these prime FTSE 100 names at a cut price. Antofagasta for its high-demand copper development potential and Video games Workshop for its loyal, income-driving shopper base.
They’re not low-cost proper now, however a 20%-30% drop would make these valuations much more palatable. That would supply an honest entry level to top off on two confirmed earners with promising futures.
For UK traders, a average value dip would make them effectively value contemplating for a long-term growth-focused portfolio.
