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International markets look a bit shaky proper now, with conflicts escalating, oil costs climbing and new tariffs making the whole lot costlier. Whereas it’s not a super state of affairs by any measure, it could possibly be an opportunity to seize some high quality FTSE 100 shares at a reduction.
When this sort of mixed strain builds, it typically sends share costs tumbling. Scary stuff — however solely for many who aren’t ready.
With a bit of money put aside, I’ve received 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. Meaning they’re priced like development stars, leaving little room for extra features except the whole lot goes completely. That’s a threat I don’t need 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 purple metallic wanted for the whole lot 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 because of greater copper costs and powerful by-product gross sales like gold and molybdenum.
EBITDA hit a report $5.2bn, up 52%, exhibiting stable price 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 likely to be justified by anticipated development.
Nonetheless, rising vitality prices from oil spikes might squeeze margins. Different dangers embody copper worth drops if a crash hits commodities laborious, or delays in huge tasks just like the current Centinela growth.
Nonetheless, with copper demand set to growth with renewable electricfication tendencies, I anticipate huge issues from Antofagasta.
Video games Workshop
Video games Workshop designs and sells Warhammer miniatures, books and video games — assume hobbyists constructing armies of tiny fantasy warriors. Sounds area of interest, nevertheless it’s wildely well-liked.
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 formidable 67.9%, web margin 31.7%, and debt is tiny at simply £49m, giving it a stable stability sheet.
Nonetheless, the specter of tariffs and provide chain points might hit prices. The principle threat is slowing passion gross sales if customers lower enjoyable spending in a downturn, or flops in new releases just like the current House Marine video games.
Happily, the three.24% dividend yield provides some earnings on prime of development, and licensing offers like video video games promise additional income.
Preparation is vital
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 client base.
They’re not low-cost proper now, however a 20%-30% drop would make these valuations way more palatable. That would offer an honest entry level to top off on two confirmed earners with promising futures.
For UK buyers, a reasonable worth dip would make them effectively price contemplating for a long-term growth-focused portfolio.
