Global markets look a bit shaky right now, with conflicts escalating, oil prices climbing and new tariffs making everything more expensive. While it’s not an ideal situation by any measure, it could be a chance to grab some quality FTSE 100 stocks at a discount.
When this kind of combined pressure builds, it often sends share prices tumbling. Scary stuff — but only for those who aren’t prepared.
With a bit of cash set aside, I’ve got my eye on two shares I’ve wanted to buy for some time: Antofagasta (LSE: ANTO) and Games Workshop (LSE: GAW).
Both trade on sky-high multiples — Antofagasta at 37.6 times earnings and Games Workshop at 27.6. That means they’re priced like growth stars, leaving little room for more gains unless everything goes perfectly. That’s a risk I don’t want to take, unless the prices dip a bit.
Here’s why I’m bullish on these two Footsie superstars.
Antofagasta
This Chilean copper miner extracts the precious red metal needed for everything from EVs to power grids. In its latest full-year results for 2025, earnings jumped 55.4% year-on-year and revenue rose 26.3% to $8.6bn. This was thanks to higher copper prices and strong by-product sales like gold and molybdenum.
EBITDA hit a record $5.2bn, up 52%, showing solid cost control even as capex peaked at $3.7bn for growth projects.
Debt-to-equity sits at a manageable 0.74, and a P/E growth (PEG) ratio of 0.69 suggests the high earnings multiple might be justified by expected growth.
However, rising energy costs from oil spikes could squeeze margins. Other risks include copper price drops if a crash hits commodities hard, or delays in big projects like the recent Centinela expansion.
Still, with copper demand set to boom with renewable electricfication trends, I expect big things from Antofagasta.
Games Workshop
Games Workshop designs and sells Warhammer miniatures, books and games — think hobbyists building armies of tiny fantasy warriors. Sounds niche, but it’s wildely popular.
Its half-year results to November 2025 showed core revenue up 17% to £316m, with operating profit rising to £126m on a stellar 69% gross margin. Return on equity (ROE) is an impressive 67.9%, net margin 31.7%, and debt is tiny at just £49m, giving it a solid balance sheet.
Still, the threat of tariffs and supply chain issues could hit costs. The main risk is slowing hobby sales if consumers cut fun spending in a downturn, or flops in new releases like the recent Space Marine games.
Fortunately, the 3.24% dividend yield adds some income on top of growth, and licensing deals like video games promise extra revenue.
Preparation is key
If markets crash, having cash set aside can provide a rare chance to grab these top FTSE 100 names at a bargain. Antofagasta for its high-demand copper growth potential and Games Workshop for its loyal, income-driving consumer base.
They’re not cheap right now, but a 20%-30% drop would make those valuations far more palatable. That would provide a decent entry point to stock up on two proven earners with promising futures.
For UK investors, a moderate price dip would make them well worth considering for a long-term growth-focused portfolio.
