The 2 ‘most expensive’ FTSE 100 stocks I’m looking at when the stock market crashes
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Global markets look volatile right now, with rising conflicts, rising oil prices and new tariffs making everything more expensive. While not an ideal situation by any measure, it can be an opportunity to capture some quality FTSE 100 shares at a discount.
When this type of aggregate pressure builds, it usually sends prices down. Scary stuff – but only for the unprepared.
With some money set aside, I looked at two stocks I’ve wanted to buy for a long time: Antofagasta (LSE: ANTO) and Games Workshop (LSE: GAW).
Both trade at sky-high multiples – Antofagasta earning 37.6 times and Sports Workshop at 27.6. That means they are priced like rising stars, leaving little room for further gains unless all goes well. That’s a risk I don’t want to take, unless the prices come down a bit.
That’s why I’m interested in these two Footsie stars.
Antofagasta
This Chilean copper miner produces the precious red metal needed for everything from EVs to power grids. In its latest results for the full year 2025, revenue jumped 55.4% year-on-year and revenue rose 26.3% to $8.6bn. This was due to higher copper prices and strong sales of third-party products such as gold and molybdenum.
EBITDA reached a record $5.2bn, up 52%, reflecting tight cost control as capex reached $3.7bn for growth projects.
Debt-to-equity remains at a manageable 0.74, and the P/E growth (PEG) ratio of 0.69 suggests that the high earnings multiple may be justified by expected growth.
However, rising energy costs from oil spikes may reduce the margin. Other risks include a drop in copper prices if the crash hits supplies hard, or delays in major projects like the recent Centinela expansion.
Still, with copper demand set to grow with renewable energy trends, I expect big things from Antofagasta.
Games Workshop
The gaming workshop designs and sells Warhammer miniatures, books and games – think hobbyists building armies of miniature heroes. It sounds niche, but it’s very popular.
Its results for the half year to November 2025 showed core revenue increased by 17% to £316m, while operating profit rose to £126m for a net gain of 69%. Return on equity (ROE) is an impressive 67.9%, net equity 31.7%, and debt is minimal at just £49m, giving it a strong balance sheet.
However, price threats and supply chain issues can affect costs. The biggest risk is reduced hobby sales if consumers cut back on entertainment spending, or include new releases like the latest Space Marine games.
Fortunately, the 3.24% dividend yield adds income on top of growth, and licensing deals like video games promise additional income.
Preparation is key
When markets crash, putting money aside can provide a rare opportunity to hold these top FTSE 100 names for cash. Antofagasta for its high demand copper growth potential and Game Workshop for its loyal customer base, which drives revenue.
They aren’t cheap right now, but a 20%-30% drop would make that valuation much more palatable. That would provide a decent entry point for two proven leads with promising futures.
For UK investors, moderate price declines can make them worth considering for a portfolio focused on long-term growth.
