Bernstein starts Asmodee at 'market perform' on good products, capex-light profile

Asmodee AB

10/02/2025 11:35

** Bernstein initiates newly spun-off tabletop game
publisher Asmodee  ASMDEEb.ST  at "market perform", pointing to
its good product proposition and capex-light financial profile
    ** However, it stays neutral on valuation grounds; it sets a
PT of SEK 100 vs Friday's closing price of SEK 105 
    ** It says Asmodee's core products in the EUR 13 billion
($13.4 billion) tabletop games market could benefit from push
back against screen time or growth in tabletop communities
    ** It highlights the company's #2 global market share, only
behind Hasbro  HAS.O , including strong positions in Europe and
its own distribution network spanning more than 100 countries
    ** Bernstein says Asmodee is well positioned to achieve 5%
average organic sales growth over the next five years
    ** However, it says the trading card game market is volatile
and notes Asmodee has around 20% sales exposure to Pokemon and
around 15% to Magic trading cards
    ** "A loss of one of these relationships could be
significantly detrimental (although they are established
relationships)," it adds about the third-party brands

($1 = 0.9678 euros)

 (Reporting by Vera Dvorakova)
 ((vera.dvorakova@thomsonreuters.com))