HAS
Hasbro, Inc.
Consumer
08/16/2023
Presented
| Date | 08/08/2023 |
| Price | $65.68 |
| Market Cap | $9.10B |
| Ent Value | $12.87B |
| P/E Ratio | N/A |
| Book Value | $17.61 |
| Div Yield | 4.26% |
| Shares O/S | 138.61M |
| Ave Daily Vol | 1,555,832 |
| Short Int | 6.50% |
Current
| Price | $71.64 |
| Market Cap | $9.99B |
| Hasbro, Inc. engages in the provision of children and family leisure time products and services with a portfolio of brands and entertainment properties. The firm's brands of toys include Power Rangers, Magic: The Gathering, Monopoly, My Little Pony, Nerf, Play-Doh and Transformers. It operates through the following segments: Consumer Products, Wizards of the Coast and Digital Gaming, Entertainment, and Corporate and Other. The Consumer Products segment markets and sells toys and game products around the world. It also promotes brands through the out-licensing of trademarks, characters and other brand and intellectual property rights to third parties, and through the sale of branded consumer products such as toys and apparel. The Wizards of the Coast and Digital Gaming segment promotes the company's brands through the development of trading cards, role-playing and digital game experiences based on Hasbro and Wizards of the Coast properties. The Entertainment segment develops and distributes entertainment content including film, scripted and unscripted television, children's programming, digital content, and live entertainment. The Corporate and Other segment includes the management and administrative services to its principal reporting segments. The company was founded by Henry Hassenfeld and Hilal Hassenfeld in 1923 and is headquartered in Pawtucket, RI. |
Publicly traded companies mentioned herein: Hasbro Inc (HAS), Mattel Inc (MAT), Microsoft Corp (MSFT)
Highlights
The presenter is long shares of Hasbro Inc (HAS), believing the market is misunderstanding the business. The toy industry benefited during the pandemic but was left with excess inventory when demand fell. This slowdown coincided with the failed activist campaign in 2022 around improved capital allocation and spinning off its Wizards of the Coast business, causing the stock to fall from its post-COVID peak of ~$100 per share to its sub-$50 trough in spring 2023. The presenter thinks the activist’s impact is now being felt and sees several headwinds unwinding. Yet, HAS is still valued as an underperforming toy company with inventory issues. He sees limited downside from the current $65 share price against 50% 12-month upside and 100%+ upside longer term as the new management team executes the turnaround.
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