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HAS – Market expectations are for Uniform ROA to fade, but management is confident about their European business, sales, and storytelling

January 26, 2021

  • Hasbro, Inc. (HAS:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 19.2x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, but management is confident about their European business, Amazon Prime day sales, and storytelling
  • Specifically, management is confident their European business is performing well, their storytelling around MAGIC: THE GATHERING is synchronized between their analog and digital business, and that sales peaks during Amazon Prime days were higher than expected. In addition, they are confident their in-stocks have improved and Q4 results partly reflect licensee sales