First Read: Hasbro Inc "What's Incremental: Strong Adj EPS Beat" (Buy) Kocharyan

研报英文原文证据摘录

First Read: Hasbro Inc "What's Incremental: Strong Adj EPS Beat" (Buy) Kocharyan

Global Research

20 May 2026ab

First Read

EquitiesHasbro Inc

What's Incremental: Strong Adj EPS Beat Americas

Toys

12-month rating Buy

Strong Adj. EPS and Operating Profit Beat for Q1

What's incremental since preannouncement is adjusted EPS and operating profit 12m price target US$110.00

which beat vs. expectations. Hasbro continues to guide to revenue of +3-5% while

Street's estimates are closer now to +7% given meaningful beat in Q1. We note

Price (19 May 2026) US$97.18

Hasbro's guide is in constant currency and we calculate FX to be around 1ppt of

tailwind for revenue for the year (mostly in toy business.) RIC: HAS.O BBG: HAS US

We have been of the view that guide was measured enough to leave decent Trading data and key metrics

upside from Magic in H1. We believe investors will continue to focus on FY guide 52-wk range US$105.94-65.18

being reiterated despite strong Q1 beat, even though full year guidance being Market cap. US$13.7b

reiterated is unchanged from preannouncement. Our Magic: The Gathering Shares o/s 140m (COM)

checks indicate strong underlying demand for Secrets of Strixhaven released on Free float 90%

April 24, 2026. Avg. daily volume ('000) 1,741

Hasbro is also reiterating adjusted operating margin of +24-25% (UBSe +24.5% Avg. daily value (m) US$164.2

and Street's 24.7%), unchanged from what we knew from preannouncement, Common s/h equity (12/26E) US$1.89b

and this was broadly better than initial market concerns over resin/freight costs P/BV (12/26E) 7.3x

lowering margin outlook, though we had noted previously that resin prices are Net debt to EBITDA (12/26E) 2.1x

unlikely to meaningfully impact margins for FY'26, plus Hasbro has tariff tailwinds

EPS (UBS, diluted) (USD)