Reiterate HAS as Our Top Toy Pick Heading into Nantucket

研报英文原文证据摘录

Reiterate HAS as Our Top Toy Pick Heading into Nantucket

USA | Toys

Hasbro, Inc. EquityJuneResearch15, 2026

COMPANY UPDATEReiterate HAS as Our Top Toy Pick Heading into

RATING BUYNantucket

PRICE $83.90^

HAS remains our top toy pick, driven by a structurally stronger earnings mix

led by WotC (>85% of EBIT) and durable MTG demand. High-margin growth, PRICE TARGET | % TO PT $120.00 | +43%

historically conservative guidance, and limited macro exposure support upside. 52W HIGH-LOW $106.98 - $67.11

Despite this, shares trade at a steep discount (~9.3x vs. high-teens for adult- FLOAT (%) | ADV MM (USD) 98.8% | 166.32

centric gaming peers), creating a clear path to re-rating as mix shifts and MARKET CAP $11.9B

execution continues. TICKER HAS ^Prior trading day's closing price unless otherwise

noted.

Top Pick: Structural Transformation Still Underappreciated. We continue to see Hasbro (HAS) as

our top toy pick, driven by a higher-quality earnings mix, conservative expectations, and a valuation

FY (Dec) CHANGE TO JEFe JEF vs CONS

that does not reflect its evolution into an IP-driven gaming platform. The story has shifted from

2026 2027 2026 2027

turnaround to transformation, though we believe investors remain early.

REV NA NA NM -1%

MTG: A Durable Franchise Anchoring the Model. At the core is Magic: The Gathering (MTG), which EPS NA NA NM NM

we view as a top-tier trading card game with strong repeat purchase behavior, collector dynamics,

and deep engagement. This positions MTG closer to premium hobby ecosystems than traditional 2026 ($) Q1 Q2 Q3 Q4 FY

toys. As a result, Wizards of the Coast (WotC) has become the primary earnings driver, contributing EPS -- -- -- -- 5.89

over 85% EBIT last year, and anchoring the investment case. PREV

WotC: High-Margin Growth with Staying Power.