Addressing Key Debates Into the Print: Marvel MTG and Exodus; REIT Buy

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Addressing Key Debates Into the Print: Marvel MTG and Exodus; REIT Buy

USA | Toys

Hasbro, Inc. EquityJulyResearch16, 2026

TARGET | ESTIMATE CHANGEAddressing Key Debates Into the Print: Marvel

RATING BUYMTG and Exodus; REIT Buy

PRICE $80.51^

Our Marvel MTG checks point to healthy demand, much better than Spider-Man,

below Final Fantasy, and consistent with a successful release. Retailers also PRICE TARGET | % TO PT $110.00 ($120.00) | +37%

highlighted strong backlist trends and confidence in upcoming releases. While 52W HIGH-LOW $106.98 - $69.50

we lower 2027 ests to reflect Exodus investment, we believe consensus de- FLOAT (%) | ADV MM (USD) 98.8% | 155.53

risking and a likely FY guide raise support our positive view. We reiterate Buy MARKET CAP $11.4B

but lower PT to $110. TICKER HAS ^Prior trading day's closing price unless otherwise

noted.

Marvel x Magic: the Gathering

Solid Demand, Not a Bust. We called over 12 Wizards Play Network stores, and the tone was FY (Dec) CHANGE TO JEFe JEF vs CONS

overall positive for the Marvel set, with demand in line with a typical set, much better than last year's 2026 2027 2026 2027

Spider-Man, but less than Final Fantasy. Our checks suggest Marvel is resonating with players and REV +3% +3% +2% +1%

collectors and should be viewed as a successful release rather than a miss to expectations. EPS +2% -1% +1% -1%

Both the Back List and Upcoming Releases Should Support 2H Sales. Feedback from retailers 2026 ($) Q1 Q2 Q3 Q4 FY

suggests that demand remains broad-based rather than concentrated in a single release. Several EPS -- -- -- -- 6.01

stores cited healthy backlist sales and continued player engagement, while the upcoming slate PREV 5.89

of products (specifically The Hobbit) should create a steady cadence of demand throughout the