Asmodee Group AB (publ) (ASMDEE-B.ST): valor razonable

Tesis ACCE

Asmodee designs and distributes tabletop games and collectible card products, including Catan, Ticket to Ride, Star Wars: Unlimited and Marvel Champions, selling into hobby stores, mass retail and its own distribution network across Europe and North America. Its edge is a portfolio of owned intellectual property alongside exclusive distribution rights, which lets it capture more margin on each unit than a pure publisher or a pure logistics firm, and that gross margin of 42.7% is the figure to test. Revenue grew 20.9% and operating margin sits at 9.7%, so the growth is real but has not yet translated into strong earnings, with ROE of just 2.4% and a trailing P/E of 80 suggesting the market is paying for future operating leverage. The near-term question is whether that leverage shows up as the newer franchises scale and integration costs roll off, and whether operating margin moves meaningfully above 10%. At this valuation, the bull case rests on margin expansion rather than on growth alone, so the next step is to pull segment-level margins and the reported organic growth rate before deciding whether the name merits a full model.