4 models fit Asmodee Group AB (publ) and they disagree: 1 of 4 land within 15% of the average.
Two or more of our models back this value.
Large premium(i)Bronze57
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionAsmodee Group AB (publ) (ASMDEE-B.ST)
Fair value (4 models)
kr 111
ACCE price target
kr 158
Rating
Overvalued
Horizon
12 months
Fair value published on 23 Oct 2026, 11:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 23 Oct 2026, 11:04 CEST.
Price used: kr 169 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
52.9% above
-34.6% to fair value
ACCE score
70
out of 100
P/E
78.7x
1-year return
+39.7%
Dividend yield
1.03%
Asmodee Group AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
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.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Thin net margin
Net margin is +2.6% against a +9.7% operating margin, and ROE is only +2.4%. The earnings jump of +895.3% is off a low base, so the earnings growth looks more like recovery than durable strength.
moderate
Rich trailing valuation
P/E is 80.0 and P/S is 23.3 at kr 169.10. Forward P/E of 26.8 implies earnings must keep rising steeply for the stock to look reasonable on current numbers.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 20.9% year over year in the June interim report, well ahead of the 11.5% average annual pace over five years.
Free cash flow over the last twelve months reached EUR 194M, and the stock's free cash flow yield stands at 5.3%.
Analysts' mean price target of SEK 189.90 sits 9.5% above the current share price, suggesting some upside in their view.
Why it could disappoint
Return on invested capital is only 0.9%, so the business earns very little on the money tied up in it.
The diluted share count rose 36.7% last fiscal year, so each share now claims a much smaller slice of the company.
A trailing P/E of 80.0x leaves little room for error, even though the forward P/E falls to 26.8x.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 13, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where ASMDEE-B.ST's valuation models land
Price
kr 169.10
Model fair value
kr 111
Model range
kr 51.22 to kr 186
Fair value kr 111
Price kr 169
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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