Goldman Sachs Sees Encouraging Demand, Margin Trends For Toy Maker Hasbro
Goldman Sachs Sees Encouraging Demand, Margin Trends For Toy Maker Hasbro
Goldman Sachs analyst Stephen Laszczyk reiterated a Neutral rating on the shares of Hasbro Inc (NASDAQ:HAS) and raised the price target from $62 to $65. The raised price target is based on 15.0x second-twelve-month EPS.
高盛分析师斯蒂芬·拉斯奇克重申了对孩之宝公司（纳斯达克股票代码：HAS）股票的中性评级，并将目标股价从62美元上调至65美元。上调的目标股价基于第二十二个月每股收益的15.0倍。
Hasbro reported 2Q24 results that featured a beat across revenue, adjusted EBITDA, and adjusted EPS.
孩之宝公布了24年第二季度的业绩，其中包括收入、调整后的息税折旧摊销前利润和调整后的每股收益。
The beat to revenue was driven primarily by better-than-expected Wizards of the Coast revenues and adjusted operating profit, said the analyst.
分析师表示，收入增长主要是由威世智的收入好于预期的海岸奇才收入和调整后的营业利润推动的。
The analyst is encouraged by the demand and margin trends within Hasbro's Consumer Products segment coming out of 2Q24.
孩之宝消费品板块自24年第二季度起的需求和利润率趋势令分析师感到鼓舞。
Heading into the back-to-school shopping season, the retailer would garner support from a healthier retail ecosystem and new product innovation, noted the analyst.
分析师指出，即将进入返校购物季，该零售商将获得更健康的零售生态系统和新产品创新的支持。
Meanwhile, the analyst is more cautious on the trajectory of WOTC as Hasbro guided to Monopoly Go revenues below expectations (~$30 million/quarter vs ~$40 million GSe), and updated WOTC guidance implied a larger than expected 2H24 decline in tabletop revenue.
同时，分析师对WOTC的走势更加谨慎，因为孩之宝指导《Monopoly Go》的收入低于预期（约3000万美元/季度收入约为3000万美元，GSe约为4000万美元），而最新的WOTC指导方针意味着24下半年桌面收入的下降幅度大于预期。
The analyst increased the estimates for revenues, EPS and free cash flow largely to reflect the strength in consumer products.
该分析师提高了对收入、每股收益和自由现金流的估计，主要是为了反映消费品的走强。
The analyst sees three main levers Hasbro can pull to achieve $750 million in gross cost savings by YE2025, which includes headcount reduction (immediate), supply chain optimization (short-term/ongoing), and architecting new toys/products around a more efficient go-to-market strategy (medium-term).
分析师认为，孩之宝可以利用三个主要杠杆来通过 YE2025 节省总成本，其中包括裁员（立即）、供应链优化（短期/持续）以及围绕更有效的上市战略（中期）设计新的玩具/产品。
On the Consumer Products side, Hasbro is encouraged by early signs of demand it is seeing for its Beyblade, Deadpool, and Transformers lines and the management expects this to result in low single-digit percentage declines in CP revenue in the third quarter before returning to growth in the fourth quarter, added the analyst.
分析师补充说，在消费品方面，孩之宝对Beyblade、Deadpool和Transformers系列出现需求的早期迹象感到鼓舞，管理层预计，这将导致第三季度CP收入的低个位数百分比下降，然后在第四季度恢复增长。
For Baldur's Gate III, Hasbro now expects ~$30 million of revenue for the full year, major chunk of which was achieved in the first half, noted the analyst.
分析师指出，孩之宝现在预计Baldur's Gate III的全年收入约为3000万美元，其中大部分是在上半年实现的。
While the second quarter figure of $40 million revenue in Monopoly Go was well above the analyst's expectation of ~$10-15 million, the analyst considers this was partially a pull-forward of pre-earnings full-year MGO revenue expectation of ~$100 million in 2024.
尽管第二季度Monopoly Go的4000万美元收入数字远高于分析师预期的约1000-1500万美元，但该分析师认为，这在一定程度上是对2024年财报前全年约1亿美元的MGO收入预期的推动。
Price Action: HAS shares are trading higher by 3.17% at $63.47 at last check Friday.
价格走势：周五最后一次检查时，HAS股价上涨3.17％，至63.47美元。
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