Goldman Sachs Sees Encouraging Demand, Margin Trends For Toy Maker Hasbro
Goldman Sachs Sees Encouraging Demand, Margin Trends For Toy Maker Hasbro
The analyst is encouraged by the demand and 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.
高盛分析師Stephen Laszczyk重申了Hasbro Inc(NASDAQ:HAS)的中立評級，並將目標價從62美元上調至65美元。上調後的目標價基於15倍的未來12個月每股收益。
Hasbro reported 2Q24 results that featured a beat across revenue, adjusted EBITDA, and adjusted EPS.
Hasbro公佈了2Q24季度的業績，營收、調整後的EBITDA和調整後EPS都超過了預期。
The beat to revenue was driven primarily by better-than-expected Wizards of the Coast revenues and adjusted operating profit, said the analyst.
分析師表示，營收上的超預期主要是由於Wizards of the Coast的營收和調整後營業利潤超出了預期。
The analyst is encouraged by the demand and margin trends within Hasbro's Consumer Products segment coming out of 2Q24.
分析師對Hasbro的消費品業務品類出現在2Q24的需求和利潤趨勢持樂觀態度。
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.
分析師指出，進入返校購物季節，該零售商將會得到來自更健康的零售生態系統和新產品創新的支持。
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.
與此同時，分析師對WOTC的走向更加謹慎，因爲Hasbro指導的大富翁Go的營收低於預期(每季度約3000萬美元VS.約4000萬美元的GSe)，並且更新的WOTC指導意味着桌面遊戲收入在2H24將會比預期更大程度的下降。
The analyst increased the estimates for revenues, EPS and free cash flow largely to reflect the strength in consumer products.
分析師主要是基於消費品業務強勁的表現，提高了Hasbro revenuess，EPS和自由現金流的預測值。
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).
分析師看到Hasbro可以通過三個主要槓桿拉動（包括減少人員數量(立即執行)、優化供應鏈(短期/持續)、圍繞更高效的營銷策略設計新的玩具/產品(中期)）。實現2025年年底75000萬美元的總成本節約。
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.
在消費品業務方面，Hasbro對其Beyblade、Deadpool和Transformers系列產品需求的早期表現感到鼓舞，管理層預計這將導致第三季度消費品業務的收入降低低個位數百分點，然後在第四季度實現回升。
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.
對於Baldur's Gate III，Hasbro現在預計全年收入約爲3000萬美元，其中大部分在上半年實現。
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.
雖然大富翁Go二季度的收入達到了4000萬美元，遠高於分析師預期的1000-1500萬美元，但分析師認爲這在一定程度上是將預計全年MGO收入推前，預計MGO收入2024年達到約1億美元。
Price Action: HAS shares are trading higher by 3.17% at $63.47 at last check Friday.
Price Action：截至上週五最後一次查詢，Hasbro股票上漲了3.17%，報63.47美元/股。
Photo via Wikimedia Commons
照片通過Wikimedia Commons