Asmodee - Initiation of coverage - At the top table
Asmodee is a leader in the structurally growing EUR13bn tabletop market. With its unique distribution network and IP portfolio, we estimate a 2023/24–2026/27 adj. EBITDA CAGR of 7%, excluding the potential for resumed M&A after Embracer’s recent EUR400m capital injection. We initiate coverage with a BUY and SEK120 target price based on a peer valuation of 2025/26–2026/27e EV/adj. EBIT of c13x and a discount to our DCF.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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