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Martin Arnell
- Martin Arnell
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.
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