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They told investors that HAS is an attractive value opportunity as the second-half recovery thesis comes into view.
“We remain positive towards Hasbro’s restructuring efforts and the decision to emphasize fewer, more profitable brands while reducing costs by at least $250mn-$300mn,” the analysts wrote.
“If management can successfully execute on these initiatives, we view Hasbro shares as inexpensive at less than 13x our 2024E EPS with an 8% FCF yield and a 4.3% dividend yield.”
In its second-quarter outlook for the stock, they said the firm maintains its revenue and EPS estimates of $1.103 billion (-18%) and $0.48 (-58%), respectively.
“Our top line view is in line with consensus while our EPS is below the Street at $0.56. The quarter is facing a very challenging comparison coming up against last year’s same period, which benefited from roughly $60mn of pulled forward sales,” they added.
