Spin Master Corp Shs Subord Voting

TOY: XTSE (CAN)
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Spin Master Earnings: Digital Games Slowdown Overshadows Melissa & Doug and Other Toy Strength

No-moat Spin Master reported mixed third-quarter results, with solid performance in the toy segment but declines in the digital games and entertainment lines. We expect the firm to finish the year in line with our prerelease forecast for CAD 2.3 billion in sales and 21% EBITDA margin, and so we do not plan to materially adjust our CAD 43 fair value estimate.

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