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Hasbro’s Long-Time Leader Passes After Recently Taking Medical Leave

Senior Equity Analyst Jaime M. Katz

Jaime M. Katz, CFA Senior Equity Analyst

Analyst Note

| Jaime M. Katz, CFA | Oct 12, 2021

Just two days after notifying investors that narrow-moat Hasbro’s CEO Brian Goldner would take a medical leave of absence, the company followed with a report that he had succumbed to the cancer that had returned in 2020. Goldner had run the company for more than a decade, strategically growing the traditional toy business into an entertainment and content powerhouse, bolting on brands like Power Rangers, Peppa Pig, and PJ Masks. Preparations for continuity were already in place given the decision to step back, with Rich Stoddart, the lead independent director, announced as interim CEO on Oct. 10. Stoddart has been on Hasbro's board since 2014, holding leadership roles at both InnerWorkings (marketing company) and Leo Burnett Worldwide (advertising agency), bringing solid management experience to the helm. In turn, Edward Philip has moved into the lead independent director role to ensure prudence.

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Company Profile

Business Description

Hasbro is a branded play company providing children and families around the world with entertainment offerings based on a world-class brand portfolio. From toys and games to television programming, motion pictures, and a licensing program, Hasbro reaches customers by leveraging its well-known brands such as Transformers, Nerf, and Monopoly. Ownership stakes in Discovery Family, which offers programming from Hasbro Studios, and animation studio Boulder Media bolster Hasbro's multichannel presence. The firm acquired Entertainment One in 2019, bolting on properties like Peppa Pig and PJ Masks.

Contact

1027 Newport Avenue, P.O. Box 1059
Pawtucket, RI, 02861

T +1 401 431-8697

hasbro_investor_relations@hasbro.com

Sector Consumer Cyclical

Industry Leisure

Most Recent Earnings Jun 30, 2021

Fiscal Year End Dec 31, 2020

Stock Type Cyclical

Employees 6,822

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Tariffs Drive Retail Disruption at Narrow-Moat Hasbro

We view shares as overvalued, and we plan to increase our fair value estimate.

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Mattel's Turnaround Too Slow for Investors

We think the shares are undervalued, but the road to improvement could be rocky.

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Toys 'R Us Headwinds Largely Subside at Hasbro

The toymaker could be set to deliver modestly positive top-line growth again.

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Bigger Profits Ahead for Mattel

Cost and creative efforts should begin to pay off in the second half.

Mattel, Hasbro Look Undervalued

Despite headwinds, the industry can still grow, and we think Mattel looks attractive today.

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Consumer Cyclical: Confidence, Demographics Support Consumption Gains

E-commerce market share gains present challenges for some, but trends continue to support healthy profitability for many companies.

Mattel Looks Undervalued as Toys 'R' Us Weighs

We're lowering our fair value estimates for narrow-moat toy companies Mattel and Hasbro but still see value in former.

Stock Analyst Update

What the Toys R Us Closing Means for Mattel, Hasbro

The retailer's liquidation doesn't change our long-term thesis or narrow moat rating for either toymaker.

Investing Insights: Sizing Up Vanguard's Active ETF

Vanguard's active ETF is no game-changer; Iron Mountain's dividend is a risky bet; and a positive outlook for Hasbro and Mattel.

Morningstar.com

Season Looks Bright for These Toymakers

We think Hasbro will gain market share but view Mattel as the more undervalued stock today.

Stock Analyst Update

Is a Hasbro-Mattel Tie-Up Inevitable This Time?

Such speculation has fizzled in the past, and a similar fate could occur this go-round.

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Hasbro Grabbing Market Share

We're maintaining our $98 fair value estimate and view shares as modestly undervalued today.

Stock Analyst Update

What Toys 'R' Us Bankruptcy Means for Mattel, Hasbro

The narrow-moat toymakers have some time to find alternate channels to distribute their products and prevent future sales shortages that may stem from degradation of the Toys 'R' Us channel.

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Franchise Brands Help Hasbro Grab Market Share

We still view the shares as overvalued after second-quarter results.

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Hasbro Continues to Take Incremental Share in 2017

We don't plan any material change to our $91 fair value estimate for the narrow-moat toymaker.

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And the Holiday Season Winner Is ... Hasbro!

We plan to raise our fair value estimate of the narrow-moat firm to account for its ability to raise the top line again in the year ahead.

Quarter-End Insights

Consumer Cyclical: Poised (and Priced) for a Strong 2017

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Stock Strategist Industry Reports

Hasbro, Mattel Show Off New Products

After seeing their latest offerings, we're maintaining our outlook for both toy makers.

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Mattel's Turnaround Set to Begin

Self-inflicted issues should persist for a few more quarters as a new CEO takes control.

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