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Hasbro Inc HAS

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Leadership Appointments Unlikely to Alter Long-Term Strategy at Narrow-Moat Hasbro

Jaime M. Katz, CFA Senior Equity Analyst

Analyst Note

| Jaime M. Katz, CFA |

After about three months with interim CEO Rich Stoddart at the helm, Hasbro’s board of directors has named Chris Cocks as permanent CEO (with Stoddart staying on as chairman of the board). Cocks has been with the narrow-moat company since 2016, acting as president and COO of its Wizards of the Coast segment (includes Magic: The Gathering, Dungeons & Dragons, and Duel Masters). Notably, under his leadership, sales for this business have more than doubled (to above $1 billion in 2021), and now represent a high-teen percentage of Hasbro’s total sales. Given the continued importance of gaming and entertainment, and Cocks’ technology bent (previously at wide-moat Microsoft), we suspect he has the background to help elevate the late prior CEO Brian Goldner’s Brand Blueprint to its next metamorphosis. Cocks’ replacement at Wizards has yet to be announced.

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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 around Hasbro brands, and owned production capabilities from Entertainment One help 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
Sector Consumer Cyclical
Industry Leisure
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 6,822

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