HAS · NMS · Consumer Cyclical
Hasbro, Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 104.55
Market price
USD 118.36
Implied upside
-11.7%
10-year forecast · Perpetuity growth terminal value · Mid-year discounting · Base case · Price 2026-11-02 · Accounts to 2025-12-31
Value Per Share
Same forecast, different terminal treatment. Percentages vs price.
Forecast Cashflows
Reporting currency (USD). Outflows negative.
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | USD 5.2bn | USD 5.5bn | USD 5.9bn | USD 6.3bn | USD 6.6bn | USD 6.9bn | USD 7.2bn | USD 7.5bn | USD 7.7bn | USD 7.9bn | +4.8% |
| EBIT | USD 661.9m | USD 709.6m | USD 756.6m | USD 802.2m | USD 845.8m | USD 886.8m | USD 924.6m | USD 958.6m | USD 988.2m | USD 1.0bn | +4.8% |
| NOPAT | USD 522.9m | USD 560.6m | USD 597.7m | USD 633.7m | USD 668.2m | USD 700.6m | USD 730.5m | USD 757.3m | USD 780.7m | USD 800.2m | +4.8% |
| Add depreciation & amortisation | USD 457.4m | USD 490.3m | USD 522.8m | USD 554.3m | USD 584.4m | USD 612.8m | USD 638.9m | USD 662.4m | USD 682.8m | USD 699.9m | +4.8% |
| Less capital expenditure | USD -208.6m | USD -238.7m | USD -270.6m | USD -304.1m | USD -338.6m | USD -374.0m | USD -409.6m | USD -445.1m | USD -479.9m | USD -513.5m | +10.5% |
| Capex, % of revenue | 4.0% | 4.3% | 4.6% | 4.9% | 5.1% | 5.4% | 5.7% | 5.9% | 6.2% | 6.5% | - |
| Less increase in working capital | USD -96.4m | USD -77.3m | USD -76.1m | USD -73.9m | USD -70.7m | USD -66.5m | USD -61.3m | USD -55.1m | USD -48.0m | USD -40.1m | -9.3% |
| Free cashflow to firm | USD 675.3m | USD 734.9m | USD 773.7m | USD 810.0m | USD 843.2m | USD 872.9m | USD 898.4m | USD 919.5m | USD 935.6m | USD 946.6m | +3.8% |
| Discount factor | 0.9675 | 0.9056 | 0.8477 | 0.7934 | 0.7427 | 0.6951 | 0.6507 | 0.6090 | 0.5701 | 0.5336 | - |
| Present value | USD 653.3m | USD 665.5m | USD 655.8m | USD 642.7m | USD 626.2m | USD 606.8m | USD 584.6m | USD 560.0m | USD 533.4m | USD 505.1m | - |
| Present Value Of The Forecast | USD 6.0bn | ||||||||||
Discount Rate
Source shown per component. All overridable above.
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.573 | Reported 0.362, pulled toward 1.0 (Blume) |
| Cost of equity | 7.32% | Risk-free + beta x equity risk premium |
| Cost of debt | 5.59% | Risk-free + 70bp, the spread for a A+ rating at 6.5x interest cover. Book interest / average debt was lower, at 4.9%. |
| Market capitalisation | USD 16.6bn | 83.4% of capital |
| Total debt | USD 3.3bn | 16.6% of capital, book value as a proxy |
| Tax rate | 21.0% | Effective, capped at statutory |
| WACC | 6.83% | E/V x Re + D/V x Rd x (1 - t) |
Terminal Value
Perpetuity growth is intrinsic. The exit multiple defaults to the company's current EV/EBITDA, so it answers a different question - what the shares are worth if today's rating holds and EBITDA grows as forecast.
Perpetuity growth at 2.50%
65% of EV
- Forecast FCFF, final year
- USD 946.6m
- Capex at depreciation, working capital in reinvestment
- USD 1.2bn
- Less reinvestment at g/ROIC (28.3% of NOPAT)
- USD -345.7m
- Capitalised
- USD 874.9m
- ROIC (reported)
- 8.8%
- Terminal value, undiscounted
- USD 20.7bn
- Terminal value, discounted
- USD 11.0bn
- Enterprise value
- USD 17.1bn
- Less net debt
- USD 2.4bn
- Equity value
- USD 14.7bn
Exit at 15.4x EBITDA
70% of EV
- Terminal value, undiscounted
- USD 26.4bn
- Terminal value, discounted
- USD 14.1bn
- Enterprise value
- USD 20.1bn
- Less net debt
- USD 2.4bn
- Equity value
- USD 17.7bn
Spread between methods: 19%.
Sensitivity
Value per share (USD) by discount rate and long-run growth.
| Long-run growth | |||||
|---|---|---|---|---|---|
| Discount rate | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
| 4.83% | 173.63 | 186.26 | 204.86 | 234.31 | 286.80 |
| 5.83% | 129.58 | 133.82 | 139.71 | 148.11 | 160.64 |
| 6.83% | 102.05 | 103.05 | 104.55 | 106.75 | 109.96 |
| 7.83% | 83.21 | 82.80 | 82.52 | 82.42 | 82.54 |
| 8.83% | 69.52 | 68.48 | 67.43 | 66.39 | 65.34 |
Outlined: this model. Green text: above today's price of 118.36. Shading: distance from this model's own value.
Priced In
What each input would have to be to justify the current price, one at a time.
| Input | Actual | Model | Implied | Gap |
|---|---|---|---|---|
| Revenue growth, a year | -7.1% | 5.3% | 6.7% | |
| EBIT margin | 22.5% | 12.8% | 15.0% | |
| Discount rate | - | 6.8% | 6.4% |
Live formulas, not pasted numbers - edit a driver and the workbook reprices.
Yahoo Finance and RBA data. General information, not advice. Methodology.