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Asmodee Group (ASMDEE-B) Fair Value & Analysis

Consumer Cyclical · SE · Market cap 34.2B SEK (≈ $3.6B) · ISIN SE0023615638

What is Asmodee Group really worth?

AG Asmodee Group ASMDEE-B · ST
Pricekr 157.50
Fair Valuekr 82.15
Upside−47.8%
Quality62/100

A solid business, but trading 92% above our fair value of kr 82.15.

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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 3y +11.5 %/yr)
!Thin margins · 1.7% net margin
!Trails peers (4/14)
!Narrow moat 34/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 6 out of 100
Evidence: Medium Range kr 57.21 – kr 107.08

Fair value as of: Aug 14, 2026

From 24 valuation models · updated 22 days ago

Share price −4.3% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (kr 107.08). The favourable scenario is already priced in.
  • Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (kr 57.21 to kr 107.08) leaves room in how you read the outcome.

Price vs Fair Value (19 months)

kr 165.30 kr 85.09 Fair Value kr 82.15 Feb 2025 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

19‑month range kr 85.09 – kr 165.30 · fair‑value band kr 57.21 – kr 107.08 · the kr 157.50 price screens above the kr 82.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.

Full chart & analysis →

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Analysis

Asmodee Group (ASMDEE-B) currently trades at kr 157.50, while our model-based Fair Value estimate is kr 82.15, implying the stock looks roughly 91.7% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of kr 301.62 per share, and 14 of the 24 models we run sit above the kr 157.50 price. Bear case: the Earnings-Based group reads lowest at kr 36.28, and 10 of the 24 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Asmodee Group generated revenue of 1.7B SEK at a net margin of 1.7%. Revenue grew 19.2% year over year. It earns a return on equity of 1.5%. Net debt stands at 259M SEK. Fundamentals as of Aug 14, 2026

Our scenario range runs from kr 57.21 (bear case) to kr 107.08 (bull case); at kr 157.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades near its 52-week high and 73% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −1% fair-value upside, at −48%, ASMDEE-B screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 0.8865 per share, which is 1.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF kr 256.21 kr 478.94 kr 865.28 74
EPV kr 388.12 kr 456.36 kr 516.23 74
Residual Income kr 146.12 kr 136.73 kr 103.50 73
All 24 models by family
DCF Models
FCF DCF kr 256.21 kr 478.94 kr 865.28 74
Owner Earnings kr 157.28 kr 300.86 kr 549.46 70
5Y Revenue Exit kr 173.51 kr 301.62 kr 472.09 68
5Y EBITDA Exit kr 400.55 kr 768.38 kr 1,233 70
5Y P/E Exit kr 99.69 kr 149.92 kr 203.19 68
10Y Revenue Exit kr 193.55 kr 324.45 kr 519.27 62
10Y EBITDA Exit kr 349.56 kr 666.15 kr 1,155 63
10Y P/E Exit kr 150.18 kr 213.59 kr 294.52 61
Earnings-Based
Graham-Dodd kr 21.06 kr 96.65 kr 132.42 61
Lynch FV kr 25.37 kr 36.28 kr 47.18 58
PEG = 1.0 kr 25.37 kr 36.28 kr 47.18 55
EPV kr 388.12 kr 456.36 kr 516.23 74
Multiples
P/E Multiple kr 50.99 kr 67.98 kr 84.98 63
P/S Multiple kr 39.32 kr 52.51 kr 65.70 58
P/B Multiple kr 39.32 kr 52.51 kr 65.70 55
EV/EBIT kr 623.53 kr 838.39 kr 1,054 66
EV/EBITDA kr 510.65 kr 687.97 kr 865.28 67
EV/Revenue kr 136.22 kr 203.95 kr 271.43 53
Asset-Based
NCAV (Graham) kr 105.53 kr 141.30 kr 211.06 54
Growth DCF
Growth DCF kr 254.18 kr 459.40 kr 805.92 72
Rev-Margin DCF kr 173.51 kr 300.10 kr 463.72 68
Economic Profit
Residual Income kr 146.12 kr 136.73 kr 103.50 73
ROIC Compounder kr 443.17 kr 608.06 kr 825.71 68
Growth Earnings
Growth-Adj P/E kr 41.86 kr 59.61 kr 77.62 65

Widest divergence: DCF Models (kr 301.62) versus Earnings-Based (kr 36.28). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/E ratio 107.2 as of Jun 7, 2026
P/S ratio 1.76 P/E × margin
EPS (TTM) kr 1.30 price ÷ EPS = P/E 107.2
Dividend yield 2.7%
Net margin 1.6% FY2025
Return on equity 1.5% TTM
More key figures
Profitability
Return on assets (EBIT) −1.3% avg 4y
Operating margin 2.8% TTM
Growth
Revenue (TTM) 1.7B SEK TTM
Revenue growth (YoY) +19.2% 3y avg +11.5%
EPS growth (YoY) +895%
Balance sheet & cash flow
Free cash flow 194M SEK FY2025
Net debt 259M SEK FY2025 · ≈ 1.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 61 · Market factors (momentum, volatility) 80

Profitability 23
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 83
Price trend over the last 3–12 months (market factor)
52W Momentum 89
Distance to the 52-week high (market factor)
Net Issuance 42
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Asmodee Group AB (publ) engages in publishing and distribution of tabletop games. The company offers board games, trading card games, and various other type of games played on or around table. Its portfolio includes CATAN, Ticket to ride, Dobble/Spot-it!, 7 Wonders, and Exploding Kittens.

Full company description

Asmodee Group AB (publ) engages in publishing and distribution of tabletop games. The company offers board games, trading card games, and various other type of games played on or around table. Its portfolio includes CATAN, Ticket to ride, Dobble/Spot-it!, 7 Wonders, and Exploding Kittens. The company also establishes third-party licensing and/or distribution collaborations with entertainment franchises and third-party IP owners. Asmodee Group AB (publ) has strategic alliance with Chuck E. Cheese to bring the award-winning Spot It! game, known as Dobble, to life through an mmersive summer experience. It operates in Sweden, France, Germany, the United States, the United Kingdom, rest of the Americas, rest of Europe, and internationally. The company was founded in 1995 and is headquartered in Boulogne-Billancourt, France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

Asmodee Group reported revenue of €1.7B in FY2025 versus €1.2B in FY2022, a compound +11.5%/yr. Reported net income was €27.7M in FY2025, compounding −36.5%/yr from FY2022.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.7B SEK
Latest YoY
+23.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.5%
Value creation/yr (3Y) Earnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year.
−33.8% (−36.5 + 2.7)
Revenue +11.5%/yr
FY22 €1.2B
FY23 €1.3B
FY24 €1.4B
FY25 €1.7B
Net income −36.5%/yr
FY22 €108M
FY23 −€541M
FY24 €4.7M
FY25 €27.7M

ASMDEE-B screens 92% overvalued. Compare with ANTA Sports Products Limited →

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Cite: Fair Value Calculator (2026). "Asmodee Group Fair Value". https://www.fairvalue-calculator.com/stock/ASMDEE-B

Peer Group

Leisure · 190 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 62 · Above median
Fair Value upside −48% · Below median
Return on equity (TTM) 1% · Below median
Return on assets 4% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 11% · Above median
Revenue growth 19% · Top 25%
Dividend yield (TTM) 2.7% · Below median
Debt / equity 0.33× · Higher than median

Valuation Multiples vs Leisure median · lower = cheaper

P/E (TTM) 107.2× · Pricier than 75% of peers
P/B 1.89× · Pricier than median
P/S (TTM) 2.13× · Pricier than median
P/FCF 18.5× · Pricier than 75% of peers
EV/EBITDA 14.3× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 16
FUTURE96 · sector 14
PAST6 · sector 19
HEALTH83 · sector 94
DIVIDEND54 · sector 55

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Leisure stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
ANTA Sports Products Limited 82020 HK$65.10 HK$97.98 +51%
Pop Mart International Group 9992 HK$158.70 HK$227.30 +43%
Amer Sports, Inc AS $33.03 $16.16 −51%
Hasbro, Inc HAS $94.10 $81.97 −13%
Life Time Group LTH $45.40 $15.61 −66%
Li Ning Company 82331 HK$11.62 HK$11.48 −1%
Acushnet Holdings GOLF $89.10 $36.89 −59%
Ninebot Limited 689009 ¥44.94 ¥39.73 −12%
Mattel, Inc MAT $15.26 $18.93 +24%
Planet Fitness, Inc PLNT $53.33 $52.62 −1%

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Frequently asked questions

Is Asmodee Group (ASMDEE-B) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of kr 82.15 versus a price of kr 157.50, about −48% upside (overvalued).
What is the fair value of ASMDEE-B?
Our model-based fair value for Asmodee Group is kr 82.15 (as of Aug 14, 2026), built from audited fundamentals. The current price: kr 157.50.
What is the quality score of ASMDEE-B?
Asmodee Group has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Asmodee Group (ASMDEE-B)?
Asmodee Group reported trailing-twelve-month revenue of about 1.7B SEK (latest available figure, as of Aug 14, 2026).
What is the net profit margin of ASMDEE-B?
The net profit margin of Asmodee Group is about 1.7%, meaning it keeps roughly 1.7% of revenue as net income. Based on the latest reported figures.
Does Asmodee Group pay a dividend?
Asmodee Group currently shows a dividend yield of about 2.71% relative to its recent price (as of Aug 14, 2026).
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