Financière Amuse TopCo SAS (ASMDEE-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Financière Amuse TopCo SAS stock SEK 173, price SEK 169, upside +2.6%, quality 67 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 13, 2026.
How to read this chart
20‑month range kr 85.09 – kr 174.00 · fair‑value band kr 127.00 – kr 233.08 · the kr 169.00 price screens below the kr 173.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 13, 2026.
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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.
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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.
Stock analysis
Financière Amuse TopCo SAS (ASMDEE-B) currently trades at kr 169.00, while our model-based Fair Value estimate is kr 173.42, so the stock looks roughly fairly valued today (gap 2.5%).
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 159.58 per share, and 9 of the 22 models we run sit above the kr 169.00 price.
Bear case: the Growth Earnings group reads lowest at kr 26.14, and 13 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 127.00 (bear) to kr 233.08 (bull), the price of kr 169.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Financière Amuse TopCo SAS 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.
Key figures
Market cap 40.0B SEK (≈ $4.0B) Mid · P/E ratio 72.2 · P/S ratio 1.19 · EPS (TTM) kr 2.23 · Dividend yield 0.1% · Net margin 1.6% · Return on equity 2.4% · Return on assets (EBIT) −1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 3% below its 52-week high and 76% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 37% fair-value upside, at 3%, ASMDEE-B screens richer than that median.
Fair Value models
Bearkr 127.00Fair Value kr 173.42Bullkr 233.08
Price kr 169.00 · Upside +2.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.65 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+23.0%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
’22
’23
’24
’25
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−36.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−36.5%
Dividend (yield on the price)0.1%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 26%
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +6.2% a year for the price and +1.3% for the forecasts.
AI conclusion: Strong revenue growth from trading card game distribution and partner titles forms the main strength, while declining sales from own studios and weak positioning mark the central weakness.
Main risk: The move away from own studio output risks eroding the creative edge that built the brand and would hit differentiation plus future content margins.
Asmodee reports strong overall revenue growth driven by trading card game distribution and partner-published titles, yet sales from its own board game studios declined 5.8 percent last year with the drop accelerating in the final quarter. The business is shifting toward acting more as an infrastructure provider for third-party content. Will this pivot sustain margins and free cash flow or erode the creative edge that built the original brand?
Compare Financière Amuse TopCo SAS with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Leisure · 171 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+2.6% · Below median
Profitability
Return on equity (12 months)2.4% · Below median
Return on assets0.8% · Below median
Net margin (12 months)2.6% · Below median
Operating margin (12 months)9.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)20.9% · Top 25%
Dividend yield (12 months)0.1% · Bottom 25%
Balance sheet
Debt / equity0.33× · Highest 25%
Valuation Multiplesvs Leisure median · lower = cheaper
P/E (12 months)72.2× · Priciest 25%
P/B1.90× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Financière Amuse TopCo SAS Fair Value". https://www.fairvalue-calculator.com/stock/ASMDEE-B
Frequently asked questions
Is Financière Amuse TopCo SAS (ASMDEE-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 173.42 versus a price of kr 169.00, about +3% upside (fairly valued).
What is the fair value of ASMDEE-B?
Our model-based fair value for Financière Amuse TopCo SAS is kr 173.42 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 169.00.
What is the quality score of ASMDEE-B?
Financière Amuse TopCo SAS has a Quality Score of 67/100. 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 price target for Financière Amuse TopCo SAS (ASMDEE-B)?
Our model-based price target is the fair value of kr 173.42 (as of Oct 13, 2026) from 22 valuation models. Cautious scenario kr 127.00, optimistic scenario kr 233.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Financière Amuse TopCo SAS stock forecast for 2026?
Our models put fair value at kr 173.42, about +3% upside versus a price of kr 169.00 (fairly valued). Cautious scenario kr 127.00, optimistic scenario kr 233.08. The calculation is refreshed regularly with new filings.
What is the revenue of Financière Amuse TopCo SAS (ASMDEE-B)?
Financière Amuse TopCo SAS reported trailing-twelve-month revenue of about €1.8B (latest available figure, as of Oct 13, 2026).
Does Financière Amuse TopCo SAS pay a dividend?
Financière Amuse TopCo SAS currently shows a dividend yield of 0.10% relative to its recent price (as of Oct 13, 2026).
What growth is priced into Financière Amuse TopCo SAS (ASMDEE-B)?
For today's price to be fair in a discounted-cash-flow model, Financière Amuse TopCo SAS would have to grow free cash flow by +8.5 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +11.5 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of ASMDEE-B use?
Our models discount Financière Amuse TopCo SAS at 9.5 %: a base by market capitalisation (mid), country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Financière Amuse TopCo SAS that is +8.5 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Financière Amuse TopCo SAS (ASMDEE-B) delivered so far?
Over the past 3 years revenue at Financière Amuse TopCo SAS grew +11.5 % a year. The price currently implies +8.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Financière Amuse TopCo SAS (ASMDEE-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Financière Amuse TopCo SAS (+8.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Financière Amuse TopCo SAS (ASMDEE-B)?
The free-cash-flow yield on the price is 5.41 %: that much free cash flow Financière Amuse TopCo SAS produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Financière Amuse TopCo SAS (ASMDEE-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Financière Amuse TopCo SAS it is kr 173.42 per share (as of Oct 13, 2026), against a price of kr 169.00. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Financière Amuse TopCo SAS stock overvalued or undervalued in 2026?
As of Oct 13, 2026, ASMDEE-B trades below its calculated fair value: price kr 169.00, fair value kr 173.42, a gap of about +3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ASMDEE-B?
No. The price is what the market pays today (kr 169.00); the fair value is what the company's own numbers justify (kr 173.42). For Financière Amuse TopCo SAS the two are kr 4.42 per share apart. That gap is exactly why we show both numbers side by side.
How much is Financière Amuse TopCo SAS worth?
The market values Financière Amuse TopCo SAS at about 40.0B SEK (market capitalisation, as of Oct 13, 2026). Per share that is kr 169.00; our models calculate a fair value of kr 173.42 per share.
What do the bullish and bearish scenarios say about ASMDEE-B?
Our models span a range for Financière Amuse TopCo SAS: cautious scenario kr 127.00, base kr 173.42, optimistic kr 233.08 per share (as of Oct 13, 2026, price kr 169.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ASMDEE-B?
Financière Amuse TopCo SAS trades at a price-to-earnings ratio of 72.2 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 173.42 is built from several models across several years. Other multiples: P/B 1.9, P/S 2.0, EV/EBITDA 13.2.
How solid is the balance sheet of Financière Amuse TopCo SAS (ASMDEE-B)?
Balance-sheet figures for Financière Amuse TopCo SAS (as of Oct 13, 2026): return on equity 2.4%, debt of 0.33 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is ASMDEE-B from its 52-week high?
Financière Amuse TopCo SAS trades at kr 169.00, about 3% below its 52-week high of kr 174.00 and 76% above the low of kr 95.93 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 173.42 is for.
Which stocks are comparable to Financière Amuse TopCo SAS?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, Life Time Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Financière Amuse TopCo SAS stock attractive at the current price?
The data as of Oct 13, 2026: price kr 169.00, calculated fair value kr 173.42 (+3%), Quality Score 67/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ASMDEE-B calculated?
We run Financière Amuse TopCo SAS through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 173.42, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. Financière Amuse TopCo SAS currently trades 3 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Financière Amuse TopCo SAS (ASMDEE-B)?
The closing price on Oct 19, 2026 was kr 169.00. Our model-based fair value is kr 173.42, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Financière Amuse TopCo SAS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 127.00 to kr 233.08) leaves room in how you read the outcome.
Key figures of Financière Amuse TopCo SAS
How large is the market capitalisation of Financière Amuse TopCo SAS (ASMDEE-B)?
The market capitalisation of Financière Amuse TopCo SAS is 40.0B SEK (≈ $4.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Financière Amuse TopCo SAS (ASMDEE-B)?
The price-to-sales ratio of Financière Amuse TopCo SAS is 1.19 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Financière Amuse TopCo SAS (ASMDEE-B)?
Earnings per share at Financière Amuse TopCo SAS are kr 2.23 (price ÷ EPS = P/E 72.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Financière Amuse TopCo SAS (ASMDEE-B)?
The dividend yield of Financière Amuse TopCo SAS is 0.1% (payout 7.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Financière Amuse TopCo SAS (ASMDEE-B)?
The net margin of Financière Amuse TopCo SAS is 1.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Financière Amuse TopCo SAS (ASMDEE-B)?
The return on equity (ROE) of Financière Amuse TopCo SAS is 2.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Financière Amuse TopCo SAS (ASMDEE-B)?
On an EBIT basis the return on assets of Financière Amuse TopCo SAS is −1.3% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Financière Amuse TopCo SAS (ASMDEE-B)?
The operating margin of Financière Amuse TopCo SAS is 9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Financière Amuse TopCo SAS (ASMDEE-B)?
Revenue at Financière Amuse TopCo SAS is growing +20.9% versus a year earlier (3y avg +11.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Financière Amuse TopCo SAS (ASMDEE-B)?
Earnings per share at Financière Amuse TopCo SAS are growing +895% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Financière Amuse TopCo SAS (ASMDEE-B) carry?
The net debt of Financière Amuse TopCo SAS is €259M (fiscal year 2025, ≈ 1.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 13, 2026