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Asmodee Group (ASMDEE-B) Fair Value & Analysis

Consumer Cyclical · SE · Market cap 34.2B SEK

AG Asmodee Group ASMDEE-B · ST
Pricekr 158.70
Fair Valuekr 82.15
Upside-48.2%
Quality62/100
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Healthy Growth
Thin margins · 1.7% net margin
Low debt · generates free cash flow
Trails peers (4/13)
Narrow moat 34/100
Evidence: High Range kr 57.21 – kr 107.08 Share as image

Fair value as of: Aug 14, 2026

From 24 valuation models · updated today

Share price +11.3% over the past month.

A solid business, but screening 48% overvalued on our models.

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.
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Price vs Fair Value (18 months)

kr 165.30 kr 85.09 Fair Value kr 82.15 Feb 2025 Aug 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

18‑month range kr 85.09 – kr 165.30 · fair‑value band kr 57.21 – kr 107.08 · the kr 158.70 price screens above the kr 82.15 fair value. Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Asmodee Group (ASMDEE-B) currently trades at kr 158.70, while our model-based Fair Value estimate is kr 82.15, implying the stock looks roughly 48.2% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

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 158.70, 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 74% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 11% fair-value upside, at -48%, ASMDEE-B screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Growth DCF kr 254.18 kr 459.40 kr 805.92 80
Residual Income kr 146.12 kr 136.73 kr 103.50 76
Rev-Margin DCF kr 173.51 kr 300.10 kr 463.72 74
All 24 models by family
DCF Models
FCF DCF kr 256.21 kr 478.94 kr 865.28 38
Owner Earnings kr 157.28 kr 300.86 kr 549.46 31
5Y Revenue Exit kr 173.51 kr 301.62 kr 472.09 39
5Y EBITDA Exit kr 400.55 kr 768.38 kr 1,233 41
5Y P/E Exit kr 99.69 kr 149.92 kr 203.19 38
10Y Revenue Exit kr 193.55 kr 324.45 kr 519.27 36
10Y EBITDA Exit kr 349.56 kr 666.15 kr 1,155 37
10Y P/E Exit kr 150.18 kr 213.59 kr 294.52 35
Earnings-Based
Graham-Dodd kr 21.06 kr 96.65 kr 132.42 54
Lynch FV kr 25.37 kr 36.28 kr 47.18 50
PEG = 1.0 kr 25.37 kr 36.28 kr 47.18 46
EPV kr 388.12 kr 456.36 kr 516.23 59
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 53
EV/EBITDA kr 510.65 kr 687.97 kr 865.28 54
EV/Revenue kr 136.22 kr 203.95 kr 271.43 43
Asset-Based
NCAV (Graham) kr 105.53 kr 141.30 kr 211.06 50
Growth DCF
Growth DCF kr 254.18 kr 459.40 kr 805.92 80
Rev-Margin DCF kr 173.51 kr 300.10 kr 463.72 74
Economic Profit
Residual Income kr 146.12 kr 136.73 kr 103.50 76
ROIC Compounder kr 443.17 kr 608.06 kr 825.71 72
Growth Earnings
Growth-Adj P/E kr 41.86 kr 59.61 kr 77.62 68

Widest divergence: DCF Models (kr 301.62) versus Earnings-Based (kr 36.28). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.7B SEK
Revenue growth (YoY) +19.2%
Net margin 1.7%
Return on equity 1.5%
Free cash flow 194M SEK FY2025
P/E ratio 107.2 as of Jun 7, 2026
More key figures
Operating margin 2.8%
EPS (TTM) kr 1.30
EPS growth (YoY) +895%
Net debt 259M SEK FY2025

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) 75

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 67
Calm price path (market factor)
Momentum 77
Price trend over the last 3–12 months (market factor)
52W Momentum 82
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.

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 kr 1.7B in FY2025 versus kr 1.2B in FY2022, a compound +11.5%/yr. Reported net income was kr 27.7M in FY2025, compounding −36.5%/yr from FY2022.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.7B SEK
Latest YoY
+23.0%
Avg. 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%
Revenue +11.5%/yr
FY22 kr 1.2B
FY23 kr 1.3B
FY24 kr 1.4B
FY25 kr 1.7B
Net income −36.5%/yr
FY22 kr 108M
FY23 −kr 541M
FY24 kr 4.7M
FY25 kr 27.7M

ASMDEE-B screens 48% 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 · 189 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%
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

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.

VALUE 0 · sector 18
FUTURE 96 · sector 17
PAST 6 · sector 19
HEALTH 83 · sector 95
DIVIDEND 0 · sector 51

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

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

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Amer Sports, Inc AS $33.03 $16.16 -51%
Hasbro, Inc HAS $94.89 $81.97 -14%
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Ninebot Limited 689009 ¥44.94 ¥39.73 -12%
Li Ning Company 2331 HK$14.59 HK$29.45 +102%
Smartfit Escola de Ginástica e Dança S.A SMFT3 R$17.25 R$22.90 +33%
Songcheng Performance Development Co 300144 ¥6.17 ¥6.85 +11%
Thule Group THULE kr 213.40 kr 142.22 -33%

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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 158.70, about −48% (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 is kr 158.70.
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.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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