Idea note
This is an Idea note; It’s a collection of early signals – companies mentioned in fund letters, blogs, or by sharp investors online. Not a full pitch, just a starting point for ideas that might be worth a more in-depth look.
Market-Leading Tabletop Gaming Giant Positioned for Accelerated Growth Post-Spinoff
Idea source: D&G Small Cap
Price 126 SEK (2025-06-26)
Asmodee Group - Leading global publisher and distributor of tabletop games, including board games and trading cards, operating in 30 markets worldwide. Listed on Nasdaq Stockholm following its February 2025 spinoff from Embracer Group.
Ticker: ASMDEEB | Timeframe: 18-24 months | 📈 Bullish
D&G Small Cap believes Asmodee presents a compelling growth opportunity as the newly independent market leader in tabletop gaming. The fund managers see the company’s impressive historical growth of 20% CAGR since 2015 as sustainable through both organic expansion and strategic acquisitions. They expect continued strong performance driven by the company’s dominant market positions, diverse IP portfolio, and the structural growth of the tabletop gaming industry.
Setup: A clean spinoff from Embracer Group, with a €400 million capital injection and standalone listing, creates a focused pure-play opportunity.
Latest Development: Strong Q4 2025 results showing 23% revenue growth and robust free cash flow generation.
Reason for Mispricing: Market undervalues the company’s market-leading position and growth potential in rapidly expanding tabletop gaming sector.
Timing: Recently completed spinoff provides entry point before acquisition strategy ramps up.
Value Catalysts: Planned acquisition spree of 20+ targets and market share expansion.
Valuation: Trading at 15.8x EV/EBIT NTM despite market leadership and growth profile.
Risks: Product concentration, digital gaming competition, and supply chain dependencies.
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