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BOARDS (Raging Bull) |
The Analysis!! |
| ORIGINAL
COVERAGE DATE: 10/28/99 |
| PRICE @
COVERAGE: $21 |
| UPDATE/PRICE: |
| SECTOR:
Toys |
| SHARES
OUTSTANDING: 197 Million |
| SHARES
IN FLOAT: 138 Million |
| Market
Cap: $4.5 Billion (Note: eToys Market Cap is $6 Billion) |
Description |
| Hasbro
is a worldwide leader in children's and family leisure time and
entertainment products, including the design, manufacture and marketing of
games and toys ranging from traditional to high-tech.
A truly global company in its approach to all of its
businesses, Hasbro is focused on continuing to grow its highly successful
brands across new and traditional formats to enhance shareholder value.
1998 worldwide revenues were $3.3 billion, approximately
65% in the U.S., with significant international opportunities.
Hasbro's well-diversified portfolio includes some of the
best known brands in the world, including Global brands like FurbyTM,
Mr. Potato Head®, Monopoly®, Playskool®, Play-Doh® and Wizards of the
Coast; Regional brands like ActionMan®, Scrabble® and Tonka®; and
Partnership brands like PokémonTM, Star WarsTM,
BatmanTM, TeletubbiesTM and Superman®. |
Current Situation |
| Hasbro
has the best library of well-known brands and content in a
broadly-diversified portfolio with relatively low risk. Core
businesses like Board Games are stable annuities providing cash flow to
fund growth businesses like Interactive, where revenues doubled again last
year, from $35 million in 1996 to $75 million in 1997 to more than $150
million in 1998.
Significant growth opportunities in 1999 and beyond
include Interactive, Online Gaming, E-Commerce, Hand-Held Electronic Games
and Toys, plus several license and alliance opportunities (Tweenies,
Dragon Tales, NASCAR, Formula One, Yoda, Pokémon, Action Man's U.S.
debut, and more).
Proven track record of several highly successful
acquisitions: Milton Bradley and Playskool, 1984; Kenner, Parker Brothers
and Tonka, 1991; Larami, 1995; OddzOn Products and Cap Toys, 1997; Tiger
Electronics, MicroProse and Galoob, 1998; Europress and Wizards of the
Coast, 1999.
Global Integration and Profit Enhancement Program
announced in December 1997 has generated savings, and the Company
continues to find ways to operate more efficiently.
Aggressive Stock Repurchase Program: $500 million
authorization in December 1997; over $400 million invested to date to
repurchase over 15 million shares.
In 1999, expect to exceed long-term revenue and earnings
per share growth targets of 10% and 15% per year, respectively.
Tremendous financial strength: efficient working capital
management, high free cash flow generation, and very strong balance sheet
with significant financial flexibility.
Herb Baum joined as President and COO in January 1999. |
|
Outlook |
| Look
for Hasbro to benefit greatly from the recent deal with the online game
offering, Pokemon, Star Wars and the rest of the Hasbro product line. |
Company Management |
A.G. Hassenfeld,
Chmn./CEO
H.M. Baum, Pres./ COO
H.P. Gordon, Vice Chmn.
Alfred J. Verrecchia, Exec. VP/CFO
M.R. Trueb, Sr. VP/Treas.
P.H. Waldoks, Sr. VP/ Secy. |
Disclaimer |
| WrightStock is not a Registered Investment Advisor or a Broker / Dealer. This
profile was compiled from information provided by Hasbro Inc.'s (the "Company")
website and Company Press Releases. Readers are advised that this information is issued
solely for information purposes and is not to be construed as an offer to sell or the
solicitation of an offer to buy. The opinions and analysis included herein are based on
sources believed to be reliable and in good faith but no representation or warranty,
expressed or implied, is made as to their accuracy, completeness or correctness. This
information is not intended to be used as the sole basis of any investment decisions, nor
should it be construed as advice designed to meet the investment needs of any particular
investor. The foregoing discussion contains forward-looking statements which are based on
current expectations and differences can be expected. The information contained herein is
for information purposes only; in addition, the information contained in this report is
not intended to be a complete discussion of information regarding some of the current
and/or intended business activities of the Company. Readers are urged to consult with
independent financial advisors with respect to an investment in the shares mentioned
herein. Investors should review a complete information package on Hasbro
Inc. which should
include, but not be limited to, the Company's annual report, quarterly report, press
releases, as well as all regulatory filings where applicable.
All information contained in this report should be independently verified with the
Company mentioned herein. Any opinions expressed in this report are statements of judgment
as of the date of publication and are subject to change without further notice, and may
not necessarily be reprinted in future publications or elsewhere. Neither WrightStock nor
its officers, directors, partners or employees/consultants accept any liability whatsoever
for any direct or consequential loss arising from any use of this report or its contents.
In order to be in full compliance with the Securities Act of 1933, Section
17(b), WrightStock advises the readers of this document that it has received no
compensation of any form for its efforts in researching, writing, presenting and
disseminating the information contained herein. |
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