Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Bloks Group, a fast-growing toy company in China, will disclose the proposed size and the initial price range for the share sale soon.</li>
<li>In my insight, I discuss IPO valuation, update relative valuation table and set a target valuation for Bloks Group ahead of an IPO.</li>
<li>Bloks Group enjoys higher relative growth profile and superior gross profit margins. The company has over RMB600M in cash and equivalents and no debt.  </li>
</ul>


Bloks Group, a fast-growing toy company in China, will disclose the proposed size and the initial price range for the share sale soon.
In my insight, I discuss IPO valuation, update relative valuation table and set a target valuation for Bloks Group ahead of an IPO.
Bloks Group enjoys higher relative growth profile and superior gross profit margins. The company has over RMB600M in cash and equivalents and no debt.  


Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying?

<ul>
<li>Bloks Group, a founder-led leader in China’s assembly character toy segment, updated its PHIP and continued to post hyper growth.</li>
<li>In the nine months ended Sep-24, the company’s revenue totaled ~RMB1629m, representing a y/y growth of ~177%, due to significant increase in product sales volume.</li>
<li>According to the most recent PHIP, Ultraman IP license in China was extended to 2027 and TRANSFORMERS IP license with Hasbro will expire only in 2028.</li>
</ul>


Bloks Group, a founder-led leader in China’s assembly character toy segment, updated its PHIP and continued to post hyper growth.
In the nine months ended Sep-24, the company’s revenue totaled ~RMB1629m, representing a y/y growth of ~177%, due to significant increase in product sales volume.
According to the most recent PHIP, Ultraman IP license in China was extended to 2027 and TRANSFORMERS IP license with Hasbro will expire only in 2028.


Bloks Group IPO:  PHIP Updates, Revenue Continues To Post Hyper Growth As IPO Nears

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Hasbro's third quarter 2024 earnings presented a mixed bag of results, highlighting both successes and areas of challenge within the company's diverse portfolio.</li><li>The robust performance of gaming and licensing stood out, representing a key positive takeaway.</li><li>Notably, MAGIC: THE GATHERING and the Dungeons and Dragons (D&D) segments maintained resilience, with high profitability margins observed in tentpole releases and digital platforms.</li></ul>

Hasbro's third quarter 2024 earnings presented a mixed bag of results, highlighting both successes and areas of challenge within the company's diverse portfolio.The robust performance of gaming and licensing stood out, representing a key positive takeaway.Notably, MAGIC: THE GATHERING and the Dungeons and Dragons (D&D) segments maintained resilience, with high profitability margins observed in tentpole releases and digital platforms.

Hasbro Inc.: Will The Recent Diversification and Innovation in Product Lines Catalyze Growth? - Major Drivers

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

<ul><li>Monopoly was originally created as a critique of capitalism but became a massively successful business itself.</li><li>Hasbro has grossed over $3 billion in revenue from the app version of Monopoly.</li><li>Hasbro CEO, Chris Cox, will be discussing the development of Monopoly and other games on the podcast.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Monopoly was originally created as a critique of capitalism but became a massively successful business itself.Hasbro has grossed over $3 billion in revenue from the app version of Monopoly.Hasbro CEO, Chris Cox, will be discussing the development of Monopoly and other games on the podcast.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

How a Traditional Toymaker Is Going Big on Digital Games

<ul><li>Hasbro, Inc.'s second quarter earnings report for 2024 presents a mixed picture that merits attention from the investment community.</li><li>The company, well-known for its extensive range of entertainment and toy products, has demonstrated variable performance across its segments, which CEO Chris Cocks and CFO Gina Goetter elaborated on during the earnings call.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Hasbro, Inc.'s second quarter earnings report for 2024 presents a mixed picture that merits attention from the investment community.The company, well-known for its extensive range of entertainment and toy products, has demonstrated variable performance across its segments, which CEO Chris Cocks and CFO Gina Goetter elaborated on during the earnings call.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Hasbro Inc.: Expanded Licensing Partnerships

United States

Hasbro, Inc. designs, manufactures, and markets toys, games, interactive software, puzzles, and infant products in the United States and internationally. The Company's products include a variety of games, including traditional board, card, hand-held electronic, trading card, role-playing and DVD games, as well as electronic learning aids and puzzles as well as dolls and action figures.

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Hasbro Inc (HAS US)

Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying?

Bloks Group plans to raise up to $300M in Hong Kong IPO. Goldman Sachs (Asia) and Huatai International are leading the offering. In my insight, I...

Andrei Zakharov

Bloks Group IPO: PHIP Updates, Revenue Continues To Post Hyper Growth As IPO Nears

Bloks Group, a Shanghai-based fast-growing toy company, plans to raise up to $300M in HK IPO. I like the company’s hyper-growth profile, industry...

Andrei Zakharov

Hasbro Inc.: Will The Recent Diversification and Innovation in Product Lines Catalyze Growth? - Major Drivers

Hasbro's third quarter 2024 earnings presented a mixed bag of results, highlighting both successes and areas of challenge within the company's...

Baptista Research

How a Traditional Toymaker Is Going Big on Digital Games

Lizzie Maggie created Monopoly as a critique of capitalism, which has since become a massively successful game with various themed versions and a...

Odd Lots

Hasbro Inc.: Expanded Licensing Partnerships

Hasbro, Inc.'s second quarter earnings report for 2024 presents a mixed picture that merits attention from the investment community. The company,...

Baptista Research

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