The gap between Asmodee and Embracer has only widened over the past year.
Asmodee already operates practically as a fully independent company. Financing, cash flow, and strategy no longer rely on Embracer. Still, it feels like some of the Embracer pessimism is still weighing down Asmodee’s valuation.
The report on Christmas sales (Feb 19th) will be interesting to see how close they are to Asmodee’s targets regarding when the shareholder remuneration policy could begin (of course, the full-year results come first).
Analyst consensus remains positive.
I tried to learn Catan with my wife at a board game bar, but a slight state of dizziness prevented me from internalizing the rules. 