Asmodee, the globally renowned tabletop publishing and distribution company, has recently found itself burdened with a substantial loan of $958 million (€900 million) from its owner, Embracer Group. This development has raised concerns about the future of the board game industry. To gain a better understanding of the situation, we spoke to Lee Wild, Head of Equities Strategy at UK-based investment platform Interactive Investor.
Asmodee plays a pivotal role in the board game, TCG, RPG, and miniature game market. By housing 23 creative studios and acting as the international distributor for numerous other games, such as Ticket to Ride and Pandemic, Asmodee has established itself as a major player in the industry. Any instability within the company could have significant consequences for the entire market.
Embracer Group initially acquired Asmodee for $3 billion (€2.75 billion) in 2022. However, in a surprising move, Embracer has decided to split into three separate entities – Asmodee, ‘Coffee Stain & Friends’, and ‘Middle-earth Enterprises & Friends’. As part of this restructuring, Asmodee will be listed separately on the stock market, solely responsible for the substantial loan while the other two companies enter the market debt-free.
This significant debt burden can limit a company’s ability to invest in its growth. The larger the debts, the more the firm’s income is allocated towards interest payments, which can hinder business expansion. Additionally, a heavy debt burden may result in lower wages, making it difficult to attract and retain talented employees. While it is essential for a company to have a manageable debt and a plan to reduce it over time, Asmodee’s debt load raises questions about its financial stability.
However, it is worth noting that Asmodee has generated significant profits for Embracer Group. In the previous financial year, Asmodee reported pre-tax earnings of $78 million (828 million SEK). Moreover, the actual free cash generated by Asmodee was even higher at $180 million (2010 million SEK), benefiting from the accounting spread over multiple financial years. Embracer’s Head of Investor Relations, Oscar Erixon, asserts that Asmodee’s robust cash flows make it capable of managing the new debt.
Despite the challenges, Embracer has plans to put Asmodee on a solid footing. Erixon states that the capital structure will undergo a comprehensive review to establish a strong long-term foundation before the separation of Asmodee and the other businesses. Any capital restructuring may include debt and equity adjustments, though the specifics are not yet clear.
Asmodee’s ability to repay the loan is a crucial factor. Demonstrating consistent payment capabilities is essential for the company to secure future refinancing options. In cases where debt becomes unmanageable, companies often resort to cost-cutting measures or selling assets to raise funds. Asmodee, with its impressive portfolio of tabletop companies, may consider selling some subsidiaries to alleviate the debt burden.
While there are risks associated with Asmodee’s current situation, some investors remain optimistic. The recent loan provided by Embracer demonstrates a level of confidence in the company’s potential to overcome its challenges. As the board game industry eagerly awaits the resolution of this issue, only time will tell how Asmodee will navigate these turbulent waters and ensure its long-term success.
Asmodee（阿斯模迪）是一家全球著名的桌游出版和分销公司，最近收到其所有者Embracer Group提供的9.58亿美元（9亿欧元）的巨额贷款，引发了人们对桌游行业未来的担忧。为了更好地了解情况，我们采访了总部位于英国的投资平台Interactive Investor的股票策略主管李·怀尔德（Lee Wild）。
阿斯模迪在桌游、卡牌游戏、角色扮演游戏和微型游戏市场中起到了关键性的作用。作为23个创意工作室的集合地，并担任众多其他游戏的国际分销商，如《通往繁荣之路》和《瘟疫》等，阿斯模迪在该行业中已确立了自己的重要地位。公司内部的任何不稳定都可能对整个市场产生重大影响。
Embracer Group于2022年以30亿美元（27.5亿欧元）的价格收购了阿斯模迪。然而，令人惊讶的是，Embracer决定将自己分为三个独立的实体——阿斯模迪、奇妙早晨和咕咕小鸟，并将阿斯模迪单独上市，独自承担巨额贷款，而其他两个公司则没有债务进入市场。
这种巨大的负债负担可能限制公司在成长方面的投资能力。负债越大，公司的收入分配给利息支付的部分就越多，这可能阻碍业务扩张。此外，沉重的负债负担可能导致较低的工资水平，使吸引和留住优秀员工变得困难。对于一家公司来说，拥有可管理的债务和逐渐减少债务的计划是至关重要的，而阿斯模迪的债务负担引发了人们对其财务稳定性的疑虑。
然而，值得注意的是，阿斯模迪为Embracer Group创造了可观的利润。在上一个财年中，阿斯模迪报告了7800万美元（8.28亿瑞典克朗）的税前收益。此外，阿斯模迪实际产生的自由现金流甚至更高，达到1.8亿美元（20.1亿瑞典克朗），得益于将盈利进行多年分摊的会计处理。Embracer的投资者关系负责人奥斯卡·埃里克松（Oscar Erixon）表示，阿斯模迪的强劲现金流使其能够管理新的债务。
尽管面临诸多挑战，Embracer计划为阿斯模迪奠定坚实基础。埃里克松表示，资本结构将经过全面审查，以确立强大的长期基础，然后再将阿斯模迪和其他业务分离。资本重组可能包括债务和股权调整，尽管具体细节尚不明确。
阿斯模迪偿还贷款的能力是一个关键因素。公司展示连续偿付能力对于获得未来的再融资选项至关重要。在债务无法承担的情况下，公司通常采取削减成本措施或出售资产来筹集资金。凭借其令人印象深刻的桌游公司组合，阿斯模迪可能考虑出售一些子公司，以减轻债务负担。
尽管阿斯模迪当前的处境存在风险，一些投资者仍然持乐观态度。Embracer最近提供的贷款显示出对公司克服挑战的信心。随着桌游行业热切期待这个问题的解决，只有时间能告诉我们阿斯模迪将如何应对这些动荡的局势，并确保其长期成功。