** Bernstein initiates newly spun-off tabletop game publisher Asmodee ASMDEEb.ST at "market perform", pointing to its good product proposition and capex-light financial profile
** However, it stays neutral on valuation grounds; it sets a PT of SEK 100 vs Friday's closing price of SEK 105
** It says Asmodee's core products in the EUR 13 billion ($13.4 billion) tabletop games market could benefit from push back against screen time or growth in tabletop communities
** It highlights the company's #2 global market share, only behind Hasbro HAS.O, including strong positions in Europe and its own distribution network spanning more than 100 countries
** Bernstein says Asmodee is well positioned to achieve 5% average organic sales growth over the next five years
** However, it says the trading card game market is volatile and notes Asmodee has around 20% sales exposure to Pokemon and around 15% to Magic trading cards
** "A loss of one of these relationships could be significantly detrimental (although they are established relationships)," it adds about the third-party brands
($1 = 0.9678 euros)
(Reporting by Vera Dvorakova)
((vera.dvorakova@thomsonreuters.com))
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