Embracer Asmodee spin-off — a year later

Asmodee as a standalone is doing fine. The Embracer side of the trade is the conversation.

One year out, Asmodee as an independent listing is trading at a 12x EV/EBITDA multiple, about where the bull case had it. The board game distribution business is not exciting, but it compounds quietly at 7-9% organic.

Embracer post-spin is the harder story. The remaining games portfolio carries the studio shutdowns, the Saudi PIF question marks, and the next set of impairment writedowns on Gearbox-era acquisitions.