UBS on the Toy Industry: Thoughts Into Q4 Results and Toy Fair 2012
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Rating Summary:
14 Buy, 11 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UBS on the Toy Industry: Thoughts Into Q4 Results and Toy Fair 2012
Analsyt, Robert W. Carroll, said, "Mattel (NYSE: MAT): Expect Strong Q4’11 EPS Results 1/31 - We expect to see strong EPS results from MAT with relatively clean retail inventories given the company’s conservative positioning into the Holidays. Specifically we forecast MAT will report Q4’11 EPS of $1.06 (down from $1.10 previously due to FX fluctuations) vs. Street estimates of $1.01, with nearly all of this EPS upside vs. consensus driven by our est. 90bps YOY improvement in gross margin. As a part of Q4 results we expect a dividend increase of 15%+, marking the beginning of a multi-year period of above trend dividend growth."
"Hasbro (NYSE: HAS): Q4 Preannouncement Raises More Questions Than it Answers Hasbro’s preannounced Q4’11 results places brackets around where Q4’11 EPS is expected to be reported, however, given the lack of detail around product segments, we see the preannouncement as raising more questions that it answers. Specifically, a weak North American segment post-Thanksgiving driving underperformance relative to unspecified expectations still leaves questions around systemic challenges to the U.S. games business unanswered."
Analsyt, Robert W. Carroll, said, "Mattel (NYSE: MAT): Expect Strong Q4’11 EPS Results 1/31 - We expect to see strong EPS results from MAT with relatively clean retail inventories given the company’s conservative positioning into the Holidays. Specifically we forecast MAT will report Q4’11 EPS of $1.06 (down from $1.10 previously due to FX fluctuations) vs. Street estimates of $1.01, with nearly all of this EPS upside vs. consensus driven by our est. 90bps YOY improvement in gross margin. As a part of Q4 results we expect a dividend increase of 15%+, marking the beginning of a multi-year period of above trend dividend growth."
"Hasbro (NYSE: HAS): Q4 Preannouncement Raises More Questions Than it Answers Hasbro’s preannounced Q4’11 results places brackets around where Q4’11 EPS is expected to be reported, however, given the lack of detail around product segments, we see the preannouncement as raising more questions that it answers. Specifically, a weak North American segment post-Thanksgiving driving underperformance relative to unspecified expectations still leaves questions around systemic challenges to the U.S. games business unanswered."
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