Embracer Asmodee Spin-off Performance — 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.

The structural read: spinning out the cash-flowing distribution arm worked exactly as intended for that piece. It also stripped the cover off the rest, which is the entire reason management resisted the split for years.