Hasbro Inc.

(NASDAQ:HAS) is sitting on a 41% stock upside — but you wouldn’t know it from the way the shares are priced.

That’s the disconnect BNP Paribas is highlighting after hosting an industry expert event with hobby‑store owner Greg May, whose shops sell one of Hasbro’s most important products: Magic: The Gathering.

The bank’s takeaway is simple: the market may not fully understand what’s driving the company anymore.

Magic keeps expanding, margins keep rising, and the player ecosystem continues to pull in new customers — yet Hasbro’s valuation still looks like it belongs to a traditional toy maker.