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Hi, Cam,

with regards to whether or not HAS is worth purchasing or not I believe so...you can read my valuation thoughts in the post just prior to your post...

one of the uncertainties that would really affect my valuation thoughts would be the inability to follow up 2007's success in 2008 and beyond...beyond MVL the pipeline might have been pretty thin (uncertain at the least)...

however, 2008 and 2009 look to be shaping up with two (and probably three) MVL movies, Indiana Jones, and GI Joe...Transformers 2 is already in teh works for 2009 or 2010...I think that it is safe to say that Spider-Man 4 and the next X-Men installments (whether in the form of an actual X-Men movie or in the proposed Magneto and Wolverine spinoffs) will be made by 2010 as well...

in addition to all of the above (and my previous valuation post) let's not forget the following items:
1) any new Star Wars shows, DVD's, animated features, etc. will generate some measure of marginal sales
2) the Lucasfilm warrants have been repurchased...I am presuming them to be cancelled which would reduce the outstanding shares
3) there is also an existing stock repurchase program that will likely be exhausted by the end of 2007...
4) I had previously mentioned that the core toy sales were lagging...after further review I believe that the core sales have been slightly growing for years with a decent bump over the last couple...

Transformers will be HUGE for HAS...but, I believe that GI Joe (if done right) can be nearly as huge for HAS...it appears that the next 5 years of revenue (about the time that the MVL contract expires) is becoming more and more clear...I just wish that I knew what HASBRO's split of the box office revenue is...


Royce
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