Nintendo

DCF to market gap -49.2% (tolerance 15.0%). the normal year's earnings level: Continuing value.Normal-year core NOPAT, the cycle's average core NOPAT over FY2026 to FY2032: The gap is the level of the normal year's earnings: the continuing value capitalises the model's own cycle average, 206 billion yen of core NOPAT over Switch 2's seven years FY2026 to FY2032. FY2032 itself, the seventh year, earns 149 billion and its revenue falls 3.4 per cent against g of 1.9 per cent, 5.3 points apart, which is why it is not the year capitalised. The market capitalisation of 9.39 trillion yen at 2 November 2026 is an enterprise value of 7.04 trillion yen at the end of FY2027 against the model's 2.27 trillion: at the model's 9.98 per cent WACC that takes a normal-year core NO

Residual income to market gap -48.9% (tolerance 15.0%). the normal year's earnings level: RI continuing value.Normal-year residual operating income, from the cycle's average core NOPAT over FY2026 to FY2032: The same cause as the DCF to market gap, the level of the normal year's earnings: residual income, whose continuing value grows the normal year's residual operating income of 171 billion yen at the 1.9 per cent long-run nominal GDP growth, sits 0.6 per cent above the DCF. Closing the gap at the model's 9.98 per cent WACC takes a normal-year residual operating income of about 776 billion yen, a normal-year core NOPAT of about 810 billion, nearly four times the model's 206 and about twice FY2022's 414 billion, the best actual year; the market prices in that residual income growing 8.1 per cent a