Report
Kazunori Ito
EUR 147.86 For Business Accounts Only

Initiating Coverage of Nintendo With No Moat, Stable Trend Ratings; FVE of JPY 30,000

We are initiating coverage of Nintendo with a JPY 30,000 fair value estimate, and we assign a no-moat rating and a stable moat trend rating. Our fair value estimate implies a price/book ratio of 2.8 times on a fiscal 2018 (fiscal year ending March 2018) basis. Nintendo’s share price has more than doubled since its recent bottom in June 2016, because of 1) the smash hit of Pokemon Go; 2) high expectations for Super Mario Run, which will be released in December 2016; 3) the announcement of the new...
Underlying
Nintendo Co. Ltd.

Nintendo is mainly engaged in the development, manufacture, and sale of home-use game hardware/software and peripheral equipment as well as software under the name of "Nintendo DS," "Nintendo 3DS," "Game Boy," "Nintendo 64,"" Game Boy Advance," "Wii," "Nintendo GameCube," "Game Boy Color" and "e-Reader (trading card games)." Co.'s principal software trademarks include "Pokemon," "Super Mario Bros.," "The Legend of Zelda," "STARFOX64" and others. Co. also provides online games and repair services. In addition, Co. is involved in the manufacture and sale of Japanese playing cards called "Karuta," playing cards and board games, as well as the management of intellectual property rights.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Kazunori Ito

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