Nintendo Co Ltd

DB:NTO

日本 / 通訊服務 / 娛樂

綜觀

股息

10 年 DCF 收入退出價

股價

62.96 EUR

公允價值

58.65 EUR

Metrics	Range	Conclusion
Discount Rate	7.8% - 6.7%	7.2%
Terminal Revenue Multiple	4.6x - 5.1x	4.9x
Fair Value	€55.81 - €61.67	€58.65
Upside	-15.4% - -6.6%	-11.1%

2.1%

Revenue 10y CAGR

30.1%

10y Avg EBITDA Margin

2.0%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股價

62.96 EUR

公允價值

58.65 EUR

看漲

-11.1%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(JPY in millions)		Input Projections
Fiscal Years Ending	Mar-24	Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

Revenue	1,671,865	1,178,000	1,953,050	2,162,979	2,391,000	2,282,500	2,052,200	2,052,200	2,052,200	2,052,200	2,052,200
% Growth	4.4%	-29.5%	65.8%	10.7%	10.5%	-4.5%	-10.1%	0.0%	0.0%	0.0%	0.0%

EBITDA	546,798	306,600	488,000	618,019	682,000	732,500	658,592	658,592	658,592	658,592	658,592
% of Revenue	32.7%	26.0%	25.0%	28.6%	28.5%	32.1%	32.1%	32.1%	32.1%	32.1%	32.1%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
		Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34

EBITDA		306,600	488,000	618,019	682,000	732,500	658,592	658,592	658,592	658,592	658,592
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(22,752)	(18,000)	(32,910)	(17,000)	(40,750)	(36,638)	(36,638)	(36,638)	(36,638)	(36,638)

EBIT		283,848	470,000	585,109	665,000	691,750	621,954	621,954	621,954	621,954	621,954
Pro forma Taxes		(82,316)	(136,300)	(169,682)	(192,850)	(200,608)	(180,367)	(180,367)	(180,367)	(180,367)	(180,367)
NOPAT	375,549	201,532	333,700	415,428	472,150	491,143	441,587	441,587	441,587	441,587	441,587

Capital Expenditures	(16,123)	(16,758)	(20,123)	(22,123)	(15,550)	(16,100)	(14,476)	(14,476)	(14,476)	(14,476)	(14,476)
NWC Investment	3,517	(24,744)	38,832	10,518	11,424	(5,436)	(11,538)	0	0	0	0
(+) D&A	17,856	22,752	18,000	32,910	17,000	40,750	36,638	36,638	36,638	36,638	36,638

Free Cash Flow	380,798	182,782	370,409	436,732	485,024	510,356	452,212	463,750	463,750	463,750	463,750
% Growth			103%	18%	11%	5%	-11%	3%	0%	0%	0%

載入錯誤

Nintendo Co Ltd

DB:NTO

日本 / 通訊服務 / 娛樂

10 年 DCF 收入退出價