Projected Income Statement: Nintendo Co., Ltd.

Forecast Balance Sheet: Nintendo Co., Ltd.

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -1,742,389 -1,206,506 -1,263,666 -2,252,705 -2,058,190 -1,926,738 -2,041,819 -2,290,846
Change - 30.76% -4.74% -78.27% 8.63% 6.39% -5.97% -12.2%
Announcement Date 6/5/21 10/5/22 9/5/23 7/5/24 8/5/25 - - -
1JPY in Million
Estimates

Cash Flow Forecast: Nintendo Co., Ltd.

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 17,912 16,766 22,190 16,123 19,008 22,397 25,488 25,581
Change - -6.4% 32.35% -27.34% 17.89% 17.83% 13.8% 0.36%
Free Cash Flow (FCF) 1 594,194 383,360 178,154 445,974 -6,939 442,964 373,613 524,978
Change - -35.48% -53.53% 150.33% -101.56% 6,483.69% -15.66% 40.51%
Announcement Date 6/5/21 10/5/22 9/5/23 7/5/24 8/5/25 - - -
1JPY in Million
Estimates

Forecast Financial Ratios: Nintendo Co., Ltd.

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 37.04% 35.58% 32.18% 32.71% 25.57% 16.46% 20.92% 23.51%
EBIT Margin (%) 36.42% 34.96% 31.49% 31.64% 24.26% 17% 20.5% 23.25%
EBT Margin (%) 38.73% 39.78% 37.51% 40.72% 31.96% 24.04% 25.66% 27.37%
Net margin (%) 27.31% 28.18% 27.02% 29.34% 23.93% 17.59% 18.27% 20.35%
FCF margin (%) 33.78% 22.61% 11.12% 26.68% -0.6% 19.02% 14.65% 19.22%
FCF / Net Income (%) 123.69% 80.25% 41.17% 90.9% -2.49% 108.13% 80.17% 94.45%

Profitability

        
ROA 31% 26.26% 21.79% 22.66% 11.37% 11.07% 12.68% 13.54%
ROE 28.1% 24.2% 20% 20.1% 10.5% 13.94% 14.19% 15.99%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 1.02% 0.99% 1.39% 0.96% 1.63% 0.96% 1% 0.94%
CAPEX / EBITDA (%) 2.75% 2.78% 4.31% 2.95% 6.38% 5.84% 4.78% 3.98%
CAPEX / FCF (%) 3.01% 4.37% 12.46% 3.62% -273.93% 5.06% 6.82% 4.87%

Items per share

        
Cash flow per share 1 412.3 413.6 380.9 436.7 252.7 376.5 301.1 393.1
Change - 0.31% -7.91% 14.66% -42.15% 49.03% -20.02% 30.53%
Dividend per Share 1 222 203 186 211 120 202.5 232.9 264.2
Change - -8.56% -8.37% 13.44% -43.13% 68.73% 15.04% 13.42%
Book Value Per Share 1 1,573 1,764 1,947 2,236 2,340 2,503 2,670 2,906
Change - 12.08% 10.38% 14.89% 4.63% 6.95% 6.7% 8.83%
EPS 1 403.3 404.7 371.4 421.4 239.5 352.5 399.9 476.8
Change - 0.35% -8.22% 13.46% -43.17% 47.19% 13.45% 19.23%
Nbr of stocks (in thousands) 1,191,232 1,173,222 1,164,229 1,164,239 1,164,248 1,164,259 1,164,259 1,164,259
Announcement Date 6/5/21 10/5/22 9/5/23 7/5/24 8/5/25 - - -
1JPY
Estimates
2026 *2027 *
P/E ratio 25.3x 22.3x
PBR 3.57x 3.34x
EV / Sales 3.64x 3.28x
Yield 2.27% 2.61%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
27
Last Close Price
8,930.00JPY
Average target price
12,611.52JPY
Spread / Average Target
+41.23%

Quarterly revenue - Rate of surprise

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  4. Financials Nintendo Co., Ltd.