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  "documentTitle": "Nintendo Co., Ltd. (7974.T)",
  "authorId": "25_Oasis_Management",
  "authorName": "Seth Fischer",
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  "presentationDate": "2013-06-06 00:00:00",
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  "notes": "The table calculates pro forma share price by adding incremental EBITDA from HIT games to consensus EBITDA, applying exit multiples, and adjusting for cash and share count.",
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      "text": "% Potential upside to current price",
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      "text": "Potential upside: 240%",
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      "text": "Pro Forma Share Price Calculation MM Revenue per HIT game per day (USD) 1.0 Annual revenue contribution (USD) 365 Assumed EBITDA Margin 40% Annual EBITDA contribution (USD) 146 Number of HIT games 5 Incremental EBITDA contribution (USD) 730 Incremental EBITDA contribution (JPY) 73,000 Consensus FY 2015E EBITDA (JPY) 112,637 Pro Forma FY 2015E EBITDA (JPY) 185,637 Exit Multiple 10.0x 21.0x Pro Forma Enterprise Value (JPY) 1,856,370 3,898,377 Add: Existing cash (JPY) 958,320 958,320 Pro Forma Market Capitalization (JPY) 2,814,690 4,856,697 Divide by: Current shares outstanding 141.7 141.7 Pro Forma Share Price (JPY) 19,864 34,275 % Potential upside to current price 97% 240%",
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      "text": "Potential Upside",
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