What this is
year to March 2027 pickup is tested on the year to February 2027 in-year band ( FY2_27_in_year, price step pro-rated), ¥56.0–77.9bn; the run-rate band ¥56.6–78.5bn is kept for the carrying multiple. Nintendo's own publishing margin is excluded (C-P8-1).
The values
- TPC carrying: ¥274–278bn
- Look through normalised net profit 32pct: ¥56.6–78.5bn
- Carrying over look through times: 3.49 to 4.91
- TPC pickup year to March 2026: ¥80.9–84.2bn
- Carrying over year to March 2026 pickup times: 3.25 to 3.44
- Pickup run rate, year to March 2027: ¥56.6–78.5bn
Some detail is too fine to show here; it is kept in the trainer’s notes.
Where it comes from
Our calculation from other figures in the trainer’s notes:
- EstimateTPC group net profit a year with one-offs removed, estimate¥177–245bn
- EstimateTPC carrying reconciliation filed year to March 2026 against rollforward, Nintendo year to March 2025–year to March 2026 (31 Mar 2025, 31 Mar 2026)
- FiledNintendo's share of the voting rights in The Pokémon Company32%
- FiledStake in TPC as stated in GO notice, 22 July 2016
- EstimateThe Pokémon Company's part of Nintendo's ¥82.8bn share of affiliate profit for the year to March 2026¥80.9–84.2bn
Show the working
- 0.32 × 176.9..245.2 = 56.6–78.5
- 273.8/78.5 = 3.49×
- 278.0/56.6 = 4.91×
- 273.8/84.2 = 3.25×
- 278.0/80.9 = 3.44×
- in-year 0.32 × 175.1..243.5 = 56.0–77.9 (the FY3/27 pickup basis)