Where it comes from
Our calculation from other figures in the trainer’s notes:
- FiledNintendo voting rights share, FY2025 (as of 31 Mar 2026)32%
- FiledSummarized assoc pretax profit, FY2025 (Apr 2025–Mar 2026) [Nintendo 当連結会計年度; TPC period not stated]¥344.3bn
- EstimatePure licensor counterfactual for cards, TPC year to February 2026 card line (point ¥375bn)
Show the working
- 0.32 × ¥344,300m group pretax = ¥110,176m look-through pretax
- vs licensor counterfactual ¥32–55bn royalty revenue on the card line