What this is
Replaces 's 135,375-172,500 (WotC 36.1-46.0%, pre-allocation, 2025 peak). On the coupled card line 351,387 the same margins give 105,416-147,583.
Where it comes from
Our calculation from other figures in the trainer’s notes:
- EstimatePure licensor counterfactual for cards, TPC year to February 2026 card line (point ¥375bn)
- EstimateStructural margin band corporate costs allocated, year to March 2026 (comps' latest fiscal years)
- ReportedHasbro's guidance on the profit margin of Wizards of the Coast, its card and digital games business
- EstimateSplits the year's roughly 10 billion cards between Japan (about 4.8 billion) and the rest of the world (about 5.2 billion), and puts TPC's Japanese card revenue at about ¥100.7bn
Show the working
- 375,000 ('s card line) x 0.30 (implied TPC card margin,) = 112,500
- x 0.42 (top of Wizards' structural 38-42%,) = 157,500 -> ≈¥113-158bn
- Replaces 's 135,375-172,500 …
Related figures
Built from this one