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Pure licensor counterfactual on q11 card line, TPC year to February 2026 card line at s = 0.50, P = 10.0bn

TPC year to February 2026 card line at s = 0.50, P = 10.0bn

EstimateOur model or estimate. Treat it as an order of magnitude.

What this is

Publisher profit × 0.30–0.42 (implied TPC card margin to top of Wizards' structural range, as) = ¥82.8–138.0bn; royalty if licensed out × 0.12–0.174 (as) = ¥33.1–57.2bn; royalty profit at 70–84.2% (as) = ¥23.2–48.1bn.

The values

  • Card line ¥ bn: 276 to 329
  • Publisher profit ¥ bn (30–42%): 82.8 to 138
  • Royalty revenue ¥ bn (12–17.4%): 33.1 to 57.2
  • Royalty profit ¥ bn (70–84.2%): 23.2 to 48.1

Where it comes from

Our calculation from other figures in the trainer’s notes:

Show the working
  1. 276.0–328.6 × 0.30–0.42 = ¥82.8–138.0bn
  2. × 0.12–0.174 = ¥33.1–57.2bn
  3. × 70–84.2% = ¥23.2–48.1bn

Where it’s used

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