What this is
Identity S = 571,433 − O + IC : parent sales to its own subsidiaries (IC) raise S, and so the residual, one-for-one. Assumptions: Korea's 2025 goods share 60-74% (2021 cards 74%, 2022 goods 71%), goods gross margin 20-30%, FX 9.51, 2025 ≈ year to February 2026.
The values
- Korea cost base 2025 KRWbn: 60
- Ceiling: ¥6.31bn
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 subsidiaries external revenue identity, TPC year to February 2026 (Mar 2025–Feb 2026) ↔ Nintendo year to March 2026 (Apr 2025–Mar 2026)¥571.4bn
- EstimateGoods margin bound 2022 and q10 card supply observation, 2022
- EstimateKorea pnl in ¥, 2020-2025
Show the working
- 73,272 − 13,275 = 59,997 → ÷9.51 = ¥6.31bn
- 73,272 × 0.71 × 0.80 = 41.6bn → ¥4.38bn
- ×0.60×0.70 = 30.8bn → ¥3.24bn
Related figures
Built from this one