What this is
If the gain is a Niantic proceeds, a ~16x multiple on cost is arithmetically possible but not shown by any source; a share sale is not reported.
Where it comes from
Our calculation from other figures in the trainer’s notes:
- EstimateGroup operating margin proxy, TPC year to February 2026 (Mar 2025-Feb 2026) = Nintendo year to March 2026 affiliate note28.6%
- EstimateJpy per usd fiscal period average from calendar years, year to March 2018-year to March 2026; year to February 2021-year to February 2026; 2020-2025
- EstimateOci recycle scale against niantic, year to March 2026
- ReportedNiantic Spatial original investors retained, Mar 2025
Show the working
- 23,809 / 149.57 = 159.2