NINTENDO | COMPANY PROFILE

HQ Kyoto, Japan Overview

• Nintendo Co., Ltd. (“Nintendo” or the “Company”) is one of the largest
Revenue $13.6B Founded 1889 entertainment companies in the world
• The company designs, manufactures and sells video game hardware and
EBITDA $5.4B # Employees 6,500+ software as well as playing cards and other toys
• The company’s major markets include the handheld system, home console,
and smart-device (mobile) gaming markets
Equity Value $49.5B President Shuntaro • For nearly 40 years, Nintendo has been a visionary pioneer in the consumer
Furukawa
electronics industry, successfully developing and launching such product
innovations as: the Game Boy, the Nintendo Entertainment System (NES),
Historical Financials ($ in Billions) the Super Nintendo Entertainment System (Super NES), the Nintendo 64,
the Nintendo GameCube, the Wii, and the Nintendo Switch
$16.0 $14.2
$14.0 Strategic Rationale
$12.0 $10.6
$9.7 • Strengthen Gaming Capabilities – Webflix would be able to immediately
$10.0 $8.6 accelerate its internal video game content capabilities, allowing it to
$8.0 create stronger, “stickier” relationships with its existing customer base
$6.0 $5.3
$4.0 while also serving to expand the size of its total addressable market
$4.0 $2.1 $2.9 • Deepen Penetration in APAC Region– By acquiring Nintendo, Webflix
$2.0 $1.5 would be able to bolster its market penetration in the key Asia-Pacific
$0.3
$0.0 region, for which it generated
2017 2018 2019 2020 2021
Revenue EBITDA

Revenue by Geography Representative Franchise Assets

The Americas;
Japan; 41%
23%

Other; 11%

Europe; 25% 1
DCF ANALYSIS

Implied Enterprise Value & Equity Value from DCF

Enterprise Value Implied Share Price

We believe Nintendo should be valued between $64B-$76B, with a midpoint valuation of $70B