We rate Nintendo Outperform (PT JPY9,500). Price (JPY) 7,759.00 Price Target (JPY) 9,500.00 9,028.00/5,590.00 JPL 1,780.27 FYE Cap (JPY) (B) 7,700.07 EV (JPY) (B) 5,448.51 Performance YTD 1M 6M 12M Absolute (%) 5.4 0.2 21.5 36.3 JPL (%) 17.0 1.0 17.1 34.1 Relative (%) (11.5) (0.8) 4.4 2.2 Source: Bloomberg, Bernstein estimates and analysis.