Daily Ideas·Analysis·NTDOY·2026年2月6日

Nintendo - Manufacturers of Fun

Beeli Capital
Substack

Nintendo has a strong moat with its IP and integrated hardware/software. However, the stock is considered a pass despite a 45% drawdown. The business is cyclical, and the current valuation at a mid-teens multiple is fair to slightly optimistic, not offering a sufficient margin of safety. The large cash balance also reduces upside potential from multiple expansion.

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