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SGAMF - Nintendo: Continued Growth May Be Difficult (Rating Downgrade)
Sega Sammy Holdings Inc
2024-04-08 20:45:08 ET
Summary
Nintendo Q3 results caused upward forecast revisions on surprising hardware success.
The OLED model is gaining in the mix and helping profits. IP royalty revenue was strong this year too.
However, by forecasts and clear management admissions, the long-in-the-tooth Switch is leading to peaking growth.
The more Western strategies to enhance Nintendo value are being recognised by markets. Given peaking growth, we think it's discount barrel time with Sega.