I wrote up my investment thesis for Nintendo (7974:JP / $NTDOY ) on my Substack blog. See link below to read the post.

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Very interesting company with some of the world’s most valuable IP. I try to separate the case into a medium and long term view, as I think there is a positive case to be made for the short to medium term based on risk/reward, but am more cautious on the long-term case based on fundamental threats to the company’s business model and economic moat.

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Hope the write-up is useful. You can also find a copy of my full financial model linked within the blog post.

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