Japanese video game developer with a rich portfolio of IP-able games. Multiple ways to win with the Final Fantasy franchise alone are worth almost 2x current EV. It’s a high-quality franchise with subscription-based revenues and leading gamer engagement/monetization stats globally. The underperformance in the HD games segment is temporary. At 1.6 revenues market implies it is a structurally low-margin video game company, which is not the case at all.