he leading gaming vendors=are trading at significantly lower multiples than at the top of the last cycle. 2 EFTA_R1_01323525 EFTA02348983 Name Ratinga> Target<=> ADR<=u> UBISOFT ENTERTAINMENT OW<=> 20.00</=> UBSFY</=> SQUARE ENIX HOLDINGS CO LTD OW<=> 4000 &nb=p; NINTENDO CO LTD N 19,00