美国门店探访：Round1和Dave & Buster's

in size. It can be accessed bothFigure 2 - Amusement.Source: Jefferies Shunsuke Kuriyama * | Equity Analyst813 6830 3619 | skuriyama@jefferies.com Figure 3 - F&B.Source: JefferiesFigure 5 - Crane games.Source: JefferiesFigure 7 - Experiential games.Source: JefferiesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Figure 9 - Experiential games.Source: JefferiesFigure 11 - Redemption merchandise.Source: JefferiesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Figure 13 - D&B entrance.Source: JefferiesFigure 15 - D&B dining area.Source: JefferiesFigure 17 - D&B human crane.Source: JefferiesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Figure 19 - D&B arcade.Source: JefferiesFigure 21 - D&B arcade.Source: JefferiesFigure 23 - D&B crane game.Source: JefferiesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionRound OneRound One operates indoor leisure complexes with bowling alleys, arcade games, karaoke, billiards, and Spo-Cha (collection of sporting activities).The company has exported this business model to the United States and has expanded overseas.Company Valuation/RisksRound OneValuation: PT of ¥1,500 equates to an FY3/26E PER of 21x.Upside risks include success of catcher machines accelerating SSS of Amusement and success of new content.Downside risks include natural disasters, losses in the overseas business, and failure to pass on cost inflation by raising service price.Dave & Buster's Entertainment, Inc.$30 price target is 5x our '26E EV/EBITDA, a discount to casual dining companies. Risks: SSS weaker than expected, margin deleverage.Analyst Certification:I, Shunsuke Kuriyama, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Shunsuke Kuriyama is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Dave & Buster's Entertainment, Inc.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more withina 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security priceconsistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform ratedsecurities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/orJefferies policies.CS