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}, "componentId": "c85851ef-d6fd-490b-b54e-7436438e4ef9", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "list", "text": "Today Sony trades at only 11x earnings and a 7% (12% normalized for semiconductor growth spending) unlevered FCF yield1, making it one of the cheapest large cap stocks globally, in our view\nSony’s multiple compression is perplexing, particularly given the shift in profit mix towards higher-multiple businesses, such as gaming and music", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 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0.08, "w": 0.78, "x": 0.11, "y": 0.79 }, "kind": "callout", "text": "Music industry has significant growth runway driven by streaming penetration", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:13:15.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a9896a7-3053-40a2-a1e0-93104741e36b", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.06, "y": 0.305 }, "kind": "chart", "text": "Music listening by media, age-cohorts", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:13:15.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "611a0ec0-81a0-4b81-821f-e4a02e344761", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.45, "x": 0.46, "y": 0.305 }, "kind": "chart", "text": "Streaming revenue per smartphone user 2018E", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, 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