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  "documentTitle": "Toyota Industries Corporation (6201)",
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  "authorName": "Aaron Tai and Gordon Singer",
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      "text": "discount to fair value: 85%",
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      "text": "Source: Bloomberg, Company Materials. Notes: (1) Assumes cross-shareholding unwind... (2) Assumes deemed dividend tax... (3) EBITDA after lease expenses.",
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      "text": "Appendix 5: Implied Valuation of the Operating Business of Toyota Industries",
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