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  "documentTitle": "Toyota Industries Corporation (6201)",
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  "authorName": "Elliott Investment Management",
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  "presentationDate": "2026-01-27 00:00:00",
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  "notes": "Uses a bridge/waterfall structure to reconcile operating business valuations and financial assets against the TOB price.",
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      "text": "+27% upside to intrinsic value at Original TOB pre-announcement",
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      "text": "NAV per share: ¥20,696",
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      "text": "Source: Bloomberg, Company Materials.",
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      "text": "Original TOB Significantly Undervalued TICO on June 3, 2025",
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