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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": "The chart highlights that the current TOB offer represents a 0.88x PBR, which the activist argues is an undervaluation.",
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      "text": "Purely illustrative. Book value does not correctly reflect the significant value of TICO's operating business and incorporates a deferred tax liability on TICO's stakes in publicly traded companies at the 31% Japanese statutory tax rate, ignoring the benefit from the favorable issuer buyback tax structure. TICO deserves a much higher valuation than 1x PBR.",
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      "text": "Waterfall bridge from FY3/25 Q4 Book Value to January 16, 2026 Book Value Estimate vs Revised TOB Price",
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      "text": "Notes: (1) Assumes Bloomberg consensus FY3/26 Q3 net profit; (2) FX impact is estimated based on the historical relationship between FX driven movements in the JPY book value (as disclosed in the statement of comprehensive income) vs. the FX rate movement in quarter; (3) Estimated as of January 16, 2026.",
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      "text": "Book Value per Share: 14%",
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      "text": "Given the large recent increase in the value of publicly traded stakes, the Revised TOB price is a material discount to pro forma book value per share as of January 16, 2026",
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      "text": "Pro Forma Book Value Is 14% Higher Than the Revised TOB Price",
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