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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 uses a waterfall-style bridge to isolate the core business value from other assets/liabilities.",
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      "text": "Revised TOB values core business at ~85% discount to intrinsic value",
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      "text": "Implied Business Valuation vs. Intrinsic Value",
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      "text": "Source: Bloomberg, Company Materials (for all quotes, emphasis added). Notes: (1) Assumes cross-shareholding unwind at current market value (as of January 16, 2026); (2) Assumes ~50% of capital gain is subject to tax through deemed dividend for qualifying cross-shareholdings; (3) EBITDA after lease expenses.",
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      "text": "EBITDA multiple: ¥2.2trn",
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      "kind": "quote",
      "text": "[...] price is still totally indefensible, in fact one could and should argue that today's ¥18,800 bid is actually currently at a bigger discount than the original ¥16,300 bid was on the 3rd June. CLSA (John Seagrim), January 14, 2026",
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      "text": "Investors remain concerned about the valuation, including the assessment of Tico's equity holdings and the value of the underlying business. CLSA, January 14, 2026",
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      "text": "Our own NAV work has consistently pointed to material undervaluation [...] United First Partners, January 18, 2026",
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      "text": "[...] price is still totally indefensible, in fact one could and should argue that today's ¥18,800 bid is actually currently at a bigger discount than the original ¥16,300 bid was on the 3rd June. — CLSA (John Seagrim), January 14, 2026",
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      "text": "Revised TOB Allows ¥2.2trn of Value to Accrue to the Buyer",
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