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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 waterfall-style bridge to illustrate financial impact of a corporate action.",
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      "text": "¥2.6trn of cash is enough to buy back 80% of pro forma market cap(5) after the cross-shareholding unwind",
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      "text": "Source: Bloomberg, Company Materials. Notes: (1) Market data as of January 16, 2026; (2) Assumes unwinding of publicly traded cross-shareholdings at market price; (3) Assumes buybacks of TICO shares from Toyota affiliates...",
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      "text": "21% further upside to intrinsic NAV through cross-shareholding unwind generating ¥2.6trn of net cash (equivalent to 80% of pro forma market cap)",
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