{ "docId": "019dd923-622b-71dc-a6d9-8d4836bf75ca", "docSlug": "6cdbc0b0bbf6", "documentTitle": "Toyota Industries Corporation (6201.T)", "authorId": "02_Elliott_Management", "authorName": "Elliott Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2026-01-27 00:00:00", "orientation": "landscape", "aspectRatio": 1.4444444, "pageNumber": 48, "pageCount": 52, "prevPage": 47, "nextPage": 49, "slideType": "valuation_reveal", "function": "show_valuation_bridge", "density": "dense", "nDataPoints": 20, "notes": "Uses a waterfall-bridge framework to illustrate the adjustment of financial assets and liabilities.", "elementsJson": [ "headline_text", "paragraph", "waterfall_chart", "data_table", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-8d4836bf75ca/48", "deckHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca#slide-48", "components": [ { "bbox": null, "kind": "callout", "text": "豊田自動織機の貸借対照表報告は、大規模な販売金融事業によって歪められている。当該事業はビジネスモデルにおいて銀行に類似しており、NAVにおいて別途考慮する必要がある", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0936-7173-ab1d-a4507bf4606b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.51, "y": 0.21 }, "kind": "chart", "text": "ネットデット（キャッシュ）ブリッジ", "attrs": null, "subkind": "waterfall-bridge", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9a7af8c0-5aa3-44bf-abcb-bfa53fadb7ff", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.04, "y": 0.21 }, "kind": "chart", "text": "販売金融事業のNAV調整ブリッジ", "attrs": null, "subkind": "waterfall-bridge", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fb3fc435-0e44-4f5d-bae1-dd9ad95d5411", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "NAV", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0936-7173-ab1d-ac57b556cf43", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.11 }, "kind": "paragraph", "text": "豊田自動織機の貸借対照表報告は、大規模な販売金融事業によって歪められている。当該事業はビジネスモデルにおいて銀行に類似しており、NAVにおいて別途考慮する必要がある", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fe35eea4-46c8-4457-9d97-1803228f7635", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "注: NAVを算定する全てのセルサイドアナリストが、EV-Equityブリッジにおいて販売金融を切り出すか、またはネットデット分析に含めないP/Eアプローチを採用している(2) — 会社開示資料、Bloomberg", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0936-7173-ab1d-a83d9fbb9195", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "出典: 会社開示資料、Bloomberg", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d57ef300-4c28-4580-b599-365f73f61d69", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.04, "y": 0.61 }, "kind": "table", "text": "豊田自動織機2025年9月補足資料", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a18e46ad-e730-40b4-885d-bf198eb7a5e6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.51, "y": 0.61 }, "kind": "table", "text": "豊田自動織機2025年9月中間期連結決算", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ba1e24da-2531-457d-abaf-5195bc6415de", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "NAVにおける販売金融事業およびネットデットの取扱い", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a66b0f5a-6970-4329-82db-2bf3bb62f6cd", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "waterfall-bridge", "slug": null, "matchId": "925195aa-c417-41f8-8255-9558f0ef4198", "evidence": "Used to reconcile NAV adjustments for captive finance and net debt.", "confidence": 1 } ], "arcBeats": [ { "to": 52, "from": 31, "beatId": "2fa6ed30-f600-4b75-8771-b609799b9acc", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Impact & Next Steps", "beatSlug": "consultants-gambit-impact-next-steps", "evidence": "Proposing a standalone plan for value creation and urging investors not to tender 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