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  "documentTitle": "Toyota Industries Corporation (6201)",
  "authorId": "02_Elliott_Management",
  "authorName": "Aaron Tai & Gordon Singer",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2026-01-18 00:00:00",
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  "density": "balanced",
  "nDataPoints": 15,
  "notes": "The chart uses a waterfall-bridge structure to reconcile business value and financial assets to arrive at an implied NAV per share vs the TOB offer price.",
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      "kind": "callout",
      "text": "+39% 公正価値までの上昇余地",
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      "text": "NAV per share: ¥26,134",
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      "kind": "source-note",
      "text": "出典：Bloomberg、会社開示資料",
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      "kind": "title",
      "text": "別紙2：本改定後 TOB 条件は引き続き豊田自動織機を著しく過小評価している（2026年1月16日時点）",
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