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  "documentTitle": "Toyota Industries Corporation (6201)",
  "authorId": "02_Elliott_Management",
  "authorName": "Aaron Tai & Gordon Singer",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2026-01-18 00:00:00",
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      "text": "本改定後TOBは中核事業を公正価値に対して約85%のディスカウントで評価",
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      "kind": "disclaimer",
      "text": "脚注：(1) 株式持合の解消は、現時点の市場株価を仮定 (2026年1月16日時点)、(2) 発行体による自己株式取得を通じ、対象となる持合株式の解消にみなし配当課税の仕組みが適用されることを前提とする、(3) リース費用控除後のEBITDAによる",
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      "text": "EBIT multiple: 85%",
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      "text": "出典：Bloomberg、会社開示資料",
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      "kind": "title",
      "text": "別紙5：本改定後 TOB 価格が示唆する豊田自動織機の事業に対する評価額",
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