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  "docSlug": "efcae84676a2",
  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2019-06-13 00:00:00",
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  "pageNumber": 10,
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  "notes": "The slide argues that the market is mispricing Sony given its shift toward higher-multiple businesses.",
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      "text": "Today Sony trades at only 11x earnings and a 7% (12% normalized for semiconductor growth spending) unlevered FCF yield, making it one of the cheapest large cap stocks globally, in our view",
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      "kind": "disclaimer",
      "text": "1. Management guidance. Average unlevered FCF to EV, FY18-20. FCF excludes Financial Services. Enterprise value excludes value of listed stakes. Semiconductor growth capex calculated as capex in excess of DD&A.",
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      "text": "Today Sony trades at only 11x earnings and a 7% (12% normalized for semiconductor growth spending) unlevered FCF yield, making it one of the cheapest large cap stocks globally, in our view. Sony's multiple compression is perplexing, particularly given the shift in profit mix towards higher-multiple businesses, such as gaming and music.",
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      "text": "P/E ratio: 11x",
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      "kind": "source-note",
      "text": "Source: Bloomberg; data as of 6/11/2019",
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      "text": "Despite strong operating performance, Sony's stock trades at a depressed earnings multiple",
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      "evidence": "The deck emphasizes the consequences of not taking action to address Sony's challenges.",
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