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  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
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  "presentationDate": "2019-06-13 00:00:00",
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  "notes": "The slide uses a table to demonstrate that most analysts use electronics-focused valuation methods rather than SOTP, which the activist argues is more appropriate for Sony's entertainment-heavy portfolio.",
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      "text": "The lack of entertainment sector expertise among Sony's sell-side analysts may explain the wide skew in valuation methodologies, multiples, and target prices",
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      "text": "Of the 14 analysts listed below, only 2 are specialists in internet and entertainment; most of these analysts specialize in covering Asian electronics companies. However Sony's entertainment businesses (Gaming, Music and Pictures) account for ~70% of Sony's value. The lack of entertainment sector expertise among Sony's sell-side analysts may explain the wide skew in valuation methodologies, multiples, and target prices",
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      "text": "Target multiples (EV/EBITDA): 70%",
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