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  "documentTitle": "Sony Corporation (6758.T)",
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  "authorName": "Third Point",
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  "presentationDate": "2019-06-13 00:00:00",
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      "text": "Sony is a collection of high-quality businesses trading at a massive discount to intrinsic value. Exposure to favorable secular trends will allow the company to increase intrinsic value for years to come.",
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      "text": "At the same time, Sony has a number of attractive options close this discount while also growing value. Simplifying the corporate structure will highlight the quality of Sony's portfolio and attract new investors. Third Point believes a spin-off of Semiconductors and sales of listed stakes is the best way to close the conglomerate discount. Increasing balance sheet efficiency will lead to dramatic earnings per share growth and higher ROE. Strong cash flow, proceeds from listed stakes and a net cash balance sheet provide an opportunity to repurchase shares (an investment in Sony's existing assets at a discount) and invest for growth organically or through targeted M&A.",
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