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  "documentTitle": "Sony Corporation (6758.T)",
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  "notes": "Uses historical data to argue for the benefits of corporate spin-offs.",
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      "text": "Avago / Broadcom (Nasdaq: AVGO) originated as Agilent Technologies’ (NYSE: A) semiconductors division. In 2005 Avago was separated from Agilent and sold to KKR and Silver Lake for $2.7bn. Under Agilent, Avago did not grow revenue in 8 years prior to its sale and accumulated >$100mm in operating losses. In 2009, Avago IPO’d under the ticker AVGO at a $3.5bn valuation. Operating as a separate entity for the 13 years post its original sale, Avago was able to: Grow enterprise value from $2.7bn to $133bn; Grow revenue at a >20% CAGR from $1.4bn to $21bn; Expand operating margins from lossmaking to 50%; Leverage capital markets to execute 7 transactions totaling $70bn, expanding into >10 new product lines.",
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