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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 10-12x EBIT multiple to justify a $35-43bn valuation, arguing it is a conservative premium to Japanese peers and a discount to US/China peers.",
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      "text": "We use a conservative multiple range of 10-12x EBIT for Sony’s gaming segment valuation",
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      "text": "We use a conservative multiple range of 10-12x EBIT for Sony's gaming segment valuation. 10-12x EBIT represents a modest premium to Japanese game company comps but a discount to US and China publishers. There is potential for further upside.",
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      "text": "TEV: $35bn – $43bn",
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      "text": "Source: Company reports and Third Point estimates",
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      "text": "Sony G&NS segment P&L table showing Revenue, EBIT, D&A, EBITDA, and Net Income from CY16A to CY22E.",
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      "text": "Indicative YE 2021 valuation for Sony's Gaming segment showing TEV calculation based on 10x, 11x, and 12x EBIT multiples.",
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