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  "documentTitle": "Sony Corporation (6758.T)",
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  "presentationDate": "2019-06-13 00:00:00",
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  "notes": "The slide uses a sum-of-the-parts (SOTP) logic to justify the valuation of the music segment.",
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      "text": "As music industry fundamentals continue to improve over the next few years, we expect the market will come to view Sony Music as a scarce, high-quality “compounder” that should be valued at ~20x operating income or higher",
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      "text": "Vivendi valuation comparison: 70% of SOTP from UMG, trades at 20x forward EBIT, SOTP conglomerate discount, closest public comp.",
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      "text": "TEV / EBIT: $28bn",
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      "text": "Indicative YE 2021 valuation range for Sony Music: Music and Mobile gaming EBIT, TEV/EBIT multiples, and resulting TEV ($mm).",
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