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  "docSlug": "efcae84676a2",
  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-13 00:00:00",
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  "notes": "The slide uses a waterfall-style logic for the first chart and a grouped bar chart for the second to demonstrate FCF health.",
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      "kind": "callout",
      "text": "At Sony's current share price the stock is trading at a 7% (12% normalized for semiconductor growth spending) unlevered free cash flow yield, based on this FCF guidance",
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      "text": "Implied annual FCF guidance for FY19 and FY20 ($bn)",
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      "text": "Sony's rapid profit growth has not come at the expense of free cash flow. Management has guided that Sony will generate at least ¥1.1tn ($10bn) in aggregate free cash flow during FY18, FY19 and FY20, despite significant investments.",
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      "text": "free cash flow yield: 7%",
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      "text": "1. Unlevered FCF yield, on average 2018-2020 FCF, excluding Financial Services. Enterprise value excludes value of listed stakes. Semiconductor growth capex calculated as capex in excess of DD&A.",
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