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  "docSlug": "efcae84676a2",
  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
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  "presentationDate": "2019-06-13 00:00:00",
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  "pageNumber": 87,
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  "notes": "Includes a table of analyst sum-of-the-parts valuations and a bar chart comparing EV/EBIT multiples of peers.",
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      "text": "Sony will only achieve full value for its Electronics franchise after bringing Mobile operations to profit breakeven",
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      "text": "Sony EP&S comps (EV / '20E EBIT)",
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      "text": "Today, many Sony analysts value EP&S as a consolidated group in their sum-of-the-parts. However, this implies a negative value for Sony's Mobile business and a depressed multiple for Sony's profit generating Home Entertainment and Imaging franchises.",
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      "text": "EV / '20E EBIT: 5.9x",
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      "text": "Source: Third Point, market data and sell-side research. Market data as of 6/11/2019",
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      "kind": "table",
      "text": "EP&S value in analyst Sum-of-the-Parts (¥bn)",
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      "text": "Sony does not get fair value for its electronics franchise due to Mobile",
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