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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",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-13 00:00:00",
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  "pageNumber": 92,
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  "slideType": "valuation_table",
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  "density": "dense",
  "nDataPoints": 45,
  "notes": "Includes a valuation table for segments and a bar chart for peer EV/EBIT multiples.",
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      "kind": "callout",
      "text": "We see potential for Sony to fully realize the value of its EP&S portfolio only if the company is able to bring its mobile business to breakeven",
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      "kind": "chart",
      "text": "Sony EP&S comps (EV / '20E EBIT) bar chart showing Garmin, Canon, Sharp, Lenovo, Casio, LG Electronics, Nikon",
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      "kind": "list",
      "text": "We use a mix of EBIT and sales multiples to value Sony's EP&S business. Sales multiples allow us to ascribe fair value to Sony's mobile business despite the current losses\nWe use a conservative range of 5-7x EBIT for HE&S and IP&S. Peers imply a valuation range of 6-14x\nWe see potential for Sony to fully realize the value of its EP&S portfolio only if the company is able to bring its mobile business to breakeven",
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      "kind": "metric",
      "text": "TEV: $12.4bn",
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      "kind": "source-note",
      "text": "Source: Third Point and consensus estimates. Market data as of 6/11/2019",
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      "kind": "table",
      "text": "Sony EP&S valuation ($bn) table with segments IP&S, HE&S, Mobile, Other",
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      "kind": "title",
      "text": "Sony's Electronics businesses could be worth $9bn – $12bn by 2021",
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