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  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2019-06-13 00:00:00",
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  "notes": "The slide uses a bulleted list to detail specific stakes in Sony Financial, M3, Olympus, and Spotify.",
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      "kind": "callout",
      "text": "Monetization of non-core public equity stakes could provide $12bn of value that could be used for growth investments or return of capital to shareholders",
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      "text": "One of the key tenets of Japan's third arrow \"Governance Code\" is a review of company's cross-shareholdings. It is common in Japan for corporations to hold sizeable equity stakes in other public companies. These stakes often have little strategic purpose and add significant complexity. While Sony's public investments have generated attractive returns, we don't believe the market appropriately values them within the current structure -a sale would be viewed positively by investors. Monetizing these stakes would provide significant capital for growth investments or purchasing Sony's own undervalued stock. Would also meaningfully reduce complexity (a major negative factor in Sony's valuation). Current stakes include: Sony Financial Holdings (8729 JP): Sony owns a 65% stake in Sony Financial, a ~¥1.1tn ($10bn) market cap growth-oriented life insurance business. The value of this stake at current market prices is ~¥720bn ($6.6bn). M3 Inc. (2413 JP): Sony owns a 34% stake in M3 Inc., a ~¥1.4tn ($13bn) market cap healthcare information supplier. The value of this stake at current market prices is ~¥460bn ($4.2bn). Olympus (7733 JP): Sony owns a 5% stake in Olympus, a ~¥1.8tn ($16bn) market cap medical device company. The value of this stake at current market prices is ~¥90bn ($0.8bn). Spotify Technology SA (SPOT): Sony owns a 3% stake in Spotify Technology SA, a ~$25bn market cap music streaming service. The value of this stake at current market prices is ~¥75bn ($0.7bn)",
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      "text": "market value of stakes: $12bn",
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      "text": "Listed stakes accounted for enormous value, but underappreciated by the market",
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