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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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  "pageNumber": 96,
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  "slideType": "valuation_table",
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  "density": "balanced",
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  "notes": "The slide uses a waterfall bridge to demonstrate capital availability from cash, FCF, asset sales, and leverage.",
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      "kind": "callout",
      "text": "$34bn of available cash for strategic deployment to YE21 (>50% of current market cap)",
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      "text": "Potential balance sheet optimization ($bn)",
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      "kind": "disclaimer",
      "text": "1. Free cash flow from non-financial businesses (incl. Semiconductors) consistent with management guidance provided in April 2019. 2. Includes stakes in Sony Financial, M3, Spotify, Olympus at market prices, net of taxes. Assumes taxes are ~25% of sales price",
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      "kind": "list",
      "text": "At Sony's current share price, buybacks constitute an investment in Sony's existing assets at a significant discount to fair value. We applaud Sony's move to initiate two separate buyback programs thus far in 2019, together worth ~$3bn. We estimate Sony could repurchase ~$34bn in stock (assuming no M&A) over the next 3 years, while holding net leverage < 1.0x.",
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      "text": "available cash: $34bn",
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