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  "documentTitle": "Sony Corporation (6758.T)",
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  "notes": "Includes a direct quote from Apple CFO Luca Maestri regarding the 2018 buyback announcement.",
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      "text": "Apple's actions created meaningful value for its shareholders as Apple's share price appreciated 40% in the next 6 months to an all-time high and its multiple expanded 30% to 14x EV / EBIT, a valuation the stock had not seen in the last 10 years",
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      "text": "Apple cash return and net cash position ($mm)",
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      "text": "In February 2018, after many years of maintaining a large amount of cash on its balance sheet, Apple’s CFO announced an intention to take the company’s balance sheet to a ‘cash neutral’ position over time by returning $163bn to investors. In the following 15 months (Jan 2018 – March 2019), Apple returned $112bn to shareholders, ~160% of net income during the period. Apple’s actions created meaningful value for its shareholders as Apple’s share price appreciated 40% in the next 6 months to an all-time high and its multiple expanded 30% to 14x EV / EBIT, a valuation the stock had not seen in the last 10 years. Though Apple’s stock has since come down from all-time highs, it still trades at >20% premium to where it traded prior to the buyback announcement Feb 2018",
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      "text": "share buybacks: $163bn",
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      "text": "The biggest priorities for our cash have not changed over the years. We want to maintain the cash we need to fund our day-to-day operations, to invest in our future, and to provide flexibility so that we can respond effectively to the strategic opportunities we encounter along the way. As we said in February, our goal is to become approximately net cash neutral over time. Given our strong confidence in Apple's future and the value that we see in our stock, our board has authorized a new $100 billion share repurchase program which we will start executing during the June quarter -Luca Maestri, Apple CFO",
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      "text": "The biggest priorities for our cash have not changed over the years. We want to maintain the cash we need to fund our day-to-day operations, to invest in our future, and to provide flexibility so that we can respond effectively to the strategic opportunities we encounter along the way. As we said in February, our goal is to become approximately net cash neutral over time. Given our strong confidence in Apple's future and the value that we see in our stock, our board has authorized a new $100 billion share repurchase program which we will start executing during the June quarter — Luca Maestri, Apple CFO",
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      "text": "Apple sets strong example of share buybacks for global technology companies",
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