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  "documentTitle": "Nidec Corp. (6594 JP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "The slide uses a line chart to demonstrate historical EV/EBITDA multiples of HDD competitors to justify a lower valuation for Nidec's HDD segment.",
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      "text": "We estimate that Nidec’s current share price presently implies an enterprise value of its non-HDD businesses that is 21.5x LTM EBITDA.",
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      "text": "We estimate that Nidec’s current share price presently implies an enterprise value of its non-HDD businesses that is 21.5x LTM EBITDA. Facebook Inc. (FB) trades at 24.9x EV / LTM EBITDA. FB is growing organically at 35%+ per year.",
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      "text": "Our research indicates that approximately 40% of Nidec’s EBITDA, or JPY 74 billion, is derived from HDD motors. Based on HDD comparables, we think Nidec’s HDD business should trade at 7.5x Enterprise Value (EV) / EBITDA or lower.",
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      "kind": "source-note",
      "text": "142 http://www.nidec.com/~/media/nidec-com/en-global/ir/library/earnings/2016/Q1_1; Slide 8.",
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      "text": "We value Nidec’s shares at JPY 4,764 – less than half of the current price.",
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      "text": "Nidec’s Ex-HDD Valuation Approaches Facebook’s – this Does Not Make Sense",
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