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  "documentTitle": "Nidec Corp. (6594 JP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "The slide uses a sensitivity table to derive an implied multiple for the non-HDD business segment.",
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      "text": "Holding the HDD motor segment valuation constant at JPY 555 billion and taking into account Nidec's remaining ex-HDD EBITDA of JPY 111 billion, Nidec's ex-HDD implied valuation is 21.5x EV/EBITDA – very close to that of Facebook.",
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      "text": "Holding the HDD motor segment valuation constant at JPY 555 billion and taking into account Nidec's remaining ex-HDD EBITDA of JPY 111 billion, Nidec's ex-HDD implied valuation is 21.5x EV/EBITDA – very close to that of Facebook.",
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      "kind": "source-note",
      "text": "*Capital IQ: Data was from Jan. 2011 to July 2016, prior to Western Digital's acquisition of SanDisk, when pro forma financials changed due to the acquisition.",
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      "text": "EBITDA breakdown table showing Total, HDD, and ex-HDD EBITDA across Low, LTM, and High scenarios.",
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      "text": "Sensitivity table for HDD Enterprise Value, Enterprise Value ex HDD, and EV/EBITDA Multiple ex HDD.",
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