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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 table shows sensitivity analysis for Enterprise Value and Implied Share Price based on varying valuation multiples.",
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      "text": "At an 8.0x valuation multiple, the non-HDD business valuation is JPY 888 billion, and when combined with the HDD business at 7.5x, our total estimate for enterprise value is JPY 1,420 billion or a combined EV/EBITDA multiple of 7.7x.",
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      "text": "implied share price: 4,764",
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      "text": "We believe the ex-HDD business should be revalued to 8.0x... This implies a downside to the current stock price of over 50% or an implied share price of 4,764.",
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      "text": "With a low single digit organic growth profile, we think the ex-HDD business needs to be revalued at lower multiples. The Auto, Appliance, Industrial and Commercial (AACI) segment accounts for 37% of Nidec's EBITDA and receives the highest valuation.",
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      "text": "*Note the Combined Re-Valued Enterprise Value includes net cash position of Yen 22.7 billion",
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