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  "docSlug": "e6ccdccde9e4f314d35e33b1eb767bd3",
  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-01 00:00:00",
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  "pageNumber": 10,
  "pageCount": 102,
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  "slideType": "thesis_headline",
  "function": "diagnose_problem",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The chart illustrates multiple compression over a 5-year period.",
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  "slideHref": "/slides/019de06f-d4b7-72ab-9bef-74ff505356b5/10",
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      "kind": "callout",
      "text": "Current P/E: 11x",
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      "kind": "chart",
      "text": "Sony consensus P/E (1-year forward)",
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      "text": "Today Sony trades at only 11x earnings and a 7% (12% normalized for semiconductor growth spending) unlevered FCF yield1, making it one of the cheapest large cap stocks globally, in our view\nSony’s multiple compression is perplexing, particularly given the shift in profit mix towards higher-multiple businesses, such as gaming and music",
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      "kind": "source-note",
      "text": "Source: Bloomberg; data as of 6/11/2019. 1. Management guidance. Average unlevered FCF to EV, FY18-20. FCF excludes Financial Services. Enterprise value excludes value of listed stakes. Semiconductor growth capex calculated as capex in excess of DD&A.",
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      "kind": "title",
      "text": "Despite strong operating performance, Sony’s stock trades at a depressed earnings multiple",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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