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  "docSlug": "e6ccdccde9e4f314d35e33b1eb767bd3",
  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-01 00:00:00",
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  "density": "balanced",
  "nDataPoints": 126,
  "notes": "The table demonstrates a lack of consensus in valuation methodologies and multiples, suggesting a knowledge gap among analysts.",
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      "kind": "list",
      "text": "Of the 14 analysts listed below, only 2 are specialists in internet and entertainment; most of these analysts specialize in covering Asian electronics companies. However Sony’s entertainment businesses (Gaming, Music and Pictures) account for ~70% of Sony’s value. The lack of entertainment sector expertise among Sony’s sell-side analysts may explain the wide skew in valuation methodologies, multiples, and target prices.",
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      "kind": "table",
      "text": "Table showing broker target price methodology, target price, and target multiples by segment.",
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      "kind": "title",
      "text": "Portfolio complexity: Sony analysts mostly focus on electronics",
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      "evidence": "Exposing the gap between analyst coverage and actual business value drivers to suggest mispricing.",
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      "evidence": "Slides 11-20 highlight the consequences of not addressing the issue, including the discount to peers",
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