{
  "docId": "019de06f-d4b7-72ab-9bef-74ff505356b5",
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 19,
  "pageCount": 102,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "Waterfall chart used to bridge individual business unit valuations to a total SOTP value.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-d4b7-72ab-9bef-74ff505356b5/19",
  "deckHref": "/decks/019de06f-d4b7-72ab-9bef-74ff505356b5",
  "deckJsonHref": "/decks/019de06f-d4b7-72ab-9bef-74ff505356b5.json",
  "deckAnchorHref": "/decks/019de06f-d4b7-72ab-9bef-74ff505356b5#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.12,
        "x": 0.85,
        "y": 0.43
      },
      "kind": "callout",
      "text": "Potential 2x upside to SOTP",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6287ab77-9c20-4322-8340-1d9168aa0161",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.06,
        "y": 0.3
      },
      "kind": "chart",
      "text": "SOTP value per share, YE21 (JPY)",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a82ca564-0ae6-414e-9dd2-8a4cff489bad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.06,
        "y": 0.15
      },
      "kind": "list",
      "text": "We see significant upside over the medium-term if Sony’s value is unlocked\nShare price upside is even higher if Sony continues to buy its own shares at a discount to intrinsic value\nImportantly, under this plan Sony would be well-positioned to continue to grow over the long-term",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74753b09-e271-4b5f-a8ff-9d772a2dc704",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.45,
        "x": 0.03,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Third Point valuation analysis; Company reports. Net cash as of YE21",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1578e1d3-77cc-4de9-9362-f39a2003669a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.03,
        "y": 0.08
      },
      "kind": "title",
      "text": "Significant upside... if value is unlocked",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "691cc089-b9aa-490b-b8dc-cb391119b885",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall / value bridge",
      "slug": "waterfall-bridge",
      "agent": null,
      "layer": "slide",
      "matchId": "17ab321a-6564-4ef1-8ce7-9c5ef21d7971",
      "evidence": "The presence of a waterfall-bridge chart for SOTP value per share.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "sum-of-the-parts-valuation",
      "slug": null,
      "matchId": "7f848968-f93f-4617-ac64-5553b262a2bc",
      "evidence": "Waterfall chart showing business unit contributions to total equity value",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "a261a2c1-fbe2-4a55-bf3a-3c24d1789c8f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "Slides 11-20 highlight the consequences of not addressing the issue, including the discount to peers",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 19,
      "from": 9,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "1a25e14a-b3a3-4c71-a968-e44aa294e049",
      "evidence": "The loop uses before-after comparisons to illustrate the potential benefits of change",
      "position": 0,
      "objective": "Show the potential for value creation through transformation",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}