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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-01 00:00:00",
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  "pageNumber": 33,
  "pageCount": 102,
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  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 60,
  "notes": "Includes annotations linking table cells to specific 2019 IR Day slides.",
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      "kind": "disclaimer",
      "text": "Note: Above financials represent Third Point’s interpretation of Sony management’s FY25 Semiconductor business unit plan laid out in its 2019 IR Day, not Third Point’s estimates.",
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      "text": "Sony 2019 IR Day slide 145: Sony market growth estimates\nSony 2019 IR Day slide 150: Sony market share target of 60%\nSony 2019 IR Day slide 153: Sony FY25 ROIC target of 20-25% from 15% in FY18. Third Point assumes ROIC benefit translates into margin benefit",
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      "text": "In our sum-of-the-parts, we value Sony Semiconductors at ~$22bn\nHowever, if Sony Technologies can execute on the growth trajectory laid out at Sony's 2019 IR Day, we see the potential for the company to:\nGrow revenue by >50%\nGrow operating profit by >100%\nCompound value at ~15% annually, and achieve a $35bn valuation in 5 years",
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      "text": "Sony Technologies – Implied long-term growth outlook from 2019 IR day",
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      "text": "Sony Technologies long term valuation",
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      "text": "FY25 Plan – Building to a $35 billion valuation for Sony Technologies",
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      "evidence": "Slides 21-40 propose solutions, including transforming Sony into a Creative Entertainment Company and spinning off semiconductors",
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