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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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      "text": "Note: Profit contribution percentages based on share of FY18 total adjusted operating profit, excluding Sony Financial and excluding corporate overhead expenses",
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      "text": "Third Point proposes a strategic plan for Sony to close this gap and unlock its full value, while creating a company better positioned to capture future growth opportunities",
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      "text": "Sony’s current corporate structure obscures the company’s underlying asset value, giving investors the opportunity to buy Sony at a ~50% discount to our estimate of intrinsic value. At 8x EV/EBIT, Sony trades at a deep discount to peers (12-22x).",
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      "text": "Sony is a one-of-a-kind collection of market-leading assets benefitting from multi-year tailwinds: Gaming (43% of profits), Music (16% of profits), Pictures (8% of profits), Semiconductors (20% of profits).",
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      "text": "In addition, Sony has an enormous capital deployment opportunity, with a net cash balance sheet, strong free cash flow ($10bn from '18-'20), and $12bn (~20% of market cap) of listed stakes.",
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