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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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  "authorName": "Third Point",
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  "presentationDate": "2019-06-01 00:00:00",
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  "nDataPoints": 60,
  "notes": "The slide uses a valuation bridge approach to derive TEV from CY22E EBIT.",
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      "kind": "list",
      "text": "We use a conservative multiple range of 10-12x EBIT for Sony's gaming segment valuation. 10-12x EBIT represents a modest premium to Japanese game company comps but a discount to US and China publishers. Potential for further upside due to predictable nature.",
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      "text": "Sony G&NS segment P&L (CY16A-CY22E)",
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      "text": "Indicative YE 2021 valuation for Sony's Gaming segment",
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      "text": "Sony's Gaming segment could be worth $35bn – $43bn on a standalone basis by 2021",
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