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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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  "notes": "The slide uses a sum-of-the-parts analysis to isolate the value of the electronics business excluding mobile.",
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      "kind": "chart",
      "text": "Sony EP&S comps (EV / '20E EBIT)",
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      "text": "Today, many Sony analysts value EP&S as a consolidated group in their sum-of-the-parts. However, this implies a negative value for Sony's Mobile business and a depressed multiple for Sony's profit generating Home Entertainment and Imaging franchises. This is especially notable given most analysts have price targets well above Sony's current stock price – the market value of Sony implies an even more depressed valuation for Sony's Electronics franchise. Sony will only achieve full value for its Electronics franchise after bringing Mobile operations to profit breakeven.",
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      "text": "Source: Third Point, market data and sell-side research. Market data as of 6/11/2019",
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      "text": "EP&S value in analyst Sum-of-the-Parts (¥bn)",
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      "text": "Sony does not get fair value for its electronics franchise due to Mobile",
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