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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
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  "presentationDate": "2019-06-01 00:00:00",
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  "notes": "The slide uses a mix of EBIT and P/S multiples to account for loss-making segments like Mobile.",
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      "kind": "chart",
      "text": "Sony EP&S comps (EV / '20E EBIT) bar chart showing Garmin, Canon, Sharp, Lenovo, Casio, LG Electronics, Nikon",
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      "text": "We use a mix of EBIT and sales multiples to value Sony's EP&S business. Sales multiples allow us to ascribe fair value to Sony's mobile business despite the current losses\nWe use a conservative range of 5-7x EBIT for HE&S and IP&S. Peers imply a valuation range of 6-14x\nWe see potential for Sony to fully realize the value of its EP&S portfolio only if the company is able to bring its mobile business to breakeven",
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      "text": "Source: Third Point and consensus estimates. Market data as of 6/11/2019",
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      "text": "Sony EP&S valuation ($bn) table with segments IP&S, HE&S, Mobile, Other",
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      "kind": "title",
      "text": "Sony's Electronics businesses could be worth $9bn – $12bn by 2021",
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