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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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  "presentationDate": "2019-06-01 00:00:00",
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      "text": "Key assumptions: For simplicity stake, does not assume a Semi spin. All listed equity stakes are sold for cash and Sony incurs a 25% tax rate on gross proceeds (assumes low tax basis). 100% of cash proceeds from listed equity sales, debt issuance and generated free cash flow is used for share repurchases",
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      "text": "While Sony will evaluate growth options as part of any capital allocation decision, this is purely an illustrative analysis that highlights Sony's financial strength. If Sony monetizes its listed stakes, completes already-announced buybacks, and raises net debt / EBITDA to 1.0x, it could hypothetically repurchase ~$34bn of shares (i.e. more than half of Sony's total shares outstanding) over the next 3 years. This scenario would increase EPS by ~60% by FY21 (increasing from ~$4.58 in status quo to ~$7.48 with buyback) and would lift book ROE from ~15% to ~80%",
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