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Sydnee Gatewood
Sydnee Gatewood
Articles (2598) 

Daniel Loeb Comments on Sony

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April 22, 2020 | About:
While not immune from the current economic environment, Sony (NYSE:SNE) is in a strong financial position to weather the storm with a net cash balance sheet and large equity investments that could be easily monetized (~20% of market cap). Although some of Sony’s more cyclical businesses will likely face headwinds in 2020 (most notably Electronics and Semiconductors), Sony’s Gaming business is currently experiencing accelerating growth trends driven by the “stay at home” economy. Sony remains one of the cheapest large cap tech stocks in the world with market-leading positions in several growing end markets, trading at <6x LTM EBITDA and ~7x our estimate of 2020 EBITDA. Our view on intrinsic value of 11k yen per share is unchanged as few of Sony’s businesses are likely to feel long-term impacts from COVID-19.

From Daniel Loeb (Trades, Portfolio)'s Third Point first-quarter 2020 shareholder letter.

About the author:

Sydnee Gatewood
I am the editorial director at GuruFocus. I have a BA in journalism and a MA in mass communications from Texas Tech University. I have lived in Texas most of my life, but also have roots in New Mexico and Colorado. Follow me on Twitter! @gurusydneerg

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