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Sydnee Gatewood
Sydnee Gatewood
Articles (3500) 

Mario Gabelli Comments on Sony

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March 02, 2021 | About:
Sony Corp. (9.3%) (SNE) (SNE – $101.10 – NYSE) is a conglomerate based in Tokyo, Japan focused on direct-to-consumer entertainment products supported by the company's technology. Sony is the #1 integrated global gaming company and we expect the gaming segment to contribute nearly half of EBITDA (ex-financial) in 2020 following the much anticipated launch of the PlayStation 5, in the 2020 holiday season. Sony Music Recording commands #2 and Music Publishing #1 global share and is a hidden asset as music values have increased with the success of streaming. Sony also operates the Sony/Columbia film studio, which is well positioned in the OTT streaming wars as a major supplier of high quality library shows like Seinfeld. Sony is an image sensor leader with over 50% global revenue share. We expect strong 5G iPhone 12 upgrade cycle will benefit Sony as the sole supplier of iPhone's image sensors. Sony's Electronics business remains a globally diversified and defensive cash cow, e.g. robust TV sales during COVID-19 pandemic. Sony has net cash on its balance sheet, enabling the company to manage through COVID-19 and increase its dividend return and introduce another major stock buy back. Online game usage has increased dramatically with stay-at-home restrictions, but businesses such as movies are impacted by production stopping and releases delayed.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Value 25 Fund fourth-quarter 2020 shareholder letter.


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