(1/3) $SNE vs Feb 2020 forecast: gaming better; music better; pictures miss topline & inline profits; electronics miss on both; semis miss topline & slight beat bottom line; Fin Services miss and miss; consolidated total miss and miss.

(2/3) But, breaking out FCF per sector shows there is still some gold in them hills on a piece by piece basis. SOTP can only matter if management is willing to take action. Sell down insurance. Maybe consolidate all M3. Making Gaming + M3 + Electronics the core business?...

(3/3) Sell Semis & Media? Do…something. This management team has shown the willingness to make hard decisions and to focus on continuous improvement. We know the next positive step is ahead at some point…after they put out the current fires engulfing 2020.