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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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      "text": "Publishing, with an investment grade rating, could deliver a dividend of approximately $170 million per annum, reflecting an initial dividend yield of 2.0%.",
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      "text": "OIBDA margin: 23%",
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      "text": "Capital expenditures and product development costs are estimated to be approximately $225 million in 2006E growing to $270 million in 2010E based on various Wall Street research estimates.",
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      "text": "Based on various Wall Street research estimates, Publishing's revenue should grow at approximately 4.0% in 2006E and 4.4% per annum thereafter until 2010E. OIBDA margins are expected to improve slightly from 21% in 2005E to 23% in 2010E.",
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      "text": "Publishing, with an investment grade rating, could deliver a dividend of approximately $170 million per annum, reflecting an initial dividend yield of 2.0%. This is in line with the S&P 500 dividend yield of 1.6%.",
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      "text": "Publishing should exploit its stable, predictable cash flow and lever its balance sheet to enhance returns to shareholders. Publishing should obtain an investment grade rating while supporting 4.0x initial leverage or approximately $4.9 billion of debt in 2005E.",
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