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  "documentTitle": "Rio Tinto (RIO)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
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  "presentationDate": "2024-12-01 00:00:00",
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  "notes": "The slide uses a dual-axis chart to show growth in credits and a bar chart to show valuation consensus.",
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      "kind": "callout",
      "text": "Accumulated franking credits remain unutilised and present a meaningful source of trapped value",
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      "text": "FY2023 reported franking credit balance: >US$8.7bn (~16% of shareholders’ equity)",
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      "text": "Market Value of Franking Credits by Expert Third Party Studies",
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      "text": "Franking Credit Balance (US$ million)",
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      "text": "Franking credits continue to accumulate at Ltd due to the mismatch of profits vs. shareholder base in the DLC structure. FY2023 reported franking credit balance: >US$8.7bn (~16% of shareholders’ equity). Multiple expert reports provide reliable third-party estimates.",
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      "text": "Franking Credit Balance: US$8.7bn",
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      "kind": "source-note",
      "text": "Source: Company filings; Accounting & Finance; Frontier Economics; Capital; Economic Regulation Authority; Minney; Beggs and Skeels; Hathaway and Officer.",
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      "kind": "title",
      "text": "...And Trap Significant Franking Credit Value",
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