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  "documentTitle": "Rio Tinto (RIO)",
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  "presentationDate": "2024-12-01 00:00:00",
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  "notes": "The slide uses a waterfall-style logic to illustrate the 'lost' value due to the lack of stock-based M&A.",
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      "kind": "callout",
      "text": "Rio's inability to share risks with targets has cost shareholders an estimated c.US$35.6 billion in book value",
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      "text": "M&A Consideration Split: Rolling Average since 1995",
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      "text": "Rio Tinto: Book Value Per Share Evolution",
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      "text": "Our Approach: Analysed 95% of Rio Tinto's acquisitions... Evaluated book value impact... Conducted financial reconstruction... No excess returns assumed.",
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      "text": "Book Value per Share: US$35.6bn",
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      "text": "Source: Palliser analysis. (1) Excludes tender offers... (2) Assumed 68:32 stock to cash split...",
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      "kind": "title",
      "text": "Inability to Issue Stock for M&A",
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