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  "documentTitle": "Samsung Electronics Co., Ltd. (005930.KS)",
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  "authorName": "Elliott Management",
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  "notes": "The slide uses a waterfall-style arrow to illustrate the reduction of net cash to peer levels.",
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      "text": "2. An ongoing commitment to return 75% of Samsung Opco's free cash flow to shareholders",
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      "text": "1. A one-time dividend payment of KRW30tn or KRW245,000 per share, representing 15% of Samsung Electronics' share price of KRW1,614,000 as of October 4, 2016",
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      "text": "We believe the following two Samsung Opco capital management and dividend policy measures are necessary to bring its shareholder returns in line with its peers:",
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      "text": "Dividend payout as % of FCF",
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      "text": "Net cash as % of assets",
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      "text": "Such a one-time special dividend of KRW30tn would bring Samsung Opco's excess cash position down to a more reasonable level, in line with peers. Samsung Opco would still hold nearly KRW50tn of cash on its balance sheet.",
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      "text": "Samsung Electronics has yet to deliver on its promise to return 30% to 50% of its free cash flow to shareholders. Commitment to return 75% of free cash flow would be a minimum requirement.",
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      "text": "dividend payout ratio: 75%",
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      "kind": "source-note",
      "text": "Source: Company filings. Notes: 1-4 detailing share counts, net debt calculations, and peer benchmarks.",
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      "text": "2. OPTIMIZE SAMSUNG OPCO'S CAPITAL MANAGEMENT AND DIVIDEND POLICIES",
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