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  "documentTitle": "BHP Billiton (BHP)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-10 00:00:00",
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      "text": "We believe that the average of brokers' valuations for US Onshore, of c.US$6.5bn, is well below recent transaction prices, trading valuations of US listed peers and intrinsic value",
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      "text": "US Onshore valuation (US Onshore assets only – not including Gulf of Mexico)",
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      "text": "Given that US Onshore is not the group's main focus, coverage is mainly by UK/Australia analysts. We see US Onshore as poorly understood and undervalued. We believe the average broker valuation of c.US$6.5bn is well below intrinsic value.",
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      "kind": "paragraph",
      "text": "The average of brokers' valuations of BHP's Gulf of Mexico assets is c.US$5.8bn. The aggregate of the respective averages of brokers' valuations of US Onshore and BHP's Gulf of Mexico assets is therefore c.US$12.3bn",
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      "text": "Source: Broker research. Note: Broker valuation from broker sum-of-the-parts spreadsheets. Includes only sum-of-the-parts valuations using the discounted cash flow methodology for both US Onshore and Gulf of Mexico",
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      "text": "EV/Consensus EBITDA (CY18) and Shale basin by basin SoTP checkmarks for each broker.",
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      "kind": "title",
      "text": "The intrinsic value of US Onshore is being obscured, causing the US petroleum business to be undervalued",
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