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  "documentTitle": "BHP Billiton (BHP)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2017-04-10 00:00:00",
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      "text": "BHP should seek to avoid making badly-timed acquisitions paid for in cash and instead return the substantial upcoming excess cashflow to shareholders by way of post DLC unification 14% discounted off-market share buybacks",
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      "text": "Analyst consensus (net debt) | cash / EBITDA and gearing",
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      "kind": "disclaimer",
      "text": "Source: Broker research. 1. Free cash flows from operations less free cash flows from investing and dividends... 2. Net debt / EBITDA and Gearing ratios are calculated by Elliott based on data from analyst models",
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      "text": "BHP is expected to generate US$31bn of excess cashflow in the next 5 years. BHP has historically used excess cash for value-destructive acquisitions. BHP should return excess cash to shareholders via 14% discounted off-market share buybacks.",
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      "text": "excess cashflow: $31bn",
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