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  "documentTitle": "BHP Billiton (BHP)",
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      "text": "However, logic suggests that once the plc:Ltd discount exceeds 14%... it becomes incrementally harder to justify an off-market Ltd buyback...",
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      "text": "If the DLC were to be collapsed, then every dollar returned via a buyback would be done through the buyback of Ltd shares...",
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      "text": "At spot prices BHP would have even stronger free cash flow generation... Dividend yield could increase to >6% and even if a more conservative balance sheet was run it would still allow for ~US$5b to be returned per year.",
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      "kind": "quote",
      "text": "Despite >US$30b spent, failed tilts at RIO and Potash Corp and overpaying for US Shale suggest M&A is not BHP's raison d'être.",
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      "text": "Despite having a comparable average dividend yield of ~2.5%, over the past 10 years, Exxon returned a further ~US$225bn via buybacks...",
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      "kind": "quote",
      "text": "No capital return (this time). We think the market is (quite) disappointed with the lack of buyback / capital return.",
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      "text": "\"However, logic suggests that once the plc:Ltd discount exceeds 14%, as it presently does (although only slightly), it becomes incrementally harder to justify an off-market Ltd buyback to a large portion of the total BHP Billiton shareholder base\" — Macquarie, February 17, 2011; \"If the DLC were to be collapsed, then every dollar returned via a buyback would be done through the buyback of Ltd shares which provided sufficient franking credits existed, could be done at a ~14% discount to the prevailing share price on the day.\" — UBS, July 14, 2014; \"Despite having a comparable average dividend yield of ~2.5%, over the past 10 years, Exxon returned a further ~US$225bn via buybacks taking its overall average annual dividend and buyback yield to 7.3%\" — Macquarie, July 29, 2014; \"No capital return (this time) We think the market is (quite) disappointed with the lack of buyback / capital return.\" — Bank of America, August 19, 2014; \"Despite >US$30b spent, failed tilts at RIO and Potash Corp and overpaying for US Shale suggest M&A is not BHP's raison d'être.\" — Citigroup, May 27, 2016; \"At spot prices BHP would have even stronger free cash flow generation, largely thanks to iron ore, and be able to significantly increase shareholder returns.\" — Citigroup, Feb 21, 2017",
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