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  "documentTitle": "BHP Billiton (BHP)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2017-05-16 00:00:00",
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      "text": "Significant excess capital could be returned to shareholders without disrupting the balance sheet or the future growth of BHP’s business",
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      "kind": "chart",
      "text": "Cumulative Free Cash Flow (Post-Capex and Post-Dividends at the Existing 50% Payout Ratio) vs. Net Debt / EBITDA",
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      "text": "Analysts’ consensus forecasts are clear: BHP is expected to have significant free cash flow for the foreseeable future\nFuture capital allocation should be disciplined by comparing potential investments with the returns which can be achieved through post-unification discounted off-market buybacks. Instead of continuing to destroy significant value in non-core petroleum projects, excess capital should be returned to shareholders while maintaining a healthy balance sheet",
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      "text": "Cumulative Free Cash Flow: $71.0",
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      "text": "(1) Note: Free cash flow from operations less free cash flow from investing and dividends, assuming 50% payout ratio of net income. Figures are the average of those produced by analysts at major international investment banks",
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