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  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
  "authorId": "elliott-management",
  "authorName": "Elliott Management",
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  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-01 00:00:00",
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  "pageNumber": 15,
  "pageCount": 39,
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  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 16,
  "notes": "The slide uses a dual-axis combo chart to show the growth of franking credits relative to shareholder equity.",
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      "kind": "callout",
      "text": "The Value Unlock Plan could lead to a release of up to c.US$13.9bn of franking credits by Year 5 through value-accretive discounted off-market buybacks for the benefit of all BHP shareholders",
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      "kind": "chart",
      "text": "Franking credit balance (LHS)",
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      "kind": "chart",
      "text": "% Franking Credit Balance / Shareholders' Equity (RHS)",
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      "text": "We estimate that BHP's franking credit balance could reach over US$17bn by 2022. Due to the lack of earnings independently generated by Plc, any meaningful dividend distribution significantly beyond the current 50% payout ratio under the current DLC structure may require BHP to utilize the Dividend Share Mechanism which could result in further wastage of franking credits.",
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      "text": "There has been a build-up of franking credits at Ltd due to the misalignment of profits vs. shareholder base in the DLC structure. The reported franking credit balance in 2016 was US$9.7bn. Under the current BHP structure, we consider the vast majority of this value to be stranded.",
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      "kind": "source-note",
      "text": "Source: Company filings and Elliott's estimates. 1. Whilst unlocked franking credits could only be used by Australian tax resident shareholders, non-tendering shareholders should benefit from incremental accretion and share demand resulting from monetization of BHP's substantial franking credit balance",
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      "kind": "title",
      "text": "Accumulated franking credits remain unutilized - a remarkable value unlock opportunity",
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      "evidence": "The document presents a detailed plan to address these issues and unlock shareholder value",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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