{
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  "docSlug": "e5a728fef68e0daf09512b8a18a475f4",
  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
  "authorId": "elliott-management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-01 00:00:00",
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  "pageNumber": 23,
  "pageCount": 39,
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  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The chart highlights the variance in broker valuations and the lack of consistent sum-of-the-parts (SoTP) methodology across analysts.",
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  "slideHref": "/slides/019de06f-80db-724c-b768-8e8b5be05565/23",
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  "components": [
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        "h": 0.45,
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      "kind": "chart",
      "text": "US Onshore valuation (US Onshore assets only – not including Gulf of Mexico)",
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      "kind": "list",
      "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. We believe average broker valuations are 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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      "kind": "source-note",
      "text": "Source: Broker research. Note: Broker valuation from broker sum-of-the-parts spreadsheets.",
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      "kind": "table",
      "text": "EV/Consensus EBITDA and SoTP methodology check 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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      "evidence": "Comparison of broker valuations against intrinsic value thesis",
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      "evidence": "The document presents a detailed plan to address these issues and unlock shareholder value",
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      "evidence": "The document presents a detailed plan to unlock shareholder value",
      "position": 1,
      "objective": "What is the potential impact of implementing the Value Unlock Plan?",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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