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  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
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  "authorName": "Elliott Management",
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  "documentKindLabel": "Activist deck",
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  "presentationDate": "2017-04-01 00:00:00",
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  "pageNumber": 27,
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  "density": "dense",
  "nDataPoints": 16,
  "notes": "The slide argues that BHP's core assets are undervalued relative to peers and would benefit from a re-rating post-demerger.",
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      "kind": "callout",
      "text": "Core BHP valuation – c.US$106bn(4)",
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      "text": "Market Comparables – Valuation Metrics",
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      "kind": "disclaimer",
      "text": "Note: For each of the above valuation metrics, the Equivalent Basket represents Rio Tinto Ltd and Rio Tinto Plc... (1-4)",
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      "kind": "paragraph",
      "text": "We believe that after giving effect to the unification and US petroleum demerger steps of the Value Unlock Plan, core BHP’s tier-1 assets could be clearly and properly valued by the market.",
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      "kind": "source-note",
      "text": "Source: Company filings, Elliott’s estimates and broker research",
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      "text": "Unified core BHP would retain a first-class portfolio of assets and could be re-rated in-line with other major global miners",
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      "text": "Unified core BHP’s remaining assets after the demerger of US petroleum would all contribute significantly to future 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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