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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": 31,
  "pageCount": 39,
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  "density": "balanced",
  "nDataPoints": 6,
  "notes": "This slide presents a financial proposal from Elliott Management regarding BHP's capital structure.",
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      "kind": "disclaimer",
      "text": "Source: Elliott's estimates and forecasts... 1. Cash flow levels... 2. \"A\" grade credit rating... 3. Assumes annual off-market share buybacks...",
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      "text": "Assuming Unified BHP completes the US petroleum business demerger in the near term, BHP could use its excess cash flow to: undertake an initial off-market share buyback of at least US$6bn; and continue an ongoing 14% discounted off-market share buyback program.",
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      "text": "We estimate that within the five year period ending June 2022, in addition to the continuation of the current 50% dividend payout ratio, the Value Unlock Plan could result in: a total of c.US$33bn returned; c.29% of share capital repurchased; c.33% EPS accretion; c.US$20bn NPV increase.",
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      "kind": "title",
      "text": "BHP's excess cash – returning it to shareholders via post-unification discounted off-market share buybacks (cont'd)",
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      "evidence": "We estimate that within the five year period ending June 2022, in addition to the continuation of the current 50% dividend payout ratio, the Value Unlock Plan could result in: a total of c.US$33bn returned",
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      "evidence": "The document presents a detailed plan to address these issues and unlock shareholder value",
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      "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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