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  "authorName": "Melrose",
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  "presentationDate": "2022-06-01 00:00:00",
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      "text": "GKN is responding to the trusted Melrose model as well as any previous deal\nMacro pressures hide the true improvements made\nAerospace has the highest potential equity return of all the GKN businesses\nIts strategy is set and its management team is in place\nAerospace is poised to unlock significant value\nWell positioned for market recovery and growth with blended revenue CAGR to 2030 of 7%, and faster recover to 2025 (>10% CAGR)\nAll CAGRs¹ derived from external commentators, not Melrose internal\nThe operating margin target is upgraded to 14%+ on a full market recovery\nThe long-term cash flow dynamics are excellent with c.£18.5bn of expected cash flow on 19 contracted RRSP programmes (NPV² of c.£5bn). These contracts represent less than 20% of Aerospace sales today and 5% of Melrose",
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      "text": "1. Market growth rates applied to GKN portfolio\n2. Using a foreign exchange rate of USD:GBP of 1.30:1 and calculated using the midpoint between a debt related discount rate of 5% (NPV c.£7bn) and a GKN Aerospace pre-tax weighted average cost of capital discount rate of 10% consistent with data in the Melrose Industries PLC 2021 Annual Report (NPV c.£3.5bn)",
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      "kind": "title",
      "text": "Closing remarks from the Melrose CFO",
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