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  "documentTitle": "Melrose | Mergers and Acquisitions Presentation Deck | 46 slides",
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  "authorName": "Melrose Industries PLC",
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      "text": "Further market recovery potential beyond 2022 consensus¹ (back to 2019 levels²)\nGroup remaining recovery² of c.20%\nMelrose (Aerospace) Further recovery² of c.35% (2019 revenue: £3.4bn⁶)\nAutomotive Group⁵ (DemergerCo) Further recovery² of c.15% (2019 revenue: £5.6bn⁷)",
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      "text": "The Automotive Group⁵ having initially recovered quickly from the pandemic, has seen trading constrained by supply chain disruption, with further recovery potential beyond 2022 consensus¹ of c.15% back to 2019 levels²",
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      "text": "The pace of recovery in Aerospace continues to speed up with sales in the second quarter being 12% higher than the first quarter; with further recovery potential beyond 2022 consensus¹ of c.35% back to 2019 levels²",
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      "text": "1. This is not an internal Melrose forecast, it is a company compiled consensus from all 14 external analysts that cover Melrose, adjusting for the disposal of Ergotron where appropriate\n2. Recovery to 2019 revenue volume levels calculated on a like-for-like basis\n3. Described in the glossary to the 2022 Interim Financial Statements and considered by the Board to be a key measure of performance\n4. Consensus¹ operating profit before depreciation and amortisation from subsidiaries and equity accounted investments (depreciation and amortisation calculated as 2x H1 2022)\n5. Comprises the Automotive, Powder Metallurgy and Hydrogen group of businesses\n6. As shown on slide 9 of the GKN Aerospace Investor Day presentation, dated 8 June 2022, adjusting for divestments and both completed and announced site closures\n7. Excluding the uplift in revenue from current year inflation headwinds being fully recovered",
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      "text": "Melrose Group today: Adjusted results³\n£m\nConsensus¹\n2022\nRevenue 7,635\nEBITDA⁴ (pre-central costs) 919\nEBITDA⁴ margin % 12.0%\nOperating profit (pre-central costs) 491\nOperating margin % 6.4%\nMelrose central costs (57)\nOperating profit (post-central costs) 434",
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      "text": "Key point 2: Potential market recovery remaining",
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      "text": "2. Further market recovery potential beyond 2022 consensus¹ (back to 2019 levels²)",
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