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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": "c.2.5x increase in operating profit5",
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      "text": "Both Groups show substantial profit potential uplift if recovering from 2022 consensus¹ to 2019 revenue²; Aerospace c.3x; Automotive Group⁶ c.2x",
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      "text": "Restructuring projects required complete in the Automotive Group⁶ this year and materially complete in Aerospace next year",
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      "text": "Automotive Group⁶ (DemergerCo)",
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      "text": "Further profit recovery potential (if recovering from 2022 consensus¹ to 2019 revenue²)",
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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. Represents mathematical uplift to 2022 full year consensus¹ adjusted operating profit when target operating margins are achieved on pre-COVID-19 sales volumes\n6. Comprises the Automotive, Powder Metallurgy and Hydrogen group of businesses",
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      "text": "Melrose Group today: Adjusted results³\n£m Consensus¹ 2022\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": "4. Potential profit recovery remaining beyond 2022 consensus¹ (if recovering to 2019 revenue²)",
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