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      "kind": "list",
      "text": "Regular share buy backs\nShareholders to enjoy decades of harvesting cash flows from Engines aftermarket\nMelrose is well placed to buy back 5% to 10% of its market capitalisation each year from 2024 onwards",
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      "text": "Strong market growth\nRapid aerospace market recovery, followed by long-term structural growth\nTechnology embedded on the world's most successful, highest volume platforms¹",
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      "text": "Huge Engines aftermarket\nRRSP work largely done on engine build, but with entitlement to lifetime share of aftermarket profits\n£20 billion of lifetime net cash inflow (£5.5 billion NPV2) coming increasingly from Engines aftermarket",
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      "text": "Multiple profit growth\nProfit virtually doubles in 2023; and then expected to double again by 2025\nIncreasingly higher profit drop through from strong Engines aftermarket growth",
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      "text": "1. All of the world's high-volume platforms based on Airbus and Boeing narrowbody/widebody fleets, plus F-35 and major rotorcraft\n2. Using a foreign exchange rate of USD:GBP of 1.25:1 and calculated using a discount rate of 7.5% which is between a debt related discount rate and a GKN Aerospace pre-tax weighted average cost of capital",
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