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Campaigns / Elliott Management → BHP Billiton
Elliott Management vs. BHP Billiton

BHP Billiton · BHP

2 decks published between 2017-04-10 and 2017-05-16 — 78 pages, 78 analysed slides total.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2017-04-10 initial thesis

    2017 04 Elliott BHP First Presentation April 2017

    39pp · full_deck

    BHP's DLC structure, stranded US petroleum, and undisciplined capital allocation depress value; unifying, demerging, and running 14% discounted buybacks unlocks ~49% upside and US$46bn.

    N 5 V 3 C 3
    ⌂ ◫ ⇌
  2. 2017-05-16 follow up

    2017 05 Elliott BHP Second Presentation May 2017

    39pp · full_deck

    BHP's chronic underperformance stems from value-destructive petroleum bets and an obsolete DLC structure; demerging US petroleum, unifying the DLC and returning capital unlocks c.US$46bn.