Baird Investment Banking Pitch Book
CURRENT PUBLIC GENERAL PARTNER LANDSCAPE
($ in millions, except per share and unit data)
Company / Partnership
EQT GP Holdings LP
Western Gas Equity Partners LP
Energy Transfer Equity LP
EnLink Midstream LLC
Antero Midstream GP LP
3333
04/17/18 Market
Price
Value
Equity Implied
Firm
Value
$24.60 $6,548
34.40 7,531
Median
Median
Current
Annualized Distr.
GP (1) LP (1)
$6,547 $0.98
7,559 2.20
$7,039 $7,053 $1.59
$15.70 $16,943 $23,666 $1.22
15.00 2,713 2,787 1.04
Current Yield
GP (1) LP (1)
$4.10 4.0%
6.5%
3.68 6.4% 7.8%
$3.89 5.2%
7.2%
$2.26 7.8% 12.4%
1.56 6.9% 10.7%
$9,828 $13,226 $1.13 $1.91 7.3% 11.6%
$17.15 $3,193 $3,187 $0.30 $1.46 1.7% 5.4%
Differential
(Bps)
DCF Yield (2)
2018E 2019E
(258) 4.8% 6.7%
(141) 6.8% 7.6%
(199)
5.8% 7.1%
(467) 9.3 % 10.3 %
(377) 8.6% 9.1%
(422) 9.0% 9.7%
(367) 3.2% 5.3%
Source: S&P Capital IQ and Wall Street Research as of April 17, 2018.
(1) Values in the GP columns represent those for the public general partners. Values in the MLP column represent those for the public "operating MLP, unless otherwise noted.
Defined as distributable cash flow, per Wall Street consensus estimates, divided by Equity Market Value.
Value of GP Ownership Implied Firm Value - Market Value of LP units held by GP.
Excludes distributions from limited partner units. Distributions represent last declared distribution, annualized.
(5) Wall Street consensus estimates.
Confidential
GP / IDR Value (3) /
LOA IDR
Cash Flow
from GP (4)
29.9x
17.1x
11.5x
18.7x
24.4x
21.6x
56.4x
Top IDR
Tier
BAIRD
48.0%
2018E-2021E
Distribution
Growth CAGR (5)
GP
LP
48.0% 18.3%
48.0% 10.7%
14.5%
48.0%
48.0% 6.9%
13.0%
5.1%
9.0%
1.9%
1.7%
48.0% 7.9% 1.8%
50.0% 44.0% 21.8%
Project Bronco | Page 25View entire presentation