Bank of America Investment Banking Pitch Book
Illustrative Valuation Analysis
Selected Precedent Transactions
(S in millions)
Announcement
Date
Acquiror
Offshore Infrastructure and Pipeline Transactions
4
10/2/18 BP Midstream Partners, LP.
5/10/18
11/28/17 Shell Midstream Partners, LP,
10/2/17
12/28/16
9/27/16
11/11/15
Shell Midstream Partners, LP.
7/16/15
Source:
Note:
(2)
Shell Midstream Partners, L.P.
Shell Midstream Partners, LP.
BP Plc
American Midstream Partners LP Arclight Capital Partners LLC
Shell Midstream Partners, LP.
Genesis Energy. LP.
Royal Dutch Shell plc
4/25/16 American Midstream Partners LP Arclight Capital Partners LLC
Target
Royal Dutch Shell pic
BP pic
Royal Dutch Shell plc
Royal Dutch Shell plc; Shell
Pipeline Corp.
Mean
Median
Key Assets
Equity interests in Gulf of Mexico pipelines and 13 refined
product terminals, including 45% interest in Mardi Gras
Transportation System Company, 22.7% interest in URSA Oil
Pipeline Company and 25% interest in KM-Phoenix Holdings
LOX For more investment banking materials, visit www.10xebitda.com
Ownership interest in Amberjack Pipeline
US storage and pipeline assets
Additional 15.5% interest in Delta House floating and
processing system
10% interest in Proteus Oil Pipeline, 10% interest in Endymion
Oil Pipeline, and 1% interest in Cleopatra Gathering system
Additional 20% interest in Mars Oil Pipeline and 49% interest
in Odyssey Pipeline
Auger pipeline system and Lockport crude oil terminal
9 crude oil pipeline systems with 1,100 miles of pipeline; 9
Enterprise Products Partners LP. natural gas pipeline systems with 1,200 miles of pipeline; and
ownership interests in 6 offshore hub platforms
Interest in Destin natural gas pipeline, Tri-States and Wilprise
natural gas liquids pipelines, 1.2 Bcf/d of natural gas gathering
and transport capacity, 60% interest in crude, natural gas, and
salt water onshore and offshore pipelines, and additional 1%
interest in Delta House
Company filings and Wall Street research
Transaction value based on press release where available: if transaction value not disclosed, calculated based on disclosed terms and latest available quarterly dato
2019-2020E average EBITDA of $49.8 million as per BP Midstreom Partners press release on October 2, 2018
Transaction
Value
$468
1,220
825
125
350
225
390
1,500
$539
$370
Bank of America
Merrill Lynch
EBITDA Multiple
Current Year
7.9x
7.1x
7.7x
t
6.0x
I Strictly Confidential
7.5x
7,4x
7.6x
EBITDA Multiple
Forward Year
7.8x
7,7x
8.4x
1
8.6x
8.3x
8.1x
ARCLIGHTView entire presentation