Baird Investment Banking Pitch Book
1 AM SELECTED PUBLIC COMPARABLES
($ in millions, except per unit data)
High Growth
Mature MLPs
Partnership
CNX Midstream Partners LP
Hess Midstream Partners LP
Noble Midstream Partners LP
Oasis Midstream Partners LP
Low
Median
High
EnLink Midstream Partners, LP
EQT Midstream Partners, LP
Western Gas Partners, LP
Low
Median
High
Antero Midstream Partners LP (6)
Antero Midstream Partners LP (7)
Market Stats
10/05/18
Unit
Price
$19.92
22.88
40.36
22.62
$18.68
52.67
45.80
$29.74
$29.74
Implied
Firm
Value (1)
$1,766
1,218
2,769
1,129
$1,129
1,492
2,769
$12,422
9,476
12,065
$9,476
12,065
12,422
$6,963
$6,963
Current
Yield
6.7%
6.0%
5.3%
7.3%
5.3%
6.4%
7.3%
8.4%
8.3%
8.3%
8.3%
8.3%
8.4%
5.6%
5.6%
2018E
6.8% 7.9%
6.2% 7.1%
5.4%
5.4%
6.5%
7.4%
Yield
2019€
7.4% 8.9%
8.4%
8.3%
8.3%
6.5%
Valuation Statistics
Price /
CAFD per LP (2)
2019E 2020E
2020E
9.0%
8.9%
8.1%
11.0%
6.5%
7.8%
7.5%
8.6%
8.9% 11.0%
7.8% 10.1x
8.4% 8.5%
9.5% 10.8%
8.3% 8.4% 8.5%
8.3% 8.9% 9.3%
8.4% 9.5% 10.8%
9.7x
5.7% 7.5% 9.4%
5.8% 7.4% 9.6%
12.8x 11.4x
8.5x
7.8x
8.2x
9.5x
8.1x
8.2x
7.8x
8.2x
9.9x
8.3x 10.1x
12.8x 11.4x 11.0x
10.8x
8.2x
12.0x 10.3x
Source: Antero management, Company Fillings and Wall Street Research as of October 5, 2018.
Note: Market data are pro forma for any capital markets and M&A transactions announced or completed since the most recent filings.
(1) Implied Firm Value excludes the value of the general partner's IDRS.
(2) Defined as Price per LP unit divided by cash available for distribution to the LP unit holders under a full payout scenario.
(3) Wall Street consensus estimates.
(4) EBITDA less IDR distributions to sponsor.
Enterprise Value /
Ad. EBITDA (3)(4)
2019E 2020E
9.3% 10.4x 10.1x 11.1x
(5) Represents the percentage of total distributions paid out to the IDRS.
(6) Implied Firm Value based on June 30, 2018 10-Q. Cash flow and distribution metrics based on Wall Street consensus estimates.
(7) Implied Firm Value based on June 30, 2018 10-Q, Cash flow and distribution metrics based on Antero management forecast.
8.2x
11.0x
10.2x
9.2x
10.0x
10.7x 10.1x 12.0x 11.2x
9.3x
6.9x
9.9x
8.6x
7.7x
9.5x 8.2x
10.4x 10.1x
9.3x
11.1x 9.8x
10.7x 10.1x 12.0x 11.2x
9.2x
7.8x
8.0x
6.9x
7.9x
8.6x
7.7x
9.8x
8.4x
8.0x
Telliminary Graft
Distribution
CAGR (3)
2018E-2021E
15.1%
14.3%
20.0%
18.6%
14.3%
16.9%
20.0%
0.7%
10.6%
5.3%
0.7%
5.3%
10.6%
23.1%
25.9%
Growth and Financial Health
% of Total
2019E Dist.
to IDRS (5)
Dist. Cash Flow/
Total Distributions (3)
2019E 2020E
18.2%
3.2%
16.5%
3.6%
3.2%
10.0%
18.2%
9.8%
36.1%
35.2%
9.8%
35.2%
36.1%
36.5%
36.3%
1.50x
1.13x
1.89x
1.63x
1.21x
1.13x
1.13x
1.14x
1.57x 1.41x
1.89x 1.76x
1.10x
1.13x
1.21x
1.53x
1.14x
1.14x
1.31x
1.76x
1.30x
1.10k 1.08
1.29x
1.16x
1.08x
1.16x
1.29x
1.04x
BAIRD
1.16x
Net Debt /
2018E
EBITDA (3)
2.5x
NM
2.3x
2.4x
2.3x
2.4x
2.5x
3.8x
3.0x
3.4x
3.0x
3,4x
3.8x
2.0x
2.3x
Project Bronco | Page 39View entire presentation