J.P.Morgan Investment Banking Pitch Book
Transaction multiples
Relevant transactions
Announced
Date
11/26/18
10/22/18
5/17/18
3/26/18
1/2/18
6/2/17
5/18/17
5/8/17
1/27/17
5/31/16
11/3/15
5/6/15
Acquiror
ArcLight Capital Partners
EnLink Midstream LLC
Enbridge Inc.
Tallgrass Energy GP
ArchRock Inc.
World Point Terminals, Inc.
Energy Transfer Partners
VTTI B.V.
Enbridge Inc.
Semgroup Corporation
Targa Resources Corp.
Crestwood Equity Partners LP
Intra-company
Intra-company
Intra-company
Intra-company
Intra-company
Intra-company
Intra-company
Intra-company
Intra-company
Intra-company
Intra-company
Intra-company
For reference only
11/8/18
Intra-company
7,432
10/18/18
Intra-company
2.926
10/9/18
Intra-company
5,811
9/19/18
1,742
Dominion Energy Midstream Partners Intra-company
Spectra Energy Partners
8/24/18
Intra-company
3,300
8/1/18
Energy Transfer Partners
Intra-company
27,516
5/17/18
Intra-company
559
Cheniere Energy Partners LP
Williams Partners LP
5/17/18
The Williams Companies, Inc.
Intra-company
10,468
2/16/17
TransCanada Corporation
Columbia Pipeline Partners LP
Intra-company
1,721
2/1/17
ONEOK, Inc.
ONEOK Partners, L.P.
Intra-company
15,516
5/13/15
The Williams Companies, Inc.
Williams Partners LP
Intra-company
33.626
Source: Press releases, company flings. Note: Premia based on unaffected target price at time of initial public offer, prior to announcement of definitive agreement
Premium to last close and premium to 30-day VWAP included for reference only
Western Gas Equity Partners
Valero Energy
Antero Midstream GP LP
Target
TransMontaigne Partners
Enlink Midstream Partners
Enbridge Energy Partners
Tallgrass Energy Partners, LP
ArchRock Partners LP
World Point Terminals, LP
PennTex Midstream Partners
VTTI Energy Partners
Midcoast Energy Partners, L.P.
Rose Rock Midstream, L.P
Targa Resources Partners LP
Crestwood Midstream Partners LP
Dominion Energy
Enbridge Inc.
Energy Transfer Equity
Cheniere Energy
Type
Western Gas Partners
Valero Energy Partners
Antero Midstream
Total LP
equity value
(Smm)
$537
6,511
2,139
2.628
1,032
608
280
899
362
888
6,710
3.878
7
% equity
consideration
100%
100%
100%
100%
100%
0%
0%
0%
0%
100%
100%
100%
100%
90%
100%
100%
100%
100%
100%
0%
100%
100%
LP price /
NTM LP DCF
10.3x
10.9x 1
76x
7.6x
7.2x
10.7x
L
12.3x 1
13.0x
11.0x
1
10.1x 1
11.0x
11:2x 1
T
9.6x
4
1
1
1
13.8x 1
13.7x
11.6x
9.3x
13.0x
1
125
18.9x 1
16.0x
15.1x
1
1
1
1
T
1
CONFIDENTIAL
For reference only
Premium to
last close
14%
1%
0%
1%
23%
1%
20%
(9%)
0%
18%
17%
9%
8%
5%
(3%)
10%
11%
7%
12%
26%
18%
Premium to
30-day VWAP1
(1%)
2%
10%
28%
2%
20%
3%
5%
27%
16%
21%
2%
12%
6%
9%
19%
8%
13%
18%
22%
13%
J.P.MorganView entire presentation