Bank of America Investment Banking Pitch Book
Illustrative Valuation Analysis
Implied Reference Range Summary - 3/1/2019 Adjusted Case
2
(S/Unit)
$8.00
$6.00
(AP
(2)
3)
$4.00
$2.00
$0.00
MethodologyE
Assumptions:
Informational Public Reference Range
$4.51
$4.31
II
Premium to Current
II
Current Price
$3.92
II
Premium to Unit Price
II
11
Selected Premium Range
10.00%
15.00%
$4.61
$4.41
11
Premium to 20-Day VWAP
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20-Day VWAP
$4.01
11
II
T
I
T
I
illustrative Reference Range Based on 3/1/2019 Adjusted Case Financial Model
illustrative Reference Range assumes Series A and C Preferred valued at liquidation value
Mutually Considered Price: $5.25 |
Revised Public Offer Price: $4.50
20-Day VWAP: $4.01
Current Price: $3.92
I
$6.63
I
I
I
1
$2.83
2020E EBITDA
I
$142
|
Selected Publicly Traded
Comparables
3/1/2019 Adjusted Case Model
Valuations are pro forma for planned asset sales
Cashflows discounted to January 1, 2019 sing mid-year convention
Bounded to the nearest 0.05%
Arctight and the Conflicts Committee are considering transaction at 55.25/unt. Amerper ogreement has not yet been signed.
I
Forward Year + 1 EBITDA
I
8.5x
11
Public Partnerships'
2020E EV EBITDA Range
7,0x
I
I
I
II
1
II
II
11
11
$6.63
$4.10
"I
11
III
Selected Precedent Transactions
Forward Year + 1 EBITDA
2020E EBITDA
$142
Precedent Transactions"
Forward Year EV EBITDA Range
I
I
T
II
Bank of America
Merrill Lynch
I
II
Strictly Confidential
II
$2.79
$0.64
Intrinsic Valuation"
8.55%
Discounted Cash Flow
(AMID Weighted Average Cost of
Capital
9.30%
Terminal Value
EBITDA Exit Multiple of
7.0x
ARCLIGHTView entire presentation