J.P.Morgan Investment Banking Pitch Book
Illustrative 2019E sum-of-the-parts analysis for UGI- For reference only
($mm, except per share data)
$4,034
UGI Utilities
$4,274
$3,853
UGI Utilities
AmeriGas
UGI International
Midstream & Marketing.
Capitalized corporate costs, net
$1,600
AmeriGas UGI International Midstream & 23 Firm value
Metric
$13,760
Net income
EBITDA
EBITDA
EBITDA
EBITDA
($20)
1
Capitalized
Firm value
Less:
Marketing (pre-corporate) corporate costs, (post-corporate) Consolidated net
net
debt
2019E
$mm
$118
$503
$358
$152
($2)
Low
Multiple range
21.50x
7.00x
$13,739
9,75x
10.00x
9.50x
($4,369)
High
28.00x
10.00x
11,75x
11.00x
12.00x
($698)
Less: NCIS
Low
$3,650
$3,519
$3,494
CONFIDENTIAL
$1,524
($19)
Implied price
per share:
-$48.99
$8,672
Firm value range
Consolidated
equity value
High
$4,418
$5,028
$4,211
$1,676
($24)
J.P.Morgan
Source: UGI projections as provided and approved by UGI management
Note: Projections based on 09/30 fiscal year end; FactSet as of 03/29/19: Assumes net debt of $4,360mm, Assumes -178mm diluted shares outstanding based on treasury stock method
UGI Ustes impled firm value calculated by taking implied equity value (estimated net income multiplied by 12
selected PE multiple range) and adding net debt ($1,110mm) as per latest public UGI Uslides filings: AmeriGas and Midstream & Marketing EBITDA adjusted by implied taxes of 25.2% and 28.9% of budget EBIT, respectively
Midstream & Marketing includes UGI Enterprises: Comprised of costs associated with UGI Holding and UGI Properties: NCI calculated based on 74.5% of the resulting LP equity value utilizing the sum of the parts APU firm
value less APU net debt of $2.962mm less APU GP value of $375mmView entire presentation