Baird Investment Banking Pitch Book
1 AM PRECEDENT TRANSACTIONS ANALYSIS
($ in millions, except per unit data)
ā
Baird selected a group of corporate midstream transactions (for which data were publicly available) that we deemed relevant
valuation benchmarks
Metric
Transaction Value /
Forward EBITDA
AM NTM
Adj. EBITDA
$705
(1)
Selected Preced. Trans. Multiples
Low
High
10.0x
Less: Net Debt
(3)
13.7x
(2)
Implied AM Equity Value
AM Total Common Units Outstanding (3)
Implied AM Common Unit Price - AM Management Case
Implied AM Common Unit Price - AM Modified Coverage Case
Confidential
Source: Antero management, partnership filings and S&P Capital IQ.
(1) IDR cash flow excluded from AM metric.
(2) Based on range of precedent transactions (see previous page). Excludes lowest and highest metrics to remove the impact of potential outlier effects from the analysis.
(3) Represents estimated net debt and fully diluted common units outstanding as of September 30, 2018.
Implied AM Valuation Range
Low
High
$7,045
(1,522)
$5,523
188.1
BAIRD
$29.36
$29.50
$9,652
(1,522)
$8,130
188.1
$43.22
$43.40
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