Baird Investment Banking Pitch Book
2 AMGP SUMMARY VALUATION ANALYSIS
Implied valuation ranges per AMGP common chare based on Discounted Cash Flow Analysis
$ per AMGP Common Share
$40.00
$30.00
$20.00
$10.00
Discounted
Cash Flow
Analysis
Methodology
$27.10
$20.12
Discounted Cash
Flow Analysis
$25.43
$18.39
Discounted
Distribution Analysis
$27.12
$19.33
Confidential
Selected Public
Comparables Analysis
$30.16
$25.24
Selected Precedent
Transactions Analysis
BAIRD
Implied equity value per AMGP common share based on the present value of future unlevered free cash flows attributable to AMGP
common shareholders
Discount rate range derived from a weighted average cost of capital analysis for AMGP, utilizing CAPM
Terminal value based on a terminal multiple calculation, derived from an observation and analysis of precedent transactions
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