Baird Investment Banking Pitch Book
1AM VALUATION SUMMARY
Implied valuation ranges per AM Common Unit based on Discounted Cash Flow Analysis
$ per AM Common Unit
$60.00
$50.00
$40.00
$30.00
$20.00
$10.00
Discounted
Cash Flow
Analysis
Methodology
$40.56
$30.58
Discounted Cash
Flow Analysis
$40.36
$31.48
Discounted
Distribution Analysis
$35.10
$24.45
Confidential
Selected Public
Comparables Analysis
$43.40
$29.36
Selected Precedent
Transactions Analysis
BAIRD
Implied equity value per AM Common Unit based on the present value of future unlevered free cash flows attributable to AM common
unitholders
Discount rate range derived from a weighted-average cost of capital analysis for AM, utilizing CAPM
■ Terminal value based on a terminal multiple calculation, derived from an observation and analysis of precedent transactions
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