Baird Investment Banking Pitch Book
PRO FORMA IMPACT
($ in millions, unless otherwise noted)
Dividend per AR-Owned AM Unit
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
$3.00
$2.00
$1.00
$0.00
0.0%
$0.00
Excludes cash
received at close
$2.21 $2.21
1.31x 1.19x
2019E
2020E
Dividend per AMGP Share
$0.49
55.3%
$0.89
Accretion/ (Dilution)
($0.09)
(3.3%)
$1.38
$2.85 $2.76
1.16x 1.16x
$0.38
28.4%
$1.34
($0.01)
(0.2%)
$3.42 $3.41
Accretion/(Dilution)
1.11x 1.11x
2020E
2021E
$0.39
22.2%
$1.72 $1.74
$2.13
Status Quo
2021E
$0.08
2.0%
$4.10 $4.18
1.05x 1.05x
2022E
$0.39
17.4%
$2.22
$2.61
2022E
$5.00
$4.00
$3.00
$2.00
$1.00
Dividend per Public AM Unit
$0.00
$50
$40
$30
$20
$10
Cantide Clerreliminary. Praft
Pro Forma
$0
$0.05
2.0%
Excludes cash
received at close
$2.21 $2.26
2019E
Cash Flow to Series B
$12
$12
96%
$24
2019E
Accretion/(Dilution)
$2.85 $2.81
($0.04)
(1.3%)
2020E
$19
$11
55%
$30
2019E
Source: Antero management projections.
Assumes AMGP purchases 100% of AM public units (188.1 million on a fully diluted basis) with a combination of equity and cash; AMGP issues 304.3 million shares to current AM unitholders. Also
assumes that AMGP issues 17.354 million shares in exchange for 100% of the Series B units. Further, the 2019 pro forma dividend is adjusted such that dividends to AR-owned AM units are held flat.
Accretion/(Dilution)
$3.42 $3.48
2020E
$0.06
1.8%
2021E
$26
$11
44%
$37
2021E
$4.10
$33
BAIRD
$0.17
4.1%
2022E
Project Bronco
$4.27
$12
37%
$45
2022E
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