Tudor, Pickering, Holt & Co Investment Banking
Contribution Analysis | Status Quo AM & AMGP
Supplemental Calculation | AR Base Case
AMGP Distribution per Share Calculation
Total Distributions from LP
Less: G&A
Taxable Distributions
Less: Taxes on Total Distributions
(+) Tax Shield from Series B Depreciation
Tax Rate
Post Tax, Post-GGA Distributions
AMGP Shares Outstanding (+ 18.5 Series B Units)
AMGP Distribution/Share
AM Distribution per Unit Calculation
TotalLP Distributions
LP Units
LP Dist. / Unit
Implied XR
Source: Management projections. FactSet as of 8/30/2018.
2017A
2017A
$70
(2)
68
(17)
25.3%
$51
204.7
$0,25
$746
185.4
$1.33
5.364x
2018
2018
$144
(2)
142
6
25.3%
$112
$0.55
$323
188.1
$1.72
3.13%
2019E
2019E
$237
235
(59)
6
25.3%
$181
50.89
$416
188.1
$2.21
2.495x
2020E
2000€
$357
(2)
355
(90)
6
25.3%
$271
204.7
$1.33
$536
188.1
$2.85
2.151x
2021E
2021E
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
$464
(2)
462
6
25.3%
$351
$1.72
$643
188.1
$3.42
1.993x
2022E
2022E
TUDORPICKERING
HOLT&COI:
MERCHANT BANKING
$592
(2)
590
6
25.3%
$447
$2.18
$771
188.1
$4.10
1.878x
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