Tudor, Pickering, Holt & Co Investment Banking
Contribution Analysis | Status Quo AM & AMGP
Supplemental Calculation | AR Base Case
AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow)
2019
2020E
IDR DCF
(-) Series B Payment
(-) G&A Expenses
(-) Cash Taxes
(+) Tax Shield from Series B Depreciation
Pre-Series B HoldCo DCF
Seres B Adjustment
Add Back (1 Tax Rate) of Series B to HoldCo DCF
Tax Rate
AMGP Contribution DCF
AMGP Shares Outstanding includes 18.5mm Series B)
DCF/Share
AM DCF / LP Unit
Implied XR
IDR DCF
(-) G&A Expenses
Taxable Cash Flow
(-) Cash Taxes
(+)Tax Shield from Series & Depreciation
Post-Tax Total IDR DCF
Tax Rate
AMGP Contribution DCF
AMGP Shares Outstanding includes 18.5mm Series Bl
DCF/Share
AM DCF / LP Unit
Implied XR
2017 A
Source: Management projections. FactSet as of 8/30/2018.
$122
2017A
(2)
(16)
$102
$103
204.7
$0.50
$1.61
3.193x
$132
(2)
$120
(30)
$90
AMGP DCF Contribution Based On Theoretical Taxes On All Distributable Cash Flow
$90
204,7
$1.61
2018E
3.670x
$206
2018E
(7)
(2)
6
5
25.3%
$174
204.7
$0.85
$2.04
2.409x
$306
(2)
(52)
6
$158
$158
204.7
$0.77
$2.04
2648x
$337
(12)
20190
6
$272
9
$281
204.7
$1.37
$2.74
1.994x
(2)
(85)
6
$256
$256
204,7
$2.74
2.192x
2020L
$430
(20)
(2)
6
$329
15
$344
204.7
$1.68
$3.24
1.926x
(2)
$428
(108)
6
$326
$326
204,7
$1.59
$0.24
2.005x
2021E
2021E
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
$526
6
5390
$413
204.7
$2.02
$3.75
1.858x
$524
(133)
6
$397
$397
204.7
$3.75
2022E
2022E
(2)
$457
25.3%
25
TUDORPICKERING
HOLT&CO
204.7
$2.36
$4.29
EVAGY NYESTMENTS
MERCHANT BANKING
$482
1.820x
(2)
(158)
6
$473
204.7
$2.31
$473
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