Baird Investment Banking Pitch Book
SERIES B VALUATION COMPARISON
CASH FLOW COMPARISON
($ in millions)
$12
2019
$12
Cash Flow to Series B
Assumed Terminal Yield (¹)
Implied Terminal Value
SERIES B VALUATION COMPARISON
($ in millions)
AM Management Case
IAM Management Case
2019
$12
2020
$19
$19
2021
2020
$26
PV-15.8% (2)
$17
2022
$33
6.5%
$509
$336
AM Modified Coverage Case
$26
2021
$22
Cash Flow to Series B
Assumed Terminal Yield (¹)
Implied Terminal Value
2019
Source: Antero management.
(1) Based on analysis of 2018 yield for AMGP's public comparables (ETE, ENLC, EQGP and WGP).
(2)
Represents present value of 2019-2022 cash flows and 2022 implied market value discounted to October 5, 2018 at 15.8%, AMGP's estimated cost of equity.
Treliminar. Praft
AM Modified Coverage Case
$12
$33
2022
2020
$17
Proposed Series B Value:
17.354 shares x $17.51 (AMGP Price) = $304
$29
2021
$22
PV-15.8% (2)
BAIRD
2022
$29
6.5%
$439
$291
Project Bronco |
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