Barclays Investment Banking Pitch Book
Trans Am Peer Trading Comparables
Selected MLP Trading Comparables
Tier I
non except perunda
Unit Price of
of 52-week high
Futy Diluted Units Outstanding
Equity Value
GP Equity Value
Total Equity Value
Dett
Preferred Equity
Minority Interest
Cash
Unconsolidated HoldCo Net Det
Enterprise Vale
2018E EBITDA
2019E EBITDA
2000E EBITDA
MLP Statistics
2016 Distribution d
2019 Dibution Vield
2000E Distribution Field
2018E DCF Yield
2019E DCF Vield
2000E DCF Yield
2018-2020 Distribution CAGR
2018-2021 Distribution CAGR
(Cument Split
% Total Distribution to P
Total Retur
Total Retur-Adjusted
2018E DCF per LP/LQA Coverage
Coverage
2018 LP Coverage
2019E LP Coverage
2000ELP Coverage
Credit Statistics
Total Det/Capitalization
Total Det/201HE EBITDA
Deb/2018E EBITDA
3
4
5
6.
C
TransMontaigne
Cash Flow
Parity
TLP
Historical
GP Value
85.
16.2
5638 3
350 0
5968 3
$1,577.6
07
96
BARCLAYS
8.00%
$21%
FBSM
TO FOR
11.41%
72%
50.0%
23.8%
15.3%
1.20
1,19 X
121x
600%
85.0%
199.1
$1,426.7
327
8.21%
8.82%
TO 50%
11.41%
7.3%
50.0%
15.3%
122x
150x
1.19x
1.21x
4.23X
Magellan
Midstream
$70.00
$16.124.3
$16,124.3
25
$20,791.8
15.0 x
141x
12.7 x
547%
5.80%
6.15%
6.72%
6.0%
5.7%
11.4%
123X
120 X
1.29 x
3.38 x
3.37 x
Partners
BPL
$30.30
570%
153.2
$5,5688
279.4
$11.237.2
105x
99.
13.09%
13:89%
13.89%
12.64%
13:38%
13.86%
13.9%
13.9%
0.96
11.00
51.5%
5.05x
Logistics
PBFX
$22.50
90.316
45.3
$1,000.5
3528
$1,373.0
1
169.0
(4.2)
$2,006.9
120.
9.20%
904%
960%
10.57%
3.96
50.0%
13.2%
1.03
104
1.11x
76.7%
389x
3.54x
Global
Partners
GLP
8
34.0
56612
10.7
5671.9
1.210.1
$1,873 3
7,1x
88
951%
9.51%
9.51%
16.02%
11.19%
10 96%
FE
1.1%
1.18 X
1.15x
460x
4.55
Resources
SRLP
87.6%
22.7
1577.3
202 5
$799.8
$1,5421
11.0
110x
10:51%
10.63%
11.57%
1191%
4.3%
16.3%
1.13
1.12
1.04
1.04
5.80
5.78
Martin
MMLP
700%
30.1
$519.4
$550.2
$1,417.8
92x
$1x
15.04%
15.04%
15.04%
15.04%
14.34%
17.90%
17.74%
7
20%
2.0%
15.0%
15.3%
0.95 x
0:95x
1.19x
1.98 x
75.4%
5.68x
BlueKnight
Energy
BKLP
$2.00
40.3
$1129
$120.3
30344
H
(21)
$672.3
9.3x
9.0x
81x
16.07%
14.64%
16.80%
18.28%
(4.5%)
6.944
7.1%
147 x
1.05 K
1.12 *
125x
109.7%
USD
Partners
$10.40
35.2
$3070
2030
39
$495.7
92x
11.6x
14.30%
14,20%
11.22%
0.7%
14.3%
14.7%
0.99x
0.78x
Median
All
332x
1090
104
15.14%95) 12-15
9:20%
9.51%
5יוחדי
3.9%
1.6%
12.9%
1.128
1.10X
Median
71.5%
KTH
756
10.97%
12.73%
12.73%
1525
11.64%
0.3%
0.2%
TON
1.8%
13.0%
14.0%
1.16 x
Source: Partnership flings, Wall Street research, and FactSet
Note: Median calculations exclude TLP TLP projections per Wall Street research
GP equity value for MLPs without publicly traded GPs calculated using a 250x multiple of 2018E GP Distribution. TLP GP equity value based on ArcLight's $350mm purchase price of TLP's GP from NGL
Calculated as: Two Year Distribution CAGR + [LQA Yield/(1-% of Total Distribution to GP)]
1
GP equity value for Cash Flow Panty method calculated the number of LP units that would need to be issued in order for the GP to achieve cash flow panty in the form of LP distributions. Based on LOA distributions.
BPL debt includes the proportional debt from VTTL
PBFX pro forma for -$35 0mm equity offering, announced 7/17/18
BKEP preferred equity value reflects -35.1 preferred units at a market price of $6.25
108x
108x
1.13 x
74.9%
40xView entire presentation