J.P.Morgan Investment Banking Pitch Book
Trading multiples and operating metrics - APU
($mm, except for per unit data)
Unit price as of 03/29/19
% of 52-week high
Diluted shares outstanding
LP equity value
(+) Implied GP value
(+) Net debt and preferreds
(+) NCI
Firm value
Trading multiples:
Firm value/2019€ EBITDA
Firm value/2020E EBITDA
Unit price/2019E LP DCF / unit
Unit price / 2020E LP DCF / unit
2019€ yield
2020 yield
Growth rates / coverage:
2019-2020 LP DCF per unit / growth
2019-2020 DPU growth
2019 total coverage
2020 total coverage
Credit statistics:
Rating (Moody's / S&P)
Debt/LTM EBITDA
Management
10,2x
9.8x
8.5x
8.2x
10.2%
10.8%
3.6%
5.2%
1.25x
1,20x
Ba2/
4.8x
AmeriGas
$30.87
70%
93,1
$2,875
375
2,962
32
$6,244
$2,970
Consensus
9.9x
9.7x
8.1x
8.0x
10.4%
9.8%
1.0%
(6.2%)
1.27x
1.40x
Ba2 / ->
4.8x
$2,970
For reference only % of 52-week high metrics, select companies including Ferrellgas
APU projections as provided and approved by UGI management and included for reference only
Superior Plus
$8.57
84%
176.9
$1,516
1,244
$2,760
8.2x
7.5x
7.5x
6.7x
6.3%
6.3%
11.6%
0.1%
2.12x
2.36x
Select propane companies
Suburban
$22.41
91%
62.6
$1,404
NR/BB
4.6x
1,313
$2,717
9.5x
9.4x
6.8x
6.5x
10.7%
10.7%
5.5%
0.0%
Total gross debt
$1,261
$1,320
Source: FactSet as of 03/29/19; Company filings; APU GP value based on intrinsic valuation analysis and approved by UGI management
Note: Projections and other public companies based on 09/30 fiscal year end
1.37x
1.30x
Ba3/88-
4.7x
Ferrellgas
$1.31
33%
97.2
$127
2,042
$2,163
9.1x
8.7x
4.9x
NA
Caa2/CCC
9.1x
$2.083
Other select public companies
Parkland Fuel Global Partners
$30.56
86%
148.4
$4,536
2,462
$6,998
9.8x
9.1x
12.4x
11.1x
2.9%
2.9%
11.2%
1.2%
2.79x
3.07x
Ba3/BB
3.0x
$2,492
$19.66
93%
34.0
$668
17
954
2
$1,641
6.8x
7.4x
7.7x
8.0x
10.1%
10.2%
1.1%
1.39x
1.27x
81/8+
2.9x
CONFIDENTIAL
$895
Sprague
$18.48
66%
22.7
$420
122
357
$900
7.8x
7.0x
7.0x
6.5x
14.4%
7.0%
0.1%
1.00x
1.11x
3.3x
$376
J.P. MorganView entire presentation