Tudor, Pickering, Holt & Co Investment Banking
After-Tax Dividend Distribution Analysis
XR Adjusted Implied PV / Unit at Various 2022E Distribution Yield | At Implied AMGP Proposal Coverage
AM current price of $29.74
Cash consideration used to pay
all taxes; any additional cash
available assumed to purchase
secondary shares
Exchange Ratio
1.679x
1.696x
1.713x
1.730x
1.732x
Source: Management projections and FactSet as of 8/30/2018
Note: Cash consideration is held constant at $3.41 per AM unit.
8%
$35.02
7%
$41.38
$41.51
$41.64
$41.77
$41.60
SQ AM 2022E Distribution Yield
$38.41
PF AMGP 2022E Distribution Yield
6%
$46.03
$46.17
$46.31
$46.45
$46.25
Note: Taxcalculations provided by Management, Ordinary gain taxx rate for AM accounts for Federal ordinary income tax rate of 37%, individual MLP Investor deduction rate of 20% and 38%ACA tax rate
Ordinary gain tax rate for PF AMGP accounts for Federal ordinary income tax rate of 37% and 3.8% ACA tax rate
Note: Assuming 10% discount.
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
6%
$42.92
5%
$52.56
$52.70
$52.85
$53.00
$52.75
TUDORPICKERING
HOLT&COCHANT BANKING
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