Baird Investment Banking Pitch Book
ILLUSTRATIVE HAS / GETS ANALYSIS
Price / DCF per Unit
Static
Multiple
Case
Trading
Multiple
Expansion
Cases
Status Quo AM DCF/LP Unit (AM Management Case)
(1)
Estimated Price / DCF per LP
Implied Status Quo AM Common Unit Price
Pro Forma AMGP Corp DCF / Share
Estimated Price / DCF per LP
Implied Pro Forma AMGP Common Share Price
Proposed Equity Exchange Ratio
Implied PF AMGP Corp Common Share Price per AM Common Unit
Add: Cash Consideration per AR-Owned AM Unit
All-in Value per AR-Owned AM Unit
% Value Uplift
Midpoint of Current AM & C-Corp Comps
C-Corp Peer Median
(2)
Price /
DCF per LP
12.6x
13.1x
2019E
$2.75
12.0x
$32.99
$1.64
12.0x
$19.70
1.6023x
$31.56
$3.00
$34.56
5%
2019E
9%
14%
Preliminary: Praft
2020E
$3.24
12.0x
$38.86
$1.99
12.0x
$23.91
1.6023x
$38.31
$3.00
$41.31
6%
2020E
11%
15%
2021E
Value Uplift
Source: Antero management projections and S&P Capital IQ. As of October 5, 2018.
(1) AM status quo 2019E Price / DCF to LPS per Wall Street consensus estimates.
Midpoint of (1) AM status quo 2019E Price / DCF to LPs and (2) median 2019€ Price / DCF to LPS for midstream C-corp peers (OKE, TRGP, WMB) per Wall Street consensus estimates.
Median 2019E Price / DCF to LPS for midstream C-corp peers (OKE, TRGP, WMB); per Wall Street consensus estimates.
$3.75
12.0x
$45.03
$2.37
12.0x
$28.40
1.6023x
$45.50
$3.00
$48.50
8%
2021E
12%
17%
BAIRD
2022E
Project Bronco
$4.29
12.0x
$51.52
$2.75
12.0x
$33.06
1.6023x
$52.98
$3.00
$55.98
9%
2022E
13%
18%
Page 3View entire presentation