Barclays Investment Banking Pitch Book
Comparable Midstream Companies
Summary Comparison
($ in millions, except per share data)
Implied Market Capitalization
Implied Enterprise Value
Enterprise Value as multiple of EBITDA:
2015E
2016E
2017E
DCF Yield:
2015E
2016E
2017E
Current Yield
4Q14 Annualized Yield
1Q15 Annualized Yield
2014E Forecasted Coverage
Expected Dividend Growth (2015-2017)
Large Cap MLPs Without IDRS
EPD
MMP
BARCLAYS
$70,841
$88,444
15.9x
14.7x
14.3x
6.06%
6.36%
6.50%
3.83%
3.94%
4.00%
1.5x
7.1%
$18,435
$21,095
19.0x
17.8x
16.8x
23
4.97%
5.20%
5.37%
3.16%
3.44%
3.56%
1.4x
12.8%
4 KMI is pro forma transaction assuming 4.5% yield Coverage is 2015E and estimated growth is 2015E-2018E
5. Assumed yield for KM.
Large Cap US Midstream C-Corps
WMB (¹2)
OKEP
$56,319
$75,518
13.8x
12.6x
12.3x
4.50%
5.56%
6.07%
3.98%
3.99%
4.22%
1.1x
14.8%
$21,906
$28,755
16.0x
13.9x
12.5x
4.00%
4.64%
5.33%
Note: Market data as of 8/8/2014, estimates per FactSet and Wall Street research
1. Pro forma for Williams' acquisition of GIP's GP and LP interests in Access Midstream Partners
2 Current yield as announced for Q3 2014 Implied Market Capitalization and Enterprise Value shown on a consolidated basis with WMB, WPZ and ACMP
3. Implied Market Capitalization and Enterprise Value shown on a consolidated basis with OKS
3.63%
3.83%
3.93%
1.4x
9.1%
Comparables
PF KMI (4)
$95,324
$136,140
17.0x
15.2x
13.8x
5.05%
5.45%
5.90%
4.50%
NA
ΝΑ
1.1x
10.0%
(5)View entire presentation