Barclays Investment Banking Pitch Book
KMI - Summary Financial Projections
(S in millions)
KMI Cash Flow
Distributable cash flow
Cash coverage
Distributed cash flow
DCF per KMI Share
Dividend per KMI Share
1.
2
Target
Price
$38.53
2014E
$1.69
Status Quo KMI Detailed Projections (¹)
2014E
$1,782
$0
$1,782
$1.72 1
$1.72 1
2015E 2016E 2017E 2018E
$1,908 $2,115 $2,189 $2,352 $2,513 $2,682
$0
$0
$0
$0
$0
$0
$1,908 $2,115 $2,189 $2,352 $2,513 $2,682
$1.84
$1.84
2016E
$2.06
$2.00
$2.00
KMI Consensus Research Projections (2)
Dividends / Share
2015E
$1.90
$2.07
$2.07
18
$2.22
$2.22
KMI Reference Valuation Analysis
2015E
$1,969
2019E
$2.37
$2.37
Total Implied Dividend ($MM)
2014E
2016E
$1,748
$2,139
2020E
$2.53
$2.53
15-20
CAGR
7.1%
7.1%
6.6%
6.6%
2014-2018 estimates per KMI management Projections for 2019 and 2020 based on management guidance of growth rates of 5.0% at KMP and EPB (2% baseline EBITDA growth and
3% EBITDA growth funded by growth capex)
EBITDA estimates per Wall Street research. Target Price and Dividends/Share per VB/E/S consensus. Total Implied Dividend calculated as Dividends/Share multiplied by 2014E
year end KMI shares outstanding
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