Antero Midstream Partners Mergers and Acquisitions Presentation Deck
How Will Pro Forma AMGP Be Valued?
Node
Antero
AMGP SA
AMGP PF
GP Peers
WGP
EQGP
TEGP
ENLC
MLP Peers
WES
EQM
NBLX
CNXM
HESM
Peer Mean
Peer Median
Equity Value
PF AMGP Distributions
EBITDA
Interest Expense
Maintenance Capex
Cash Flow Available
Coverage
AMGP Distributions
3,820
12,164
9,741
6,710
3,401
3,025
8,210
5,395
1,914
1,215
1,085
Present Value
Period
PV @ 10.0% Cost of Equity
Total PV @ 10.0 % Cost of Equity
Current Share Price
Terminal Value
Implied Breakeven Yield
Undiscounted Terminal Value
2018
730
(61)
(67)
598
131
467
1.00
424
Price ($)
$20.52
$24.40
$39.13
$25.21
$21.63
$16.75
$48.82
$66.95
$53.27
$19.10
$19.88
2019
(39)
2018E
Yield (%)
2020
2.00
539
857 1,040
205
148
652
892
2.6%
3.8%
3.00
670
6.0%
4.6%
8.2%
6,4%
7.8%
6.6%
4.1%
7.2%
7.1%
2021
IRR Method (1)
989 1,222 1,413 1,642
(115)
(131)
(144)
(63)
(44)
(58)
1,234
124
1,111
Distributions per Share ($ / Share)
2018E
2019E
$0.89
$1.31
2019E
4.00
759
$0.54
$0.94
2018E
$2.36
$1.16
$1.77
$1.07
2018E
$3.83
$2.18
$1.37
$1.42
Dividend Discount Method (1)
2022 Terminal
$2.61
$1.47
$1.92
$1.13
2019E
$4.07
$5.09
$2.61
$1.58
$1.64
1,436
72
1,364
5.00
847
5.00
6.994
10,233
$20.52
2020E
$1.34
$1.79
2020E
$2.92
$1.68
12.1%
11,264
$1.96
$1.22
2020E
$4.26
$5.85
$3.12
$1.74
$1.89
Discount Rate
Growth
CAGR (%)
2018 - 2020
57.9%
38,2%
2018-2020
11.2%
20.3%
5.1%
6.8%
2018-2020
5.5%
14.9%
19.6%
12.7%
15.4%
12.4%
12.7%
10.0%
12.5%
15.0%
Exit Predicted
Growth (%) Exit Yield (%)
2020-2022
28.8%
23.7%
2020-2022
12.3%
9.7%
1.9%
15.9%
2020-2022
4.7%
7.3%
19.8%
6.00%
$34.81
$31.33
12.0%
10.1%
9.7%
$28.28
Share Price Sensitivity
Assumed Terminal Yield (%)
8.00%
$27.73
$25.01
3.7%
4.2%
$22.61
5.8%
6.2%
7.8%
5.2%
7.2%
6.7%
4.7%
6.6%
6.2%
6.2%
10.00%
$23.48
$21.21
$19.21
3 Year
IRR
25.2%
25.2%
15.3%
7.9%
14.1%
18.2%
15.1%
16.9%
12.5%
19.4%
16.1%
15.3%
Antero
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