Tudor, Pickering, Holt & Co Investment Banking
EAP
Spon.
HG & EGP
uods
Other High
Growth MLP
AM Selected Comparable Company Analysis
Company
Western Gas Partners, L.P.
CNX Midtream Partners LP
Hess Midstream Partners LP
Noble Midtream Partners LP
EQT Midtream Partners LP
Shell Midstream Partners LP
BP Midstream Partners LP
Valero Energy Partners LP
Phillips 66 Partners LP
Mean
Median
Low
C&P Sponsored Mean
E&P Sponsored Median
Other High Growth MLP Mean
Other High Growth MLP Median
AM at WSCA
AM at Mgmt. Estimates
2 BITDA
2019 TDA
20
Distribution
Alat Mt. AM at WSC
5730
Metric
LP Distribution/Unit
Alat Mem
$1.72
AM at WSC
$1.71
Unit Price at
8/30/2018
Low
11.7%
Low
7.8%
44.58
56.73
36.40
51.57
$29.74
$29.74
Total Equity
Market Value
$13,178
Madian
13.7%
10%
Yield Range
11,958
10,389
$5,893
$3,709
$13,170
$5,943
$5,000
High
120x
High
D
Enterprise
3,313
14,728
13,914
$7,845
$1,904
$17.344
$8,048
$3,313
$10.201
Low
$20.29
Low
902.06
Dist. Growth
2018 to
2020E CA/GR
Media
SN
Medin
15%
$27.70
20%
12%
15%
15%
20%
Implied Unit Price (
14%
15%
13%
13%
Implied Unit Price
* Dist.
to GPVIDR
High
High
35%
124
2
5M
35%
32%
380
17%
OS
18%
10%
12%
24%
10%
10%
30%
LP Distribution/Unit /
Price (Yield)
Current
2013 LP
DCF/Unit
2019 LP
DCF/Unit
7.7%
5.8%
4.8%
6.0%
4.8%
7.7%
6.8%
5.9%
5.2%
at Mgmt.
224
2018E
Metric
4,9%
4.9%
7.8%
6.2%
6.2%
4.9%
7.0%
6.1%
5.7%
5.8%
AM at VISC
$2.65
Price /
DCF / LP Unit
2018E
1
14,7x
11.8x
10.6x
13.7x
115x
13.7x
14.6x
Low
M4x
7.7x
Source: FactSet as of 8/30/2018 and Wall Street research.
(1) Values GP and IDR cash flow at LP yield for MLPs with non-public GPS.
(2) Defined as high-growth MLP if current - 2020E distribution growth CAGR is greater than 10%.
(3) Based on Wall Street consensus estimates as compiled by FactSet.
Antero Midstream Partners LP announced on February 26, 2018 that its Board of Directors had formed a special committee, in conjunction with the
formation of special committees at both Antero Resources and Antero Midstream GP, to evaluate potential measures and transactions that could involve
Antero Midstream.
(5) Implied unit prices are calculated based on Management projections.
2019E
10.9
Modian
124
11.7x
11.3x
13.0x
fi.ex
11.3x
7.7x
11.3x
10. 1x
Multiple Range
12.0x
High
147
13.3
Enterprise Value /
EBITDA
2018E
14.4x
13.2
13.7%
18.1
12.2x
12.9
H
13.7x
11x
lx
13.7x
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
4x
Low
$19.22
2019E
12.0x
10.4x
10.8x
9.7x
10.6x
10.8x
12.0x
10.8x
10.x
11.0x
11.0x
Implied Unit Price
$25.31
M
1.0%
TUDORPICKERING
HOLT&CO
1.2%
MERCHANT BANKING
1.03
1.10
1.3%
1.33
1.32x
1.27x
1.03x
2.00x
1.31x
1.13x
1.27x
1,10x
530,10
1.27x
$36.41
12View entire presentation