Barclays Investment Banking Pitch Book
Trans Am Purchase Price Ratio Comparison (Cont'd)
Purchase Price Ratio Analysis
Cash Flow Parity Methodology
Initial Offer
(7/10/98)
$38.00
TLP Unit Price:
Public LP Equity Value
TLP Equity Holdings, LLC LP Equity Value
Total LP Equity Purchase Price
Total LP Equity Value
GP Equity Value
Total TLP Equity Value
MLP Total Debt
MLP Cash
TLP Net Deba
Total TLP Enterprise Value
Enterprise Value as a Multiple of:
EBITDA
EBITDA (A) for Omnibus Agreement)
MLP Statistics
Distribution Vid
DCF Yield (A4 for Omnibus Agreement
1
2
3
Units
13.1
15
OF
157
2018E
2015E
2000€
2021E
2018巴
2019
2020E
2021E
LOA
2018E
2010E
2018E
2019E
2018E
2019€
NLP:
6054
100.0%
TLP Data
148.7
1513
1535
3
141.3
1449
Undisturbed
Price (718)
TOT
54714
85 5
319
$5858
$350 0
$905
$500.2
10.9)
$1.525.0
10.1x
**
TIJx
10.8x
th
8.81%
8.86%
9.30%
T=== TO 35%
10.35%
9.38%
Units
13.4
24
DE
51
TLP Data
1513
153 5
THE
13513
141.3
$3.18
3.20
3.36
$406.1
540.00
$600.6
100.9
$574 4
104.1
$678.6 $709.49
35.2
304
1616.4 $6489 $681.3 $7138 57462
$500.2
(0.9)
58023
$1.397.9
TEST
1950
7037
RUM
9.6x
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
16169 3647.7
33.6
$42.00
$2025 $212.5 $2326
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
$548.3
TOSA
9.80
9.5.
11.6
$500 2 $500.2 $500.2 $500 2
(0.9)
10.91
10.91
(0.91
$5893
10.2x
7
$44.00
$1,483,0 $1.525.6 $1.568.2
9.8
ESTYTTE
10:40
10.1x
12.0
$46.00
הד--הדר-החדי
5
10:2x
12.2
10.8x
105x
10.70
10.4x
10 2
TG
7.57%
7.62%
7.27% 6.06%
8.40% 8.00%
DES3850N 13
▬▬▬▬▬▬▬
93055707
8.47% B8% 7.70%
TASON 15 735
LP Attributable Methodology (¹)
Units
131
08
18.2
TLP Data
105.2
98.3
100.2
$3.18
3.20
3.36
Initial Offer
322
$38.00
$495.1
$588 0
304
$616.4
(0.7)
$1,0296
----▬▬▬▬▬▬▬▬▬▬▬▬▬
$631.3
100x
11.9
10.5
10.3x
8.37%
8.42%
8.84%
1000%
$5744
104.1
$616.9 $:47.7 16786 $700.4
32.0
$648.9 $681.3 5713.8
8.91%
$4138 $4138
(0.7) 10.71
10:30
10,1x
$1.002.0 $1.094.5 $1.126.9
12.2x
▬▬▬▬▬▬▬▬▬▬▬▬▬▬
10.8x
106x
$44.00 $46.00
"NG====117O
BỘ
10.6x
10:4x
10:3
1959
$2.5
11.50
(0.71
10.9
7.95%
7.23%
8.00%
7.62%
7.27% 6.96%
8.40% 8.00% 7,64% 7.30%
A-135
-
11.0x
10.7x
$746.2
13.0x
---
115.
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
50%
(0.7)
10.9v
1934
13 2x
11.8x
11.04
Source: Company filings, press releases and FactSet. Projections provided by the Company or ArcLight
LP Attributable Methodology calculated as Net Debt and EBITDA attributable to the LPs by multiplying each figure by (1-GP % of DCF) in each respective year. Net Debt adjusted by 18E GP DCF take
Initial offer price of $38.00 per unit and unit counts per the Schedule 130 filed on 7/10/18
Total unit count as of 4/30/2018
GP equity value for Cash Flow Panity method calculates the number of LP units that would need to be issued in order for the GP to achieve cash flow panty in the form of LP distributions. Based on LQA distributions
EBITDA and DCF yield adjusted for Omnibus Agreement represents the implied multiples assuming fully-consolidated TMS costs which are currently not included in TLP's cash flows
BARCLAYS
8.67 8315
8.06%
7.70% 7533
TA 135View entire presentation