Tudor, Pickering, Holt & Co Investment Banking
(in millions, unless otherwise noted)
AR Base Case
(1)
(2)
GO
140
(9)
Analysis at Various Exchange Ratios
AR Downside Volumes Case
Exchange Ratio (At Current AMGP Sh. Price of $17.28)
Premium to implied AM Unit Price (AMGP Share Price x Adj. Current XR)
Implied AM Unit Price
Fully Diluted AM Units Outstanding
Implied Fully-Diluted AM Equity Value
AM Net Debt
AMGP Enterprise Value (Including Series By
Implied AM Enterprise Value
Implied AMGP Equity Value
Multiples:
2018E EBITDA
2019E EBITDA
2018E DCFI
2019E DCF
Current Yleld
2018E Yield
A
2018E EBITDA
2019E EBITDA
2018E DCF21
2019E DCF)
Current Yield
2018E Yield
Sour Company filing and Foret for $/30/2018
Includes
DCF but
AMA Prop1710x Rand 53.00 cach concideration / unit.
AM
Statistic
$730
$385
$516
$1.72
AM
Statistic
$851
$334
$451
$1.66
$2.04
conversion value of (AMP equity value [JANGPaquity value-526) D
to the LPunitholder
$27.33
188.1
$5,141
3,285
$9,827
3,291
lax
13.4x
10.0x
6.38
13.4x
11.4x
D
1.750x
(5.4%)
$28.13
188.1
$5,292
1,400
3,285
$9,978
3,291
13.7x
10.1x
13.8x
10.3x
5.98
13.7x
11.7x
13.8x
11.7x
E
At AMGP
Proposal
1.797x
528.89
188.1
$5,435
1,400
3,285
$10,121
3,291
13.9x
10.5x
5.78
5.98
13.9x
11.9x
12.1x
5.78
1.800x
(2.7%)
$28.94
188.1
$5,443
1,400
3,285
$10,129
3,291
13.9x
10,2x
14.2x
10.6x
5.78
5.98
14.2x
12.1x
7.1%
G
1.850x
(0.0%)
$29.74
$5,595
3,285
$10,280
14.1x
10.4x
1.5
10.8x
5.68
5.88
14.1x
12.1x
14.6x
12.4x
5.68
H
A Current
Adjusted
1.850x
0.0%
$29.74
183.1
$5,595
1,400
3,285
$10,281
3,291
10,4x
14.6x
10.3x
5.68
5.88
12.1x
14.6x
12.4x
5.68
T
Proposal
1.884x
1.8%
$30.28
188.1
$5,096
1,400
3,285
$10,382
3,291
TÙ 5x
14.8x
11.0x
5.58
5.78
14.2x
12.2x
12.6x
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
Comparable Metrics
Trading
Median
13.x
12.4x
11.3x
6.28
Trading
13.7x
10. Bx
12.4x
11.3x
K
Transaction
Median (NTM)
Transaction
Median
TUDORPICKERING
HOLT&COI:
26View entire presentation