Baird Investment Banking Pitch Book
$ per AMGP Common Share
2 AMGP SUMMARY VALUATION ANALYSIS
Implied valuation ranges per AMGP common share based on Selected Public Comparables Analysis
$40.00
$30.00
$20.00
$10.00
Selected Public
Comparables
Analysis
Methodology
$27.10
$20.12
Discounted Cash
Flow Analysis
$25.43
$18.39
Discounted
Distribution Analysis
$27.12
$19.33
Confidential
Selected Public
Comparables Analysis
$30.16
- Per share price implied by multiples of Total Enterprise Value to 2019E EBITDA
- Per share price implied by multiples of Price to CAFD Attributable to AMGP common shareholders
- Per share price implied by 2019E Distribution Yields
$25.24
Selected Precedent
Transactions Analysis
Implied equity value per AMGP common share based on comparisons with publicly traded MLP general partners
Valuation benchmarks include:
BAIRD
As a result of the substantial disparity in AMGP's near term growth relative to its closest peer group, Baird utilized AMGP's 2022
forecasted metrics for purposes of its Selected Public Comparables analysis. Baird discounted the resulting implied valuations to
present utilizing its derived midpoint cost of equity for AMGP.
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