Tudor, Pickering, Holt & Co Investment Banking
Company
EQT GP Holdings Lp!
Westem Gas Equity Partners, LP
Median
Low
High
AMGP Selected Comparable Company Analysis
AMGP at WSCH
AMGP at Mpm Estimates
Series
With Series
Conversion
With Series
8 Conversion
(6)
2019E EBITDA
2011
Distribution
Yold
Unit Price a
8/30/2018
$237
$21.03
33.90
$17.20
$106
$17.28
AMGP at
Mgmt. Estimates
Metric
AMGP at
Mgmt. Estimates
Total Holdo Distribution
C
Total Entity
Equity Value
AMGP at WSC
AMGP at WSC
$6,361
7,422
56,892
$6,892
$7,422
$3,291
Low
D
Total Entity
TEV
8,665
57,764
$7,764
$8,665
$1,291
$3,291
Multiple Range
Median
Yield Range
Median
Implied GP
Equity Value
$5,124
4,939
$5,031
$5,031
$4,939
$5,124
$3.291
$3,291
Lew
implied GP
TEW
$6,361
Low
$6,091
$6,891
56,361
$7,420
$1.285
Implied Total Entity Share Pric
$17.42
Implied Total Entity Share Price
Median
$8.13
Total Entity Distribution/Unit /
Price (Yl)
$17.85
High
Ď
$8.98
Current
6.3%
15.8%
6.9%
H
2019E
CAFD
2018E
7.0%
6.4%
7.0%
AMOP at
Ment. Estimates
$166
Total Entity Enterprise Value /
GP EBITDA (2)
2019E
Matric
2018E
17.50
17.50
16.9
18.1x
12.9
AMG at WSC
$177
Source: FactSet as of 8/30/2018 and Wall Street research.
Note: Implied GP value calculated as the equity value of GP equity value of the LP units held net debt held by the GP.
(1) Total entity distribution yield calculated as GP distribution per unit / share over current GP unit / share price.
(2)
Total entity enterprise value calculated as the equity value of GP + net debt held by the GP. GP EBITDA calculated as total distributions to the GP. For AMGP,
EBITDA calculated as total distributions to IDR, LLC less Series B payments.
(3)
Implied GP equity value calculated as GP share / unit price times GP shares outstanding, Cash available for distribution (CAFD) calculated as GP EBITDA less interest
expense and maintenance capex.
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.
Implied share prices are calculated based on Management projections.
EQGP Pro Forma for RMP acquisition announced April 2018.
-Total HoldCo Distributions with Series B Conversion" calculated as HoldCo distributions with post-tax Series B payments added back in over (AMGP FD S/O +
18.5mm Series B converted units).
15.4x
15.0x
15.0x
14.7x
15.4x
20.0x
Low
13.2
K
L
Implied GP Equity Value /
CAFDO
201 BE
Multiple Range
14.5
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
15,6x
15.6x
145
16.8x
12.9x
32.7x
Median High
Low
13.600
$10.72
13.2
13,4x
13.4x
13.2x
13.6x
20.0x
2018E-2022E
DHE. CAGR
Implied GP Share Pric
M
Median
$10.87
18.2%
11.1%
25.3%
58.4%
$11.03
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